The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the license of P.M. Investment Capital Limited, known as the parent company of binary options brands Cedar Finance and Regal Options.
The decision was taken by CySEC’s Board on July 6, 2015 and stems from P.M. Investment Capital’s violations of the Investment Services and Activities and Regulated Markets Law of 2007.
More particularly, the watchdog has found that the company did not comply with:
- 1. section 34 of the Law, for non notification of a material change ( website addresses),
- 2. section 28(1) of Law, for non compliance with sections 10(2), 12(1), 12(3), 15, 16 and 18(2) of the Law (initial capital, organizational structure, head office location, organizational requirements),
- 3. section 79(2) of the Law, for non notification of the intention to provide investment services freely within the territory of another Member State or/and a third country,
- 4. section 139(2) of the Law, for withholding material information (non disclosure of Company’s activation),
- 5. paragraphs 39(2) and 39(5), Part C of the Directive DI144-2007-05 and paragraphs 18(1)(b) and 18(3) of the Directive DI144-2007-06, for the non submission of capital adequacy forms.
Because of the full withdrawal of the company’s authorization as a Cyprus Investment Firm (CIF), it is ordered to cease to provide investment and ancillary services and settle, within a period of three (3) months, its obligations arising from the services that are no longer allowed to provide or perform.
In addition, the regulator urges investors to exercise caution in their dealing as the websites www.cedarfinance.com, www.regaloptions.com and www.brokeragecapital.com, via which the company offered its services, are no longer operated by an entity regulated by CySEC.
The withdrawal of PM Investment Capital’s license comes about a year after CySEC took away the CIF license of Cedar Finance.
To view the official announcement, click here.