The Cyprus Securities and Exchange Commission (CySEC) today announced the continuance of the suspension of the authorization of retail Forex broker CommexFX Ltd. The regulator made the decision to prolong the license suspension of the company at a meeting on June 29, 2015.
The license of the broker was first suspended on June 12, 2015, with the watchdog then blaming the move on CommexFX’s violations of investment laws. In particular, CySEC alleged that the broker had breached the rules concerning operational requirements and safeguarding of client funds.
The license was initially suspended for 15 days, but this time the regulator mentioned no deadlines.
During the time of the authorization suspension, CommexFX Ltd:
- 1. Cannot provide/perform any investment services/activities, pursuant to section 26(5) of the Law.
- 2. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law,:
- 2.1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
- 2.2. Return to existing clients all of their funds and profits earned.
The website of the broker shows a brief message regarding the regulatory decision.
To view the official announcement by CySEC, click here.