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Pegase License Suspended

pegase license suspendedHot on the heels of its €300,000 fine in November by CySEC, on the 4th March CySEC has now suspended Pegase Capital’s license (license no. 225/14).


Pegase license suspended means that,, can now longer peddle their wares under the regulatory umbrella of CySEC. This follows on from their €300,000 CySEC fine in November.

Pegase Capital has been given one month to take actions to comply with various CySEC Laws involving non-compliance of the following:

“Persons who effectively direct the business of a CIF”

“CIF Shareholders”

“Organisational requirements”.

Reading between the lines possibly, but it may be that no one within the Pegase Capital organization wants to put their hand up and take responsibility for running this salubrious outfit. With respect to “CIF Shareholders” one might assume that too many shares are owned by offshore entities so that CySEC can’t establish beneficial owners.

CySEC’s ‘organisational requirements’ would seem to stem from Pegase’s ‘Conduct of business obligations when providing investment services to clients’ which could cover a multitude of sins, including the obligation of not returning clients’ money.

CySEC also mentions that Directive (DI 144-2007-02) of 2012 for the Professional Competence of Investment Firms and the Natural Persons employed by them has not been complied with.

CySEC’s October Indictment

In view of the fact that initially CySEC found against Pegase Capital back on October 12th 2015 one would imagine that five months would be long enough for Pegase to get their house in order but apparently not. In November 2015 the Cypriot regulator damned Pegase for failing “…to act fairly, honestly and professionally, in accordance with the best interests of its clients…” in relation to trading bonuses. Furthermore, CySEC stated that “….….the information contained in the Company’s website and in the advertising material and the information provided by the call centers with which it cooperates were not fair, clear and non-misleading…..”.

Commercially Unviable?

Bearing in mind the length of time since the initial CySEC decision that involved fining Pegase €300,000 and now one might surmise that this company is struggling to change its ways. Maybe they need to cheat they system to be commercially viable? If that were the case then they may soon be pulling out of the market.


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