The Cyprus Securities and Exchange Commission (CySEC ) announced on Wednesday that it had recalled its decision for the suspension of the CIF license of Depaho Ltd, an investment firm.
According to the note published on the watchdog’s website, the company has satisfied the compliance requirements under the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014. The decision was taken during a meeting that took place yesterday.
Initially, Depaho Ltd’s CIF license number 161/11 was suspended ‘in whole’ by the Cypriot financial regulator in July this year. The resolution mentions suspicion of violations of almost 12 articles for which the decision was taken. At that time, CySEC stated the firm violated article 5(1) of the Investment Services and Activities and Regulated Markets Law of 2017 since it allegedly provided investment advisory services as a regular occupation ‘without prior authorization’ from the financial supervisor.
Depaho License Suspension's Deadline
Later that month, CySEC extended the operating license of the investment firm, which offers leveraged Forex and contracts for differences (CFDs) trading services under its brand name FXGM and on the domain www.fxgm.com. The company received its Cyprus Investment Firm license in 2011 and purchased the FXGM brand in 2013 from FX Global Markets (FXGM), which in turn renounced its license in the same year.
Things turned out to be optimistic for Depaho Ltd in September when the Cypriot watchdog stated that the firm was allowed until the end of the month to proceed with the necessary actions to comply with the provisions asked by the regulator. In fact, CySEC extended the suspension imposed on the company. Depaho was granted a deadline set until the end of September 2021 to take the necessary actions to comply ‘with the relevant provisions of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) no. 600/2014’.
