The Cyprus Monetary regulator CySEC at the moment stated it handed down a suspension on the Cyprus Funding Agency (CIF) license of Fenix Capital Markets Buying and selling Ltd, in accordance with a choice being made on the regulator’s final assembly.
Fenix, which presents brokerage and funding recommendation providers, had its license briefly suspended after CySEC raised issues over practices by the corporate, in addition to its managment that the watchdog deemed doubtlessly not compliant with regulatory requirements.
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Specifically, the dealer was initially flagged for non-compliance with part 22(1) of the Cypriot regulation “as a result of Firm’s attainable non-compliance always with the authorisation situation in part 9(16) (administration physique) and in part 10 (governance preparations) of the Legislation.”
CySEC imposed the punitive measures because the aforementioned violations might endanger the corporate’s purchasers’ pursuits or “the common operation of the capital market.”
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Fenix Capital is obliged to take motion inside 15 days to adjust to the required provisions then apply to reactivate their license as soon as extra. However whereas the license suspension is in power, the corporate shouldn’t be permitted to enter right into a enterprise relationship with any particular person, settle for any new buyer or present any providers.
As well as, Fenix should, if present purchasers so want, shut any open positions about purchasers’ contracts (on time or earlier if the shopper needs so). It’s going to even be required to return to present purchasers all of their funds and income earned, if and when the purchasers so want.
Within the meantime, Fenix has to add notices relating to the suspension of its license onto all of its websites, although the corporate has but to conform.
Lastly, if the dealer in the end fails to repair the compliance points set forth by CySEC, the regulator will set off the process for the revocation of all of the operation’s authorizations.