CySec announced the Continuance of Suspension and commencement of proceedings for the possible withdrawal of a CIF license 

The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform that, following the announcement dated 25.05.2016, CySec clarifies that the suspension of the authorisation of the Cyprus Investment Firm ‘Atlas Capital Financial Services Ltd’ (‘the Company’), with number 085/07, has automatically been extended and the proceedings for the possible withdrawal of the relevant authorisation has commenced, pursuant to section 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’).

The Company’s CIF authorization will remain suspended until the Commission decides whether to withdraw or not the relevant authorization.

While the suspension of the authorisation is in force, the Company:

1. Cannot enter into a business relationship with any person and cannot take any new clients.

2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.

3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).

4. Cannot advertise itself as investment services provider and make advertising campaigns and announcements.

5. Must upload on all of its websites that its CIF license has been suspended.

6. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law:
6.1. 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.
6.2. Return to existing clients all of their funds and profits earned.

Source: CySec – decision-07-11-2016-continuance-of-suspension-and-procedure-withdraw-the-cif-licence-of-atlas

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