CySEC withdraws Eurotrade Investments RGB investment firm licence
CySEC withdrew Eurotrade Investments RGB Ltd’s CIF licence over failures related to business management and organisational arrangements.
Nicosia, Cyprus. The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the Cyprus Investment Firm licence of Eurotrade Investments RGB Ltd, citing failures to meet requirements concerning management and organisational arrangements. The decision was announced on Thursday, September 17, following a board meeting on August 3.
Regulatory decision
The decision was taken under the Investment Services and Activities and Regulated Markets Law, which regulates the provision of investment services and activities and the operation of regulated markets in Cyprus.
Eurotrade Investments RGB Ltd held Cyprus Investment Firm authorisation number 279/15 and Legal Entity Identifier 549300Q82SNSBMITH078.
Compliance shortcomings
CySEC said the company had not complied with Articles 9(16) and 17(2) of the law.
Article 9(16) requires an investment firm to have at least two people effectively directing its business activities. Article 17(2) concerns the organisational arrangements an investment firm must maintain.
CySEC said the shortcomings meant the company no longer met the conditions under which its authorisation had been granted.
Immediate measures
The withdrawal requires Eurotrade Investments RGB Ltd to take immediate steps concerning its activities and references to its regulatory status.
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