CySEc decided to withdraw the authorization of a Cyprus Investment Firm
The Cyprus Securities and Exchange Commission (‘CySEC’) has issued an announcement to inform that, on its meeting of 25th September 2017, has decided, pursuant to sections 25(1)(b) and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), to wholly withdraw the Cyprus Investment Firm authorization with number 234/14 of «Best Choice FBC Ltd» (‘the Company’) (email@example.com), due to the Company’s non-compliance with:
1. Section 12(1) of the Law, as Mr Gyorgy Miterli, proposed non-executive director of the Company, is not of sufficient good repute,
2. Section 13(1) of the Law, as Mr Gyorgy Miterli, sole shareholder of the Company, is not suitable.
Following the decision for the suspension of its CIF license, the Company should cease to provide investment and ancillary services and settle, within a period of three (3) months, its obligations arising from the services that are no longer allowed to perform.
Source: CySEc – Decision regarding the withdrawal of CIF authorisation
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