UGL Exchange Ltd’s CIF licence suspended

Steffy Bogdanova
April 3, 2020 3:22 pm

The Cyprus Securities and Exchange Commission (CYSEC) announced yesterday the suspension of Cyprus Investment Firm (CIF) authorisation of Cyprus Investment Firm UGL Exchange Ltd.

The agency suspended CIF licence number 349/17 in whole because of suspicions of an alleged violation of the prudential requirements,
regarding own funds and capital ratio and possible non-compliance with  the Investment Services and Activities and Regulated Markets Law of
2017.

cysec cif licence suspension

The Commission decided to suspend the CIF licence of UGL Exchange after the violations of the law caused concerns about risk in the protection of the company’s clients and a threat to the orderly operation and integrity of the market.

The company has one month to take actions and comply with the provisions of the suspension.

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Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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