MPS Marketplace Regains CIF License after Over a Year of Suspension

Thursday, 29/04/2021 | 14:45 GMT by Arnab Shome
  • The CIF license of the company was suspended in September 2019.
MPS Marketplace Regains CIF License after Over a Year of Suspension
Bloomberg

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.

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.

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.

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.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6533 Articles
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