CySec announced the suspension and commencement of proceedings for the possible withdrawal of an ASP license 

The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform that the Administrative Services provider authorisation of Blaustein Corporate Services Ltd (‘the Company’), with number 171/196, is suspended on December 8 2016, pursuant to section 15(1)(b) of the Law Regulating Companies Providing Administrative Services and Related Matters of 2012, as in force (‘the Law’), as there are suspicions of an alleged violation of section 23(1) of the Law, due to the Company’s possible non compliance, at all times, with the authorisation condition provided for in section 7(1) (persons who effectively manage the business) and section 8(2) (licensed person person shareholders) of the Law.

As the time limit for the company to comply with the above mentioned articles has expired, CySec decided on its meeting dated 12/12/2016 to suspend the authorisation of the company according the section 15(1)(a) of the Law and commence of proceedings for the possible withdrawal of the company’s authorisation according the sections 14(1)(a) ( the licensed person does not comply, or violates, any provision of this Law, or the Prevention and Suppression of Money Laundering and Terrorist Financing Law or Directive DI144-2007-08) and 14(1)(c) ( the interests of the licensed person’s clients are not met or are threatened in any way, following the way the licensed person provides the administrative services, or for any other reason).

The above decision was reached as CySec was not satisfied that the company comply with section 23(1) (Continuous licensed person obligations) for the authorisation condition provided for in:

1. section 7(1) of the Law, that is: The persons who effectively direct the business of the applicant or the licensed person shall be of sufficiently good repute and sufficiently experienced, and hold sufficient academic or professional qualifications as to ensure the sound and prudent management of the licensed person.

2. section 8(2) of the Law, that is: The Commission may reject the application to grant an authorisation if, taking into account the need to ensure the sound and prudent management of the company, it is not satisfied as to the suitability of the direct and/or indirect shareholders and beneficial owners.

The Company’s authorization will remain suspended until the Commission decides whether to withdraw or not the relevant authorization.

While the suspension of the authorisation is in force, the Company, pursuant to section 15(5) of the Law, cannot provide/perform any administrative services.

Source: CySec (in Greek)

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