13 July, AtoZForex.com, Lagos – The latest firm to receive a license suspension from the Cyprus securities and exchange commission, is Asset Management Advisory Services Ltd, commonly abbreviated as AMASS. The firm has the license number No. 167/12. This decision was made in the commission’s meeting held on July 6, 2015.
The basis for this suspension is the fact that the company’s breach of the law has been seen to seriously jeopardize customer interests in the Company and distorting the proper functioning of the capital market.
The statement from the regulator reported that:
“Asset Management Advisory Services (AMASS) Ltd’ (‘The Company’), No. 167/12, has been suspended under Article 26 (2) of the Investment Services and Activities and Regulated Markets Law 2007, as in force (‘the Law’), because there are grounds for suspecting contrary to Article 6 (9) of the Law after possible for the Company to conduct other work in addition to the services and / or activities referred to in license operation, without taking ad hoc approval by the ECC”.
CySEC further stated that, within fifteen (15) days, the company has to take steps to comply with these provisions. Hence, for the duration of the license suspension, Asset Management Advisory Services (AMASS) Ltd is not allowed to carry out operations permitted under Article 26 (5) of the Act, therefore, suspended from performing the services / activities covered by its license.
Also, one of CySEC’s other recent fines is as regards Fidelisco capital markets. The firm was fined for failings in following stated code of conduct and standard of operations. The Cypriot financial regulators announced this at a meeting held on May 18, 2015, the board decided upon an imposition of a total administrative fine of €15,000 on Fidelisco Capital Markets Ltd for violations of certain sections of the local Investment Services and Activities and Regulated Markets Law.
This comes as the Cyprus securities and exchange commission recently released a new report, informing firms on updates of CIF licenses activation procedure. This steps have been taken in a bid to improve the process of activation of persons who have obtained CySEC license, and in order to avoid, as much as possible, legal and practical issues which often arise in such circumstances.