CySec wholly withdrawl the license of a Cyprus Investment Firm 

CySEC

The Cyprus Securities and Exchange Commission (CySec) the Cypriot financial regulatory authority, has issued an announcement informing that:

On its meeting of 28 March 2016, has decided, pursuant, of section 25(1)(b) and 26(4)(b), of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), to wholly withdraw the Cyprus Investment Firm authorization with number 128/10 of «Falcon Brokers Ltd» (‘the Company’) due to the Company’s non compliance with:

1. section 28(1) of the Law, a CIF must at all times comply with the conditions under which authorisation was granted, due to non compliance with section 18(2)(i) of the Law that refers to when holding financial instruments belonging to clients, to make adequate arrangements so as to safeguard clients’ ownership rights, especially in the event of the CIF’s insolvency, and to prevent the use of a client’s instruments on own account except with the client’s express consent.

It is noted that the Company should cease to provide investment and ancillary services and settle, within a period of three (3) months, its obligations arising from the services that is no longer allowed to provide or perform.

CySec has asked from the company to make the necessary changes on its website so as to delete any reference in relation with licensing and supervision from CySec.

Source: CySec – CySec decision for Falcon Brokers Ltd

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