Cyprus Investment Firm’s license will continue to be suspended
Following previous announcement dated 9 August 2016, the Cyprus Securities and Exchange Commission (CySec), following a decision at the meeting dated 5 September 2016, announces that the authorisation of the Cyprus Investment Firm Best Choice FBC Ltd (‘the Company’), with number 234/14, will continue to be suspended, pursuant to section 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’).
While the suspension of the Cyprus Investment Firm’s license is in force,
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 take upon any new client.
1.2. Cannot receive, transmit and execute any orders from clients (existing or not) for buying financial instruments.
1.3. Cannot provide any investment services in Cyprus or outside Cyprus (in member states and third countries).
1.4. Cannot advertise itself as an investment services provider and have relating advertisements.
1.5. Should mentioned on all of its websites that its CIF licence 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 any 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 all of their funds and profits earned, if and when the clients so wish.
Source: CySec
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