The Cyprus Securities and Exchange Commission (CySEC) appears to be well on its course on cracking down on the CIFs under its jurisdiction which fail to comply with all the relevant laws and regulations. The latest “victim” of this campaign, or in other words the latest “culprit”, which has been caught not being in full compliance is the Cyprus Investment Firm, Infina Investments (Cyprus) Limited, which operates under the CySEC license number 099/09 and offers its services through the site www.infinainvestments.com, which interestingly enough still appears to be up and running.
According to the relevant announcement issued by the Cypriot regulator on 21 February 2014 the company’s license is suspended “pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law, because there are suspicions for an alleged violation of the sections:
1. 28(1) of the Law as the Company may not in compliance with the requirements for authorisation of section 12 – Persons who effectively direct the business, 15 – Persons employed in CIF, 16 – Head office, 18 – Organisational requirements,
2. 67 (1) – Own funds,
3. 69(1),(2) – Exposures, and
4. 71 – Individual and consolidated basis.”
Even at first sight, it appears that this company has a lot of issues to address and resolve and CySEC has grant it one month within which it has to take the appropriate steps and measures in order to rectify the situation.
Obviously, for as long as its license is suspended the company is not allowed to provide either directly or via its website any kind of investment or ancillary services.
CySEC, in its announcement, clarifies that the above decision was taken “due to the fact that the previous mentioned alleged violations may possibly endanger the Company’s clients interests and generally the smooth operation of the capital market.”