The Cyprus Securities and Exchange Commission (CySEC) announced on Friday that the multi-asset brokerage firm Topic Markets Ltd, which operates under the trading name TMFX, has renounced its Cyprus Investment Firm (CIF) License, as of May 5, 2017.
Although CySEC didn’t clearly state why Topic Markets has decided to say goodbye to its CIF authorization , the Cypriot watchdog has recently seen many regulated brokers opt to voluntary surrender their license of their own accord, and not as a result of any regulatory issues.
A visit to the broker’s website reveals that Topic Markets has already proceeded with changes in its website to remove any references regarding authorization and supervision of the company by CySEC.
As of this date, TMFX is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator gave the broker three months from that date to settle its obligations arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.
Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, TMFX must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients, according to the same CySEC announcement.