After months of waiting following the initial action taken by the Cyprus Securities and Exchange Commission (CySEC) against the Cypriot Investment Firm (CIF) Pegase Capital Ltd, which operates a number of brands including Interactive Option, the regulator has just revealed in an official statement that it has renounced its CIF licenses effective May 13th 2016.
CySEC said that Pegase Capital Ltd, which operates interactiveoption.com, interactive-option.com, hellobrokers.com, mtxplus.com and pegasecapital.com, has renounced its authorization pursuant to relevant capital market’s law that permits a CIF to relinquish its license, and after CySEC had taken action to suspend their license earlier this year.
CySEC noted in the update that it has reached out to the company to make changes to its sites to reflect its now-lapsed license. Last year CySEC fined the company a hefty amount, as reported by Finance Magnates in related coverage.
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A quote on one of the company’s websites states: “We are working rigorously around-the-clock while doing everything in our power to expedite the process of reinstating of our license. We appreciate your patience and apologize for the inconvenience.”
CySEC noted in its statement regarding the news that firms have 3 months to settle following the lapse in its now-renounced license, which means that the company remains under CySEC supervision as it will need to settle its remaining obligations following the lapsed license.
Earlier last month, Pegase Capital was used as an example by a senior politician in Cyprus, after CySEC was questioned over its handling of its IronFX investigation, which was highlighted in another Finance Magnates article in further detail.
After publication, CySEC released a further update regarding the above-mentioned Pegase case, and added that within the three month period Pegase must close all clients’ open trading positions, return all clients any money owed to them from their account balances and any profits they made and are due for payment, as well as examine and solve all complaints.