The Cyprus Securities and Exchange Commission (CySEC) today announced that a meeting held on October 26, 2015, its Board has decided to keep the authorization of Cyprus Investment Firm Falcon Brokers Ltd suspended.
The regulator initially suspended the CIF license of Falcon Brokers on September 24, 2015, referring to alleged violations of operational requirements related to clients’ funds. Back then, CySEC said that the decision was taken as the alleged breaching of investment laws may potentially endanger the company’s clients’ interests and the smooth operation of the capital market in general.
In its announcement today, the watchdog notes that while the suspension of the authorisation is in force, Falcon Brokers Ltd:
- 1. Cannot provide/perform any investment services/activities;
- 2. Must, if existing clients so wish,
- 2.1. Close all open positions in relation to clients’ contracts,
- 2.2. Return to existing clients all of their funds and profits earned.
To view the official announcement on the continued suspension of Falcon Brokers’ license, click here.