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Capital Index (Cyprus) Voluntarily Surrenders CySEC Regulation

As of October 29, Capital Index (Cyprus) Ltd, the Cyprus-based arm of multi-regulated brokerage agency Capital Index, shouldn’t be regulated by Cyprus Securities and Alternate Fee (CySEC) beneath which it has been ruled till this date. The Cypriot watchdog as we speak made a public discover that Capital Index renounced its authorization, the Cyprus Funding Agency (CIF) License.

CySEC made it clear that the Capital Index’s give up of license is totally voluntary based mostly on firm’s determination and doesn’t come up because of any regulatory motion.

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Though the regulator didn’t clearly state why Capital Index has determined to say goodbye to its CIF authorization, it has lately seen many regulated brokers decide to voluntary give up their license of their very own accord, and never because of any regulatory points.

The explanations main as much as this determination stay unclear, however CySEC will definitely preserve supervision over the monetary service firm till it has taken care of its obligations beneath the license.

Capital Index (Cyprus) was based by Robert Woolfe, who beforehand established the FX enterprise of ETX Capital and lately joined GKFX as CEO in 2014 and the identical yr it was granted the CIF license by the Cyprus Securities and Alternate Fee (CySEC).

In 2015, Capital Index opened a London department workplace and have become licensed and controlled by the UK’s Monetary Conduct Authority (FCA). The agency reported extraordinarily constructive outcomes for the final fiscal yr, having greater than doubled its income from the earlier yr.

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Subsequent steps

A go to to the dealer’s web site reveals that Capital Index (Cyprus) Ltd has already proceeded with modifications in its web site to take away any references relating to authorization and supervision of the corporate by CySEC. The corporate has additionally ceased the availability of its providers by way of the sub-domain www.capitalindex.com/eu/.

As well as, the corporate has shared the next assertion on its web site:

As a result of speedy actions that should be undertaken by our Regulator, the Firm will make sure that closure of open trades/accounts, in addition to withdrawal requests can be handled instantly.

It shall be clarified that the Firm is totally conscious of the authorized necessities and obligations in relation to the renouncement of its license and can proceed with all the mandatory actions which are required to be taken.

Please don’t hesitate to contact us additional for added clarifications and/or additional info in relation to the above, instantly (telephone: +357 25030246) or (e-mail: clientservicescicy@capitalindex.com). 

The regulator will give the dealer three months from that date to settle its obligations arising from the funding providers that can be lapsed, throughout which period it stays beneath the Cypriot watchdog’s supervision.

Underneath the Cypriot regulatory framework, the corporate should return all excellent balances to its shoppers and deal with all of their complaints. As well as, Capital Index should present a affirmation from its exterior auditor that it doesn’t have any pending obligations and should embody particulars of every of the corporate’s shoppers.


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