Cyprus financial regulator CySEC has once again extended the suspension of ASP license of the administrative services provider Mutual Trust Limited.
CySEC has stated that Mutual Trust Limited appears to be non-compliant with Cyprus’ law of protection of client funds, its own funds appear to be less than the sum of its capital requirements, and its total capital ratio appears to be less than the requirements of the Regulation.
CySEC’s decision was reached due to the fact that the aforementioned alleged violations may possibly endanger the company’s clients’ interests and generally the smooth operation of the capital market.
CySEC’s full note on the matter can be seen here.