The Cyprus Securities and Exchange Commission (CySEC ) announced on Tuesday the withdrawal of the Cyprus Investment Firm (CIF) license of Sharelink Securities & Financial Services Ltd.
It came after the company decided to 'expressly renounce' the license.
Sharelink Securities & Financial Services was operating on the CIF since mid-2003. The company offered to the provision of local and international financial services and investment banking. In addition, it offered stockbroking, proprietary trading of securities, asset management, private equity and other ancillary services.
Last year, the investment banking team of Sharelink broke off and joined Prudens Group, establishing a new corporate finance arm there.
For offering brokerage and online trading service, Sharelink partnered with Argus Stockbrokers, another CySEC-regulated financial service firm. Sharelink is operating as a tied agent of Argus.
CySEC and CFDs Brokers
Meanwhile, CySEC is tightening its supervisory rules for retail brokerages operating from its jurisdiction. It issued a warning to CFD brokers recently, ordering them to improve practices or face enforcement actions, which may include monetary fines and even suspension or withdrawal of licenses in extreme cases.
Additionally, the regulator is vigilant against non-compliance on the part of brokerages. It settled with several brokers for possible violations of compliance rules. In July alone, it settled with Triangleview Investments, BCM Begin Capital Markets, and Forex TB.
Moreover, it withdrew the license of Finteractive, which operated the FXVC trading brand, as the company decided to renounce the license.
The Cypriot regulator is also concerned about the popularity of 'finfluencers' and the rising 'gamification' of retail trading. It even launched a campaign to educate retail traders.
