CySec informs regarding the Continuance of Suspension of CIF license of an investment firm 

The Cyprus Securities and Exchange Commission (CySec) has issued today an announcement to inform on its decision in the meeting dated 26 October for Continuance of Suspension of CIF licence of the firm ‘Falcon Brokers Ltd’ with number 128/10.

The decision follows previous announcement dated 24 September 2015.

Read the previous decision: CySec announces the suspension of the authorisation of CIF ‘Falcon Brokers Ltd’ 

CySec’s decision is pursuant to section 26(4)(b) of the Investment Services and Activities and Regulated Markets Law (‘the Law’).

While the suspension of the authorisation is in force, Falcon Brokers Ltd:

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 their maturity date or on an earlier date if the client      so wishes.
2.2. Return to existing clients all of their funds and profits earned.

Section 26(4)(b) of the Investment Services and Activities and Regulated Markets Law (‘the Law’) says that:

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-  is not satisfied that the CIF has complied with the above, it automatically extends the suspension of the CIF’s authorisation and commences proceedings to withdraw the relevant authorisation; the CIF authorisation will remain suspended until the Commission decides as to whether to withdraw or not the relevant authorisation:
It is provided that where the CIF does not inform the Commission within the set deadline as stated in subsection (3) with regards 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, the Commission automatically applies the procedure laid down in this paragraph.

Source: CySec – Decision 11-02-2015 continuance of suspension Falcon Brokers Ltd

 

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