CySec decided to suspend the authorisation of a Cyprus Investment Firm 

The Cyprus Securities and Exchange Commission (CySec), has announced that following a decision at the meeting dated 25 July 2016, the authorisation of the Cyprus Investment Firm Best Choice FBC Ltd, with number 234/14, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as there are suspicions of an alleged violation of section 28(1) of the Law, 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)(j) of the Law and paragraphs 18(1)(f) and 20(1) of Directive DI ΟΔ144-2007-01 of 2012 (protection of clients’ funds).

According to CySec, the above decision was reached due to the fact that the aforementioned alleged violations may possibly endanger the Company’s clients’ interests or the investor interests or generally the regular operation of the capital market.

Within one (1) month from the date of CySEC’s Decision, Best Choice FBC Ltd has to take actions in order to comply with the aforementioned provisions.

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

1. The Company cannot, pursuant to section 26(5) of the Law, provide any services, and more specifically:

1.1. Cannot enter into a business relationship with any person and cannot take any new client.

1.2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.

1.3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).

1.4. Cannot advertise itself as investment services provider and make advertising campaigns and announcements.

1.5. Should mention on all of its websites that its CIF license has been suspended.

2. The Company 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 on their maturity date, or on an earlier date if the client so wishes.

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

Source: CySec – Decision 08-09-2016 suspension CIF licence Best Choice FBC Ltd

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