CySec informs for the continuance of suspension of Administrative Service Provider license
Following a previous announcement dated 01.08.2016, the Cyprus Securities and Exchange Commission (the CySec), following a decision at the meeting dated 8th August 2016, announces that the authorization of the Administrative Service Provider “Mutual Trust Limited” with number 44/196 (the “Company”), will continue to be suspended, pursuant to section 15(3)(b) of the Law regulating Companies providing Administrative Services and Related Matters of 2012, as in force (the ‘Law’), since it was not satisfied that the Company has complied with article 7(2) (persons who effectively direct the business) of the Law.
The above decision was taken since the above mentioned possible breach may, inter alia, seriously jeopardise the interests of the Company’s clients.
The Company, by 29 August 2016, has to take actions in order to comply with the above mentioned provisions. While the suspension of authorization is in force, the Company, pursuant to article 15(5) of the Law, is not allowed to provide any Administrative Services.
Source: CySec – Decision 08-09-2016 continuance suspsension ASP license Mutual Trust Limited
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