Cedar Finance CySEC Suspension
Yet again CySec beginning to take action and this time Cedar Finance feels them bearing their teeth.
Let’s hope that in the New Year they turn both barrels on all the non-regulated brokers operating from Cyprus and make a fist of cleaning this industry up.
The Cyprus Securities and Exchange Commission announces that the authorisation of the
Cyprus Investment Firm, T.B.S.F. Best Strategy Finance Limited, with number 213/13, is
suspended, pursuant to section 26(2) of the Investment Services and Activities and
Regulated Markets Law, because there are suspicions for an alleged violation of the
requirements for authorisation and in particular of sections 10(1) – Initial Capital, 11 –
Memorandum of Association, 12 – Persons who effectively direct the business, 13 –
Shareholders, 28 – Ongoing obligations, 33 – Shareholders.
The above decision was taken due to the fact that the previous mentioned alleged
violations may possibly endanger the Company’s clients interests and generally the smooth
operation of the capital market.
The Company must, within one month, take actions in order to rectify the situation.
It is provided that the Company cannot, pursuant to section 26(5) of the above mentioned
Law, provide, or purport to provide – directly or via its website www.cedarfinance.com –
investment and ancillary services, while the suspension of the authorisation is in force.
Nicosia, 19 December 2013