The Cyprus Securities and Exchange Commission (CySEC) announced today that multi-asset brokerage Glestimon Management Ltd which provides investment services via the domain www.glestimon.com, has renounced its Cyprus Investment Firm (CIF) licence.
Three Months to Settle Obligations
According to a statement issued by CySEC, as of 31 March, 2016, Glestimon Management is no longer licensed and regulated by CySEC and can no longer conduct investment services and related activities. The company has been given three months to settle its obligations following the renouncement of the licence, during which time it remains under the regulator’s supervision.
What to Look for in a Forex Technology Provider?Go to article >>
Glestimon Management which offers trading in options, futures, swaps, forward rate agreements as well as a variety of other services, achieved certification in May 2014 but has not said why it has chosen to renounce its licence.
According to CySEC rules and regulations, a CIF authorisation lapses in the event the company renounces the authorisation. Furthermore, financial service providers are not permitted to legally operate in Cyprus unless they hold a license by the CySEC or the equivalent authorities in any other EU member state.
Just yesterday, Finance Magnates reported that another Cyprus-based financial services provider, Vinson Financials, renounced its regulatory licence with CySEC according to a public circular issued earlier in the week.
CySEC continues to step up its enforcement activity and is taking increasing steps to clamp down on forex and binary options brokers. In some cases it has suspended their licences, as in the case of Pegase Capital, which as reported by Finance Magnates, had its licence suspended in March 2016, during which time it was not allowed to offer services.