The Cyprus Securities and Exchange Commission (CySEC) announced that has recently signed a bilateral Memorandum of Understanding and Cooperation (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi. The MoU was signed by Mr Richard Teng, Chief Executive Officer of the FSRA of…
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The Cyprus Securities and Exchange Commission (CySEC) today announced a series of financial penalties imposed on seven Directors and the Group Chief Financial Officer of the former Cyprus Popular Bank Public Co Ltd (“the Company”), following CySEC’s investigation into the Company’s malpractices during the period 2010-2011. A total of €1.14 million of fines have been…
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The Cyprus Securities and Exchange Commission (CySEC) just informed investors with regards to binary options operator Airfinance Pro Ltd (the Company), that: The Company was authorised by CySEC for the provision of investment services in financial instruments (License Number: 206/13) The Company renounced its authorization on 9 November 2016 but has not yet informed CySEC…
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Cyprus financial regulator CySEC has announced the 'partial suspension' of the CIF license granted to retail forex broker XTrade Europe Ltd., which operates the XTrade.com and XForex.com websites. The reason for the suspension? Marketing issues. CySEC stated that XTrade's marketing materials and ads do not seem to be fair, clear and not misleading. And by issuing…
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Pursuant to the Cyprus Securities and Exchange Commission (CySEC)'s announcement, the Investor Compensation Fund for IF Clients (ICF) shared the commencement of the compensation payment process by the ICF to the covered clients of CommexFX Ltd. The address of CommexFX, whose authorisation has been suspended since July 2016, was at 4 Profiti Ilia street, Kanika…
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The Cyprus Securities and Exchange Commission (CySEC) announced that, on 30th January 2017, the Company Providing Administrative Services Vayronus Enterprises Ltd, waived its authorization pursuant to section 16(1) of the Law Regulating Companies Providing Administrative Services and Related Matters of 2012, as in force (the ‘Law’). Therefore, the Company’s authorization with Νumber 150/196, which was…
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The Cyprus Securities and Exchange Commission (CySEC) announced that, on 28th March 2017, the CIF A.A.M & Wealth Ltd renounced its authorisation 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 CIF authorisation with Νumber 222/14 lapsed as from the abovementioned…
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The Board of the Cyprus Securities and Exchange Commission (CySEC) just informed investors that decided to impose an administrative fine of €20.000 to the CIF UR Trade Fix Ltd (the parent company of Tradeo) for noncompliance with section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to…
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Cyprus financial regulator CySEC puts out some version of a warning against impersonators appearing as CySEC officials in an attempt to scam unsuspecting investors quite often these days. CySEC again reminded investors and the general public of the following: From time to time it comes to the attention of CySEC that unknown entities or individuals present…
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After prolonging license suspensions and fines, the Cyprus Securities and Exchange Commission (CySEC) announces that, on its meeting of 25th July 2016, has decided to wholly withdraw the Cyprus Investment Firm authorisation with number CIF 153/11 of CommexFx Ltd, operating at www.commexfx.com. The reasons: The Company had not complied with section 28(1) of the Law…
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