27 July, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) describes its main purpose as an effective supervision of a healthy development of financial markets and protection of the investors in Cyprus. Among other responsibilities, the Cypriot watchdog makes sure that the Cyprus Investment Firms (CIFs) comply with the outlined regulations. Recently, the regulator announced that the broker UPM Ltd renounces CySEC license.
UPM Ltd renounces CySEC License: details
The UPM Ltd. Previously offered a variety of financial services including a discretionary portfolio management, as well as multi-asset and multi-currency solutions. The Cyprus Securities and Exchange Commission announced today that UPM Ltd renounces CySEC license on 11th July of the current year. The brokerage renounced its authorization pursuant to the section 21 (1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007.
As a result, the broker's authorization registered under the number 084/07 lapsed on the date mentioned above. The firm UPM Ltd was headed by Nicolas K. Theocharides, who was the Chief Executive Officer and Company Executive Director. The broker provided financial services through its website www.upmltd.ee. However, currently the website is inactive and when visited gives the following notice:
Previous license lapse
Earlier this month, the regulator announced that license of the MyFXBook was renounced as well. This happened as the company did not use its license 12 months from the date of issue.
MyFXBook is an online Forex social community as well as an automated analytical tool designed for the Forex trading. It allows its users to track, analyze and compare their trading activities. Currently, the platform supports over 100 brokers and most famous platforms.
Two years ago the community portal obtained its authorization from the CySEC. The license included a "portfolio management: and "reception and transmission of orders" points, which allowed the firm to carry out its social trading activities in future. According to the regulator, the broker's CIF license was revoked as the company did not use it during the stated 12 months after the license was initially issued.
See also:What is the use of CySEC Digital Depository web portal
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