July 1, AtoZForex .com Lagos – The Cypriot financial watchdog, the Cyprus Securities and Exchange Commission has announced the revocation of the operation license of the Local Common Fund ‘Argus Funds’ with number UCITS 04/78, pursuant to section 9(6) of the Open-Ended Undertakings for Collective Investment (UCI) Law of 2012.
Argus funds bears affiliation with ArgusFX, a registered trading name of Argus Stockbrokers Ltd (ArgusFX), which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under CIF License Number 010/03, with operations in Forex brokerage as well as a range of other financial products.
The reason for CySEC’s revocation of the company’s license is “due to the non-submission by the Management Company, within three (3) months from the grant of its operational license, of a certification by the Depositary regarding the deposit of the Common Fund’s initial assets.”.
This has led to the revocation of the operation license of the sub-fund ‘Argus Greece & Cyprus Opportunities Fund’ effective immediately.
Besides the revocation of Argus Funds license, similarly, the Cyprus based Forex and CFDs broker CommexFX was recently suspended based on a breach of the Investment Services and Activities and Regulated Markets Law (DI144-2007-01 of 2012). The deision was bourne violation could possibly endanger the clients’ interests and generally the smooth operation of the capital market, prompting a 15 day license suspension.
