21 October, AtoZForex.com, Lagos – The Cyprus Securities and Exchange Commission has confirmed the revocation of its suspension against the Cyprus Investment Firm 1 T.C.R. CORP. LTD.
Back in July, the Cypriot regulator announced that the 1 TCR CORP CySEC license had been suspended. This decision was due to the suspicion over an alleged violation of section 28(1) of the Law. As the company was possibly non compliant with the condition of its authorization provided for in section 12 of the Law (persons who effectively direct the business of a CIF).
Having unclarity about the situation back at the time, CySEC perceived the issue to potentially endanger the company’s clients’ interests. Another reason behind the decision is to prevent any illicit operations in the capital market.
The Cyprus financial regulators have now overturned this decision. On the 20th of October, they have decided to withdraw the suspension of the authorisation of the Cyprus Investment Firm. The regulators clarified that it has been satisfied that the Company has complied with the provisions of the Law, as mentioned in the Commission’s announcement dated 16 July 2015. This decision was made pursuant to section 26(4)(a) of the Investment Services and Activities and Regulated Markets Law of 2007.
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