September 24, 2019, | AtoZ Markets - The Cyprus Securities and Exchange Commission (CySEC) has announced that the Cypriot Investment Firm (CIF) license of MPS Marketplace Securities Ltd has been suspended in full.
Why CySEC suspended MPS Marketplace Securities CIF license?
The CIF license of MPS Marketplace Securities number 170/12, is suspended in whole. This is done pursuant to section 71(6)(c) of Τhe Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’) and section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘DI87- 05’), as there are suspicions of an alleged violation of section 10 of the Law and the section 93(1) of the Regulation.
The decision against the abovementioned firm was taken to mitigate the risks arising from non-compliance with the law and the alleged violation causes concern and risk relating to the protection of the company’s clients.
The Cypriot regulator has given the company fifteen days to take actions in order to comply with the aforementioned provisions. But while the license suspension is in force, the company is not permitted to provide or carry out investment services and activities.
MPS Marketplace can’t accept new clients nor enter into any business transactions. The company also has to suspend any advertisements that state that it is a provider of investment services.
If existing clients of the company demand so, the firm can complete all its transactions and those of its clients that have been placed before the decision and per client instructions. Should the firm’s clients request a return of all funds and financial instruments which are attributable to them, the company has to comply with the requests.
In the meantime, MPS Marketplace has not yet uploaded notices regarding the suspension of its CIF license onto all of its websites, though the company has yet to comply.
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