CySec announced the suspension of license of a Cyprus Investment Firm 

The Cyprus Securities and Exchange Commission (CySec), has announced that:

The authorisation of the Cyprus Investment Firm ‘Trademarker (Cyprus) Ltd’, number 151/11, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law (‘theLaw’), due to suspicions of alleged violations of:

Section 28(1) of the Law, ‘Continuous CIF obligations’, due to the Company’s possible non compliance at all times with the condition if its authorization provided for in:

• section 12 (persons who effectively direct the business of a CIF),
• section 13 (CIF shareholders) and
• section 18(2)(c) (organisational requirements) of the Law.

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

Within fifteen (15) days, Trademarker (Cyprus) Ltd has to take actions in order to comply with the aforementioned provisions.

While the suspension of the authorisation is in force, Trademarker (Cyprus) 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.

Trademarker (Cyprus) Ltd operates via the brands SkyFX and Capital Option.

Beside the above decision, CySec published in May 2015 its decision to impose and Administrative fine of €20.000 to Trademarker (Cyprus) Ltd.

Read the Administration fine decision here: CySec imposes administrative fine of €20.000 to a CIF 

Source: CySec – Decision-02-15-2016 regarding the-suspension of CIF licence of Trademarker Ltd

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