The Cyprus Securities and Exchange Commission (CySEC) today prolonged the suspension of the authorisation of Trademarker (Cyprus) Ltd, which operates via the brands SkyFX and Capital Option.
The regulator first suspended the Cyprus Investment Firm (CIF) authorization of Trademarker on February 15, 2016, stating that the company violated the Investment Services and Activities and Regulated Markets Law. In particular, the company is alleged to be in violation of:
section 12 (persons who effectively direct the business of a CIF;- section 13 (CIF shareholders);
- section 18(2)(c) (organisational requirements).
section 12 (persons who effectively direct the business of a CIF;During the time of the suspension of the authorisation, Trademarker (Cyprus) Ltd:
1. Cannot provide/perform any investment services/activities, pursuant to section 26(5) of the Law.
2. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law,:
2.1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
2.2. Return to existing clients all of their funds and profits earned.
You can view the full announcement from CySEC by clicking here.