The Cyprus Securities and Exchange Commission has announced its decision to withdraw the Cyprus Investment Firm licence of Maxigrid Ltd.
The Cyprus watchdog explained that the company’s authorisation was withdrawn due to its non-compliance with the legal requirements regarding the safeguard of clients’ funds. Maxigrid’s licence was suspended in October last year.
CySEC reached to the above decision due to the Company’s non-compliance with article 22(1) of the Law, in fulfilling the condition of article 17(9) of the Law at all times, as this is further specified in paragraphs 4(1) and 6(1) of the Directive DI187-01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements, with regard to the safeguard of clients’ funds, hereby no longer meeting the conditions under which its authorisation was granted.
Following the withdrawal of its CIF authorisation, Maxigrid should not provide investment and ancillary services. The company should ensure its reference to provision of regulated by CySEC services should be deleted.
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