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Regulators Regulatory Sanctions

CySec announces the suspension of the authorisation of CIF ‘Falcon Brokers Ltd’ 

24 Sep 2015 by OneStopBrokers
CySEC

The Cyprus Securities and Exchange Commission (CySec), the Cypriot financial regulatory authority, has announced that:

The authorisation of the Cyprus Investment Firm ‘Falcon Brokers Ltd’, number 128/10, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007 (‘the Law’), due to suspicions of alleged violations of:

Section 28(1) of the Law, ‘Continuous CIF obligations’, due to the Company’s possible non compliance with the authorization condition provided for in section 18(2)(i) of the Law (‘Operational requirements – Clients’ funds’).

The above decision was reached taking into serious consideration that the above alleged violations may possibly endanger the interests of the clients of the company and the operation of the capital market.

Within one (1) month, the Company has to take actions in order to comply with the aforementioned provisions.

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

1. Cannot provide/perform any investment services/activities, pursuant to section 26(5) of the Law.

2. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law,:

2.1. Close all open positions in relation to clients’ contracts, or of its own, on theirmaturity date or on an earlier date if the client so wishes.

2.2. Return to existing clients all of their funds and profits earned.

Source: CySec –  Decision 09 24 2015 regarding the suspension of CIF licence of Falcon Brokers Ltd

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