Apparently the company failed to provide evidence of professional qualifications of the main shareholder as the law requires
Last Friday the CySEC has issued a statement clarifying that it has rejected the application of ShortOption for a CIF license due to a questionable shareholder within Stardor Limited, which is the company behind the binary options label. The rejection decision has been taken on December 31st 2013. We assume that the delay in the announcement was due to mentioned attempts by the Cypriot regulator to request relevant information.
According to the statement issued by CySEC it didn’t manage to establish whether the main shareholder of the company is suitable to provide investment services, citing section 6 of the Investment Services and Activities and Regulated Markets Law of 2007. It goes on to elaborate that the required information for assessing the suitability of the main shareholder in question has not been submitted to the Commission.
Sections 12 and 13 of the Investment Services and Activities and Regulated Markets Law of 2007 require every applicant to submit copies of degrees, diplomas and certificates and verification of the applicants’ professional experience that are examined by the Ministry of Finance. This is in accordance to Part III of the same law that requires all applicants to be possessing certain qualifications depending on the investment services that they are willing to provide.
For the full text of the Investment Services and Activities and Regulated Markets Law of 2007 visit CySEC’s website.
For the full text of the press release by CySEC, click here.
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