The Cyprus Securities and Exchange Commission announced today that on 11th July 2016, the CIF U.P.M. Ltd, which provided investment services via the domain www.upmltd.eu, renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’).
Therefore, the authorization with Νumber 084/07 lapsed as from the abovementioned date. It is noted that, U.P.M. Ltd has settle its obligations arising from the investment services or/and activities that lapsed.
The website has since been taken offline, when active U.P.M. offered a discretionary portfolio management service, a multi-currency, multi- asset solution.
The firm was headed by Nicolas K. Theocharides acting as Chief Executive Officer & Company Executive Director. Per an old version of the company website, Mr. Theocharides MBA, ACIB, has more than 19 years of banking experience and spent many years working as a Manager in the International Business Sector of Hellenic Bank Ltd in Nicosia. Until recently, he was Head of Private Banking of Hellenic Bank.