Glestimon Management renounces CySEC CIF License


10 June, AtoZForex — Cyprus Securities and Exchange Commission (CySEC) made an announcement today indicating that the broker Glestimon Management renounces CySEC CIF License. The firm was providing investment related services through the official Glestimon Management website.

3 Months obligation settlement period

Following March 31, 2016 - Glestimon Management is neither regulated nor licensed by CySEC anymore as outlined in the issued CySEC statement. The firm cannot continue to partake in investment and financial service provision as it used to. Following the renouncement, Glestimon Management has been given a 3 month period in which it is expected to clear its outstanding obligations (it remains under CySEC supervision during this period).

Glestimon Management renounces CySEC CIF License

Glestimon Management is an investment services provider offering options and futures trading, forward rate agreements and swaps among other services. The firm acquired certification in 2014 (May) and has not indicated why it has chosen the renouncement of its license.

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Based on the regulations and rules of CySEC, CIF authorisation is canceled in the situation where the firm renounces its license. CySEC indicates that providers of financial services are not legally allowed to operate in Cyprus if they do not hold the necessary licenses by either CySEC or equivalent EU member state regulatory authorities.

It was also reported that Vinson Financials (Cyprus-based provider of financial services) had renounced its regulatory CySEC license earlier on this week.

CySEC crackdown on brokers

CySEC is continually advancing its enforcing activities and is making major moves towards tracking down on binary options and forex brokers. As recently as in March 2016, Pegase Capital’s license was revoked and the firm was not allowed to provide services at the time.

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