CySEC Extends Suspension of UBFS Invest for Capital Inadequacies
- UBFS Invest has had its suspension extended by CySEC after its capital requirements did not meet the regulatory requirements.
Cyprus Securities and Exchange 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) announced today that the authorisation of Cyprus Investment Firm, UBFS Invest, powered by Moneychoice Brokers Ltd, continues to be suspended in contravention of the Investment Services and Activities and Regulated Markets Law 2007.
Finance Magnates first reported on the action taken by CySEC on 27th May when it first announced the company's suspension following several allegations of multiple violations.
Violations of the Law
UBFS Invest originally had its licence put on hold due to its failure to protect its clients’ funds. The company was also pulled up for having funds which were less than the sum of its capital requirements and for having a total capital ratio of less than the requirements of the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
The decision was reached due to the fact that the alleged violations could endanger the company’s clients’ interests and more generally, the smooth operation of the capital market.
Suspension of Services
UBFS Invest is obliged to take action in order to comply with the necessary provisions within one month. While the suspension of the authorisation is in force, the company will not be able to provide any services, enter into a business relationship with any person or take on any new clients.
In addition, the company is not allowed to receive, transmit or execute any orders from clients for buying financial instruments, provide any investment services inside or outside Cyprus in member states or advertise itself as an investment services provider.
Website
The company, which appears to offer portfolio management and brokerage services, put a notice on its website on 27th May saying that the company’s CIF licence had been suspended for 30 days. This has yet to be updated to reflect the continuation of the suspension.
Cyprus Securities and Exchange 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) announced today that the authorisation of Cyprus Investment Firm, UBFS Invest, powered by Moneychoice Brokers Ltd, continues to be suspended in contravention of the Investment Services and Activities and Regulated Markets Law 2007.
Finance Magnates first reported on the action taken by CySEC on 27th May when it first announced the company's suspension following several allegations of multiple violations.
Violations of the Law
UBFS Invest originally had its licence put on hold due to its failure to protect its clients’ funds. The company was also pulled up for having funds which were less than the sum of its capital requirements and for having a total capital ratio of less than the requirements of the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.
The decision was reached due to the fact that the alleged violations could endanger the company’s clients’ interests and more generally, the smooth operation of the capital market.
Suspension of Services
UBFS Invest is obliged to take action in order to comply with the necessary provisions within one month. While the suspension of the authorisation is in force, the company will not be able to provide any services, enter into a business relationship with any person or take on any new clients.
In addition, the company is not allowed to receive, transmit or execute any orders from clients for buying financial instruments, provide any investment services inside or outside Cyprus in member states or advertise itself as an investment services provider.
Website
The company, which appears to offer portfolio management and brokerage services, put a notice on its website on 27th May saying that the company’s CIF licence had been suspended for 30 days. This has yet to be updated to reflect the continuation of the suspension.