The exodus of Cypriot Investment Firms (CIFs) continues as another company – Grow Wealth Assets Limited – renounced its license with the Cyprus Securities and Exchange Commission (CySEC).
CySEC today made the announcement in a public statement, and explained how the firm offered investment services under the url growwealthassets.com but had renounced its license on May 23 2016, and how its license has therefore lapsed as of that date.
Based on relevant rules under Cypriot regulations, pursuant to section 24(3) of the law, Grow Wealth Assets Limited has three months to settle any obligations arising from the investment services that have now lapsed since May 23 when its license was renounced.
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Accordingly, the firm will remain under the supervision of CySEC until it settles its obligations, based on section 25(4) of the law, as noted by the regulator in its update. The company had offered various funds on its website, including property-related funds and other wealth management services, among other services.
It not clear what led to the company taking the decision to renounce its license with CySEC, as Finance Magnates was unable to reach the company via telephone for comments around the time of publication.
Although this particular CIF renounced its license over a month ago, even as the regulator provided the update today, the news comes on the heels of major changes from CySEC as it aims to clean up the FX and binary options industry on the island nation. Just today, the regulator provided guidance to firms that use liquidity providers, as detailed in a related post by Finance Magnates.