CySec decided to wholly withdraw the license of a Cyprus Investment Firm 

The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform investors and public that the Commission decided to wholly withdraw the CIF authorization with number CIF 085/07 of Atlas Capital Financial Services Ltd.

CySec has suspended the license of Atlas Capital Financial Services Ltd back in April of 2016.

On September of 2016, CySec has issued a press release to announce the continuance of suspension of Atlas Capital Financial Services Ltd CIF license and commencement of proceedings for the possible withdrawal of a CIF license.

Below is the announcement CySec issued today to announce its decision:

The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on its meeting of 13^th February 2017, has decided, pursuant to sections 25(1), paragraphs (b) and (c), 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 CIF 085/07 of Atlas Capital Financial Services Ltd (‘the Company’) (http://www.acfs.eu; http://www.acfx.com) , due to the Company’s non compliance with:

1. Section 28(1) of the Law, as it fail to comply with the authorization and operating conditions of:

1.1. section 18(2)(a) of the Law and paragraph 13, sub paragraphs (2) and (9), of Directive DI144-2007 01 of 2012 for the Authorisation and Operating Conditions of the Cyprus Securities and Exchange Commission of the Cyprus Investment Firms (‘the Directive’), as the Company had not establish, implement and maintain effective procedures for the reasonable and prompt handling of complaints received from its clients and for their full investigation.

1.2. section 18(2)(c) of the Law as, due to the Company’s failure to submit evidence for actions taken, CySEC is not in a position to establish whether the Company has taken all measures necessary to ensure continued and regular performance of its services.

1.3. section 18(2)(f) of the Law as, due to the Company’s failure to submit evidence mfor actions taken, CySEC is not in a position to establish whether the Company has effective procedures for identifying, managing, monitoring and reporting of the risks.

1.4 section 18(2)(j) of the Law and paragraph 18(1)(f) of the Directive as, due to the Company’s failure to submit evidence for actions taken, CySEC is not in a position to establish whether the Company has taken all necessary measures and adequate arrangements to safeguard its clients’ assets.

2 Sections 68 and 70 of the Law as, due to the Company’s lack of depositing into the clients’ accounts the amount as indicated by CySEC, the Company’s capital is not consider adequate to cover future risks to which might be exposed.

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 are no longer allowed to provide or perform.

Source: CySec – Decision 03-15-2017 regarding the-withdrawal of CIF authrisation of Atlas Capital Financial Services Ltd

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