The Cyprus Securities and Exchange Commission (CySEC) announced on Monday the withdrawal of licenses of two companies: one is ED&F MAN Capital Markets CEEMA Ltd and another is RMG Holding Ltd.
The decision came as both the companies decided to renounce their Cyprus Investment Firm (CIF) license.
ED&F Man Capital Markets CEEMA Ltd is one of the subsidiaries of the similarly named global institutional brokerage brand. The entity was created to target the European, Middle East and African markets, and it received the Cypriot license in July 2019. But it was a dormant unit.
ED&F Man is now operating from its registered offices and licenses in London, Hong Kong, Dubai and the United States.
RMG Holding Limited is another financial services company that was offering brokerage services since 1995. It received the CySEC license in 2004 and was particularly active with Russian, US and LSE-traded stocks and depositary receipts.
“We regret to inform that after a careful review of our business we have decided to discontinue our services and to voluntarily renounce our CIF authorizations,” RMG wrote on its website as it stopped offering its services.
A Vigilant Regulator
Meanwhile, CySEC has been actively cracking down on the companies that are in violation of its regulatory requirements. The regulator recently withdrew the license of the brokerage operator Hoch Capital. Additionally, though that company decided to renounce its approval it was flagged and fined earlier for compliance violations.
Furthermore, the Mediterranean regulator is concerned about the use of cryptocurrencies by sanctioned Russian actors and issued a warning notice to all regulated entities late last month. The regulator raised an alarm against the rampant impersonation of its staff and representatives by scammers to target potential retail trading victims.
