12 May AtoZForex, Vilnius - Today the list of FSPR registered companies has been reviewed. On its website, the Financial Service Providers Register has published the firms that were deregistered in March. The list is comprised of 50 firms and all of them were deregistered under the section 18(1) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
The number of deregistered companies is certainly significant. Although, it is still relatively small when compared with the amounts published in February (215) and January (136).
Conditions for deregistration
According to the FSPR website, there are two conditions under which the FSPR registered companies can become deregistered. The first one is voluntarily deregistration requested by an FSP (financial service provider). The other one is initiated by the Registrar itself.
The voluntary deregistration occurs when the FSP is not operating anymore or due to some circumstances is disqualified from the registration (e.g. bankruptcy). Additionally, voluntarily deregistration cancels the FSP’s registration. It means the FSP will no longer be able to provide financial services.
As indicated the other option is that the Registrar can deregister the FSP by itself. It happens if the Registrar has been informed that an FSP is not functioning anymore or qualified to do so. Other reasons why FSPR registered companies can get deregistered is when the FSP provides wrongful information, declined to pay fees, reversed fees or if the annual confirmation has not been filed. For a full overview of which financial firms and individuals that got deregistered in March, view here the latest FSPR announcement.
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