The Cyprus Securities and Exchange Commission (CySEC) announced on Thursday that it has recalled the suspension of the Cyprus Investment Firm (CIF) license of MPS Marketplace Securities Ltd, which was previously known as SpotOption Exchange Ltd and S.O. Spotoption Ltd.
The financial market regulator suspended the financial services company’s license in September 2019 under the suspicions of several alleged violations, which potentially risked clients’ funds held by the firm. Then, the regulator highlighted the threat to the orderly operation and integrity of the market.
The company received a 15-day window to suspend most of its offerings to comply with the regulatory order.
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Resume of an Array of Services
MPS provided many services like reception and transmission of orders in relation to one or more financial instruments, execution of orders on behalf of clients, dealing on own account, ancillary services, custody of assets, foreign exchange services and many more.
The decision to return the suspended CIF license to the company was made on April 4, 2021. However, it is not clear when the company will start operating again.
“The Cyprus Securities and Exchange Commission (‘the CySEC’), further to its Decision published on 24 September 2019, informs the public that, at its meeting dated 5 April 2021, decided to recall its decision for the suspension of the authorization of the Cyprus Investment Firm MPS Marketplace Securities Ltd (‘the Company’), number 170/12, pursuant to paragraph 9(3)(a) of Directive DI87-05 for the Withdrawal and Suspension of Authorisation, as it has been satisfied that the Company has complied with Article 93(1) of Regulation (EU) No 575/2013 on prudential requirements,” the notice stated.