Further to LeapRate’s report from April about the suspension of the Cyprus Investment Firm (CIF) license of Atlas Capital Financial Services Ltd, owner of ACFX, operating via acfx.com, the Cypriot securities regulator today announces that the CIF license of the firm remains suspended.
While the suspension of the authorisation is in force, the Company:
- 1. Cannot enter into a business relationship with any person and cannot take any new clients.
- 2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.
- 3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
- 4. Cannot advertise itself as investment services provider and make advertising campaigns and announcements.
- 5. Must upload on all of its websites that its CIF license has been suspended.
- 6. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law:
- 6.1. 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.
- 6.2. Return to existing clients all of their funds and profits earned.
Last month, when CySEC first announced the suspension of ACFX license, the regulator said the company is suspected of breaches of rules related to:
- continuity and regularity in the performance of investment services;
- effective procedures for identifying, managing, monitoring and reporting of the risks;
- adequate arrangements for safeguarding of clients funds.
For the full announcement from CySEC, click here.