The Cyprus Securities and Exchange Commission (CySEC) has announced that it has decided to withdraw the suspension of the authorisation of the Cyprus Investment Firm (CIF) from two companies.
The Cypriot financial regulator says that both Leadtrade Ltd and TTCM Traders Trust Capital Markets Ltd have complied with the provisions of the law regarding ‘Own’ funds and ‘Capital adequacy ratio’.
CySEC has been very active recently, suspending many CIF licenses of entities that don’t follow its mandatory guidelines. Just last Friday it informed the public that it handed down a suspension of licenses to several forex and binary options brokers.
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During a suspension period, brokers are not allowed to execute any orders from clients for buying financial instruments or provide any investment services in or outside of Cyprus. The suspended firms are also not permitted to advertise themselves as an investment services provider or have relating advertisements. They must even close all open positions in relation to clients’ contracts on their maturity date, or at an earlier date if the client so wishes, as well as return any funds and profits earned to existing clients.
CySEC further stipulates that any firm that has its licence suspended should mention on all its websites that its CIF licence has been suspended.
This week, CySEC decided to withdraw the suspension of the authorisation of the Cyprus Investment Firm Dragon Options Ltd.