Nicosia, Cyprus. The Cyprus Securities and Exchange Commission on Tuesday announced the full suspension of Cyprus Investment Firm Mind Money Limited’s licence over suspected breaches of regulatory requirements. The regulator said the alleged violations raise concerns about client protection and the orderly functioning and integrity of the market.
Licence suspension
CySEC said the company’s authorisation, licence number 115/10, has been fully suspended under section 10(1) of Directive DI87-05 concerning the withdrawal and suspension of authorisations.
Regulatory concerns
According to the commission, the decision relates to suspicions of alleged violations of section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017.
CySEC stated that Mind Money Limited does not appear to comply at all times with several conditions attached to its authorisation.
Areas cited by CySEC
The regulator said there are concerns that the company carried out activities that were not covered by its licence.
CySEC also cited issues concerning the company’s obligation to notify the commission of changes to its board of directors.
In addition, the commission referred to requirements stipulating that investment firms must have two individuals effectively directing business activities.
CySEC further raised concerns regarding the suitability of one of the company’s shareholders.
Next steps
According to the regulator, these alleged violations create concerns and risks relating to the protection of the company’s clients and may also pose a threat to the orderly functioning and integrity of the market.
The commission said the company has been granted one month to take the necessary measures required to comply with the relevant provisions of the law.
