CIF’s license got suspended due to the violation of prudential laws and to save the reliability of market place.
A piece of news is doing rounds since April 3rd that the Cyprus Securities and Exchange Commission (CySEC) has wholly suspended the license of a Cypriot investment firm (CIF) of the United Group Limited (UGL). The firm was alleged of indiscipline and non-compliance with the knowledgeable requirements in terms of capital ratio and funds.
The license number that has been suspended by the agency was 349/17, and it was mainly done due to the violations of the some of the primary necessities that were to be followed in the first place with the Investment Services and Activities along with Regulated Markets Law of 2017.
Due to all these issues, the commission then planned to suspend the license number 349/17 of the CIF as it is now being problematic for the clients and increasing risks in the market because it is turning out to be a threat to the integrity of the market place and orderly operation.
The company has been provided one month to take further actions and to conform to all of the provisions of the suspension, or else additional measures would be taken against it.