Cyprus Securities and Exchange Commission (CySEC) suspends the Cyprus Investment Firm (CIF) licence of Belight Capital Group Ltd. However, the company has fifteen days to take action and comply with the provisions of the suspension.
09 April, 2020 | AtoZ Markets – Belight FX is a Cyprus based brokerage that focuses on CFD trading. The brokerage Belight FX is owned and operated by the Cyprus-based company Belight Capital Group Limited. CySEC today announced the suspension of the CIF license of Belight Capital Group Ltd. The company's CIF license number 364/18 and registration number HE 345448.
The Commission said, the broker violated the law. It also raised concerns about the risk to the customers' protection and the threat to the orderly operation and integrity of the market. The regulatory authority also explains that the decision to suspend the license was taken because it suspects the company violated:
- Prudential requirements, concerning own funds and capital ratio,
- The law with the obligations concerning its board of directors, and regarding its organizational requirements.
Belight Capital Group Ltd Has Fifteen Days to Comply
However, the broker does not appear to have provided investment services in the past six months. Moreover, the Belight Capital group must take measures to comply with the provisions mentioned above, within 15 days. As long as the suspension of the authorization is in force, the company don't allow to do so:
- Provide/execute investment services/activities.
- Perform any business transaction with any person or accept any new customer.
- Advertise itself as an investment services provider.
The company may carry out all of its own transactions and those of its customers who presented to it, per customer instructions. The company also authorized to return all funds and financial instruments that are attributable to its customers.
About a week ago, CySEC also announced the suspension of the CIF authorization of UGL Exchange Ltd. The regulator ordered the broker to take corrective action within a defined framework. If not, additional measures will take, such as the imposition of new fines and/or even the withdrawal of their license.
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