CySEC Cuts License of UFS Capital, Firm Targeting Individual Investors
- The company has been targeting high-net worth individuals. However, according to CySEC it hasn't been diligent enough in complying with reporting of certain data to the Cypriot watchdog in a timely manner.
After releasing an announcement yesterday that the license of Cyprus Investment Firm (CIF) FxPulp has been revoked, the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of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) has announced today that another CIF got its authorization suspended. UFS Capital Ltd. is the next domino to fall as the company has failed to report certain data to the regulator.
The decision was taken in the beginning of February as the Cypriot watchdog decided to wholly withdraw its Cyprus Investment Firm authorization. This withdrawal is due to the firm's failure to comply with regulations requiring submission of certain information, the frequency of disclosure and date of reporting of large exposures for the company.
According to the announcement made by CySEC, the company has to stop providing investment and ancillary services and settle all of its obligation with existing clients within three months.
According to the website of UFS Capital, the company has been providing financial services to high-net worth individuals.
The CySEC license which has been suspended authorized the company to provide a number of services, including reception and transmission of orders, Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of orders on behalf of clients, dealing on own account, safekeeping and custody of financial instruments, and granting credits or loans to third parties (the firm’s clients) enabling them to carry out transactions.
UFS Capital has also been authorized by CySEC to provide foreign exchange services when these are connected to the provision of investment services, investment research and services related to underwriting.
After releasing an announcement yesterday that the license of Cyprus Investment Firm (CIF) FxPulp has been revoked, the Cyprus Securities and Exchange 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) has announced today that another CIF got its authorization suspended. UFS Capital Ltd. is the next domino to fall as the company has failed to report certain data to the regulator.
The decision was taken in the beginning of February as the Cypriot watchdog decided to wholly withdraw its Cyprus Investment Firm authorization. This withdrawal is due to the firm's failure to comply with regulations requiring submission of certain information, the frequency of disclosure and date of reporting of large exposures for the company.
According to the announcement made by CySEC, the company has to stop providing investment and ancillary services and settle all of its obligation with existing clients within three months.
According to the website of UFS Capital, the company has been providing financial services to high-net worth individuals.
The CySEC license which has been suspended authorized the company to provide a number of services, including reception and transmission of orders, Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of orders on behalf of clients, dealing on own account, safekeeping and custody of financial instruments, and granting credits or loans to third parties (the firm’s clients) enabling them to carry out transactions.
UFS Capital has also been authorized by CySEC to provide foreign exchange services when these are connected to the provision of investment services, investment research and services related to underwriting.