27 May AtoZForex, Vilnius – The Cyprus Securities and Exchange Commission (CySEC) has announced about the withdrawal of the CIF license of the Trademarker (Cyprus) Ltd. – parent company of Capital Option and SkyFX. The decision, which is a follow-up to the decision from February 2016, was made during the board meeting of the regulator on the April 25th.
Capital Option and SkyFx have been operated by now former Cyprus Investment Firm (CIF) Trademarker (Cyprus) Ltd. The regulator stated that the Executive Director of the company, Mr. Aviv Tal Mor, is not suitable to be operating a CIF. Moreover, Mr. Aviv Tal Mor, who is a sole shareholder of the company, is suspected to be involved in illegal acts related to the financial sector. As a consequence, an Israeli court appointed a liquidator for the companies, he owns. Therefore once again the regulator emphasized that Mr. Aviv Tal Mor “…is not suitable to ensure the sound and prudent management of the Company.”
Capital Option and SkyFX parent firm license withdrawn
It is not the first time when the transparency of Cypriot watchdog’s actions is questioned. The regulator took a full month to make an announcement without any additional explanation. The similar case happened in December of the previous year when the CySEC decided to declare a set of announcements at once on a Friday afternoon.
Following the decision of the regulator, the parent company, and its brands are given three months to “cease to provide investment and ancillary services and settle”. The same amount of time is provided for the company to settle any arising issues with clients, including complaints, and to fulfill obligations with customers. More specifically, the company must “…return to all of its clients any money owed, in accordance with the procedures adopted for this purpose.”
The watchdog says: all the funds belong to clients
Capital Option and SkyFX parent firm license withdrawn, but what about the money? The watchdog decided that the money claimed by the complaints is clients’ money. Therefore, the Company is required to keep all the money in separate bank account, until all complaints are investigated and resolved.
As requested by the regulator, the company must provide a public announcement about the license withdrawal and information for customers about how they can withdraw their money. The SkyFX website states that the CIF license of the company has been suspended in February 2016 for 15 days. While The Capital Option website is currently unavailable.
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