As of the 1st August 2017, Reserve Invest CySEC CIF authorization renounced. Now, the firm has obligations to settle within a period of three months.
10 August, AtoZForex - The Cyprus Securities and Exchange Commission (CySEC), the key financial regulator of Cyprus has informed the public about the latest developments in the Cypriot Forex industry. The Cypriot watchdog has issued an announcement stating that on the 1st of August 2017, the Cyprus Investment Firm (CIF) Reserve Invest (Cyprus) Ltd has renounced its authorization.
Reserve Invest CySEC CIF authorization renounced
The CIF Reserve Invest Cyprus (RIC) is an investment entity, providing services for a wide group of clients. These include institutional, corporate, government and high-net-worth individual clients. The company is present in the Western and Russian financial markets. The company is operating online via http://reserve-invest.com.
The firm is providing the services in relations to a number of financial instruments. These include options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields. In addition, the list of the financial instrument includes the contracts for difference among many others.
According to the information on its official website, the scope of Reserve Invest Cyprus services comprising:
- Reception and transmission of orders in relation to one or more financial instruments
- Execution of orders on behalf of clients
- Dealing on own account
- Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management.
What now for Reserve Invest Cyprus?
The Cypriot regulator informed the investors’ community that RIC has voluntarily renounced its authorization. The official announcement from CySEC stated:
‘…On 1st August 2017, the CIF Reserve Invest (Cyprus) Ltd (‘the Company’), which provided investment services via the domain www.reserve invest.com, renounced its authorisation, pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’).’
Thus, the CIF license with Number 028/04 has lapsed as from the 1st August. Now, the firm has obligations to settle within a period of three months. The obligations are arising from the investment services that lapsed.
The RIC will remain under the supervision of the CySEC until it settles its obligations.
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