CySec announces the suspension of the authorisation of CIF ‘CommexFX 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 ‘CommexFX Ltd’, number 153/11, 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:

Section 28(1) of the Law, ‘Continuous CIF obligations’, due to the Company’s possible non compliance with the condition if its authorization provided for in section 18(2), paragraphs (i) and (j), of the Law, ‘Operational requirements – Clients’ funds’, as specialized in Part VI of the Directive DI144-2007-01 of 2012, ‘Safeguarding of clients’ funds’.

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

Within fifteen (15) days, CommexFX Ltd has to take actions in order to comply with the aforementioned provisions.

While the suspension of the authorisation is in force, 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.

Source: CySec – CySec announces the suspension of the authorisation of CIF ‘CommexFX Ltd’

 

 

 

 

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