CySEC announced the withdrawal of a Cyprus Investment Firm authorisation
The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement to inform that has decided to withdraw the authorisation of a Cyprus Investment Firm (CIF).
In accordance with CySEC’s announcement:
The Cyprus Securities and Exchange Commission (CySEC) informs that at its meeting of 03 April 2020, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorisation with Number 110/10 of AMG Kapital Limited (‘the Company’), due to the Company’s decision to expressly renounce it.
The section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 refers that CySEC may withdraw the CIF authorisation where a CIF does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no investment services or has performed no investment activity for the preceding six months.
The section 4(7) of Directive DI87-05, notification by CIF for renunciation of operating licence, refers that when the CySEC is satisfied with the actions of the CIF, it revokes its authorisation and updates the public register it maintains pursuant to section 5(3) of the Law. With the withdrawal of its authorisation, the ex CIF is obliged to, immediately and without delay, ensure that all references in the websites thereof and anywhere else, relating to the provision/carrying out of investment services/activities, as well as references to its licensing and regulation by the Commission, have been deleted.
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