CySec informs that decided to withdraw the suspension of a CIF 

The Cyprus Securities and Exchange Commission (‘CySec’), has issued a press release to inform that on its meeting dated 20 July 2015, decided to withdraw, as from 27 July 2015, the suspension of the CIF’s authorisation of ‘Asset Management Advisory Services (AMASS) Ltd’ (‘the Company’), number 167/12.

CySec decision is following a decision of the Commission dated 10the of July: CySec announces the suspension of the authorisation of CIF ‘Asset Management Advisory Services (AMASS) Ltd’ 

CySec’s current decision is in relation to section 26(4)(a) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as it has been satisfied that the Company complied with section 6(9) of the Law.

– Section 26(4) refers to: The CIF must, within the deadline set by the Commission as stated in subsection (3), to inform the Commission of its compliance with the provisions of this Law or/and the directives issued pursuant to this Law or/and the Regulation (EC) No 1287/2006. Where the Commission- (a) Is satisfied that the CIF has complied with the above, it withdraws the suspension of the CIF’s authorisation, and informs it accordingly,

– Section 6(9) refers to: A CIF is prohibited from conducting any other business, beyond the services or/and activities stated in its authorisation, except if (a) their exercise leads to or contributes to the achievement of the provision of all or some of the services or/and the performance of the activities, permitted by its authorisation; or (b) it has received the Commission’s permission, which is granted, at its absolute discretion, in exceptional circumstances.

For lifting the suspension of the Company’s CIF authorisation, a confirmation has been submitted to CySEC that:

• The Company only provides exclusively the services falling within the scope of the European Directive MiFID.
• The Company is not conducting or intends to conduct any other business beyond those stated in its authorisation, unless it acquires CySec’s permission.

Source: CySec – Decision-07-29-2015-withdrawal-of-suspension-of-AMASS

 

---