CySEC extends the suspension of the ACFX license

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Last month, CySEC, the Securities and Exchange Commission in Cyprus, had announced its decision to suspend the authorisation of the Cyprus Investment Firm ‘Atlas Capital Financial Services Ltd’, with number 085/07, due to suspected breaches of the relevant rules and legislation relating to: the continuity and regularity in the performance of investment services; the effective procedures for identifying, managing, monitoring and reporting of the risks; and the adequate arrangements for the safeguarding of clients funds.

During a more recent board meeting, on 9 May 2016, the Commission decided to extend this license suspension and has thus issued a relevant announcement to inform the public that while the suspension is still in force, the company in question:

  1. Cannot enter into a business relationship with any person and cannot take any new clients.
  2. Cannot receive, transmit or execute any orders from clients for buying any financial instruments.
  3. Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
  4. Cannot advertise itself as investment services provider and make advertising campaigns and announcements.
  5. Must upload on all of its websites that its CIF license has been suspended.
  6. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law:
    1. Close all open positions in relation to clients’ contracts, or of its own, on their
      maturity date or on an earlier date if the client so wishes.
    2. Return to existing clients all of their funds and profits earned.

It is pointed out that Atlas Capital Financial Services Ltd, is the owner of forex broker ACFX, which operates via the website acfx.com.

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