CySec: Withdraw of CIF authorisation
The Cyprus Securities and Exchange Commission (CySec) the Cypriot financial regulatory authority, has issued an announcement that on a meeting held on June 16, 2014 has decided to withdraw the CIF authorisation of T.B.S.F. Best Strategy Finance Ltd (www.cedarfinance.com), a Cypriot company which provides Investment services under the CIF licenced number 213/13, pursuant to section 25(1)(b),(c) and 26(4)(b) of the provision of Investment Services, the exercise of Investment Activities, the operation of Regulated Markets and other Related Matters Law, because:
1. The company does not comply with the section 28(1) of the Law because it does not meet the conditions for the acquisition of licence pursuant to sections 12(3) and 13(2) of the Law.
2. It has violated the section 26 (5) of the Law since it provided services while its licence was under suspension (date of the end of suspension was December 19, 2013) .
It is noted that the Company must stop providing any investment and ancillary services and arrange within the period of three months its obligations which derive from any of those services that cannot anymore offer.
Source: CySec
