After releasing an announcement yesterday that the license of Cyprus Investment Firm (CIF) FxPulp has been revoked, the Cyprus Securities and Exchange Commission (CySEC) has announced today that another CIF got its authorization suspended.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.
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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 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.