The Cyprus Securities and Exchange Commission (CySEC) announced that the partial suspension of the CIF authorisation of Xtrade Europe Ltd (‘the Company’), number 108/10, for the provision of financial services and the performance of financial activities to new clients is herewith withdrawn/terminated and the registration of the Company in the Registry of authorised persons is reinstated.
CySEC announced the partial suspension of Xtrade Europe Ltd CIF license in the end of May this year.
The withdrawal/termination is pursuant to section 26(4)(a) of the Investment Services and Activities and Regulated Markets Law of 2007 (‘the Law’), as CySEC has been satisfied that the corrective measures taken by the Company, following weaknesses identified by CySEC at on-site check, are adequate and in compliance with:
- Section 36(1) of the Law and paragraph 6, subparagraphs (1) and (2), of Directive D1144-2007-02 of 2012 1 with regards to the Company’s obligation to ensure that the marketing material disseminated by the Company and/or its associates (affiliates/lntroducing Brokers/Business Introducers — ‘associates’) is fair, clear and not misleading.
- Section 28(1) of the Law with regards to the Company’s on-going compliance with the authorisation and operating conditions of section 18(2)(a) of the Law and paragraph 5(1) of Directive D1144-2007-01 of 2012 , with regards to the Company’s obligation to have in place adequate policies and procedures sufficient to ensure its compliance with the above.
The official CySEC announcement can be seen here.