Cypriot Investment Firm Grow Wealth Assets Limited Renounces its CySEC license
- CySEC today said that Grow Wealth Assets's license lapsed as of May 23rd 2016.
The exodus of Cypriot Investment Firms (CIFs) continues as another company – Grow Wealth Assets Limited - renounced its license with the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term).
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.
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.
The exodus of Cypriot Investment Firms (CIFs) continues as another company – Grow Wealth Assets Limited - renounced its license with the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term).
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.
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.