Lionsman Capital Markets Renounces its Cypriot CIF License

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) announced on Thursday that the multi-asset brokerage firm Lionsman Capital Markets (Cyprus) has renounced its Cyprus Investment Firm (CIF) license, as of June 9, 2017.

The London Summit 2017 is coming, get involved!

[gptAdvertisement]

Although CySEC didn’t clearly state why Lionsman has decided to say goodbye to its authorization, the Cypriot watchdog has recently seen many regulated brokers opt to voluntary surrender their licenses of their own accord, and not as a result of any regulatory issues.

In addition, Lionsman should have already settled its problems with CySEC in April 2017 after it was fined €90,000 for violating the Investment Services and Activities and Regulated Markets Law. It is also important to note that fines are usually issued within 6 months of an inspection, so at the point of the fine, the majority of issues should have already been resolved.

A visit to the broker’s website reveals that Lionsman has yet to proceed with changes in its website to remove any references regarding authorization and supervision of the company by CySEC.

As of this date, Lionsman is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator gave the broker three months from that date to settle its obligations arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. Furthermore, Lionsman must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients, according to the same CySEC announcement.