CySec announces the suspension of the authorisation of CIF ‘Pulp International Business Ltd’ 

Cyprus Securities and exchange commission (cysec)

The Cyprus Securities and Exchange Commission (CySec), the Cypriot financial regulatory authority, has announced that:

The authorisation of the Cyprus Investment Firm ‘Pulp International Business Ltd’, number 095/08, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law (‘theLaw’), due to suspicions of alleged violations of:

  1. Section 18(2)(j) of the Law, ‘Operational requirements – Clients’ funds’, and Part VI of the Directive DI144-2007-01 of 2012, ‘Safeguarding of clients’ funds’.
  2. Section 18(2)(h) of the Law and section 58(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as in force.

The above decision was reached taking into serious consideration that the above alleged violations may possibly endanger the interests of the clients of Pulp International Business Ltd and the operation of the capital market.

Within ten (10) days, Pulp International Business Ltd has to take actions in order to comply with the aforementioned provisions.

While the suspension of the authorisation is in force, Pulp International Business 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.

Source: CySec – CySec announces the suspension of the authorisation of CIF ‘Pulp International Business Ltd’

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