Following a decision that the regulator made on 1st August 2016, the Cyprus Securities and Exchange Commission (CySEC) has today announced that it has continued the suspension of the Cypriot Investment Firm (CIF) licence of UBFS Invest, powered by Moneychoice Brokers Ltd.
UBFS Invest had its licence temporarily suspended in May after its capital requirements fell below proper levels, as reported by Finance Magnates.
CySEC then extended the firm’s suspension in June prior to a further extension, details of which have been released in a statement today.
UBFS Invest, a provider of FX trading systems for market participants was initially flagged for non-compliance, in that it did not properly protect or provide safety of its clients’ funds.
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The company was reported to have had a problem with capitalisation, with its funds having fallen below the requisite capital requirements set by CySEC. Its total capital ratio also fell below the necessary requirements, based on European regulatory measures.
Continued Suspension of Services
CySEC gave the company one month to take the necessary actions, as well as to comply with several other directives before deciding to extend the suspension in June, and again today.
While the suspension remains in effect, UBFS Invest cannot provide any more services to clients, specifically, entering into new business relationships.
Furthermore, the group is not eligible to receive, transmit, or execute any orders from clients for the purchase of new instruments nor provide any investment services in Cyprus for the duration of the suspension.