CySec: Withdraw of CIF authorisation
The Cyprus Securities and Exchange Commission (CySec) the Cypriot financial regulatory authority, has issued an announcement that following previous announcements dated 21 February 2014 and 31 March 2014, on a meeting held on July 7, 2014 has decided to wholly withdraw the CIF authorization with Number CIF 099/09 of Infina Investments (Cyprus) Limited (‘the Company’) (www.infinainvestments.com) , pursuant to sections 25(1)(b), (c) and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law (‘the Law’).
The wholly withdraw of the Company’s C.I.F authorization is due to the non compliance of the Company with:
1. section 28(1) of the Law – non compliance with the conditions under which authorization was granted which as laid down in sections 12 (Persons who effectively direct the business), 15 (Persons employed in CIF), 16 (Head office) and 18 (Organisational requirements) of the Law,
2. sections 67(1) and 69, subsections (1) and (2), of the Law – Own funds and Exposures, and
3. section 71, subsections (1) and (2), of the Law – Capital adequacy (Individual and consolidated basis).
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
