The Cyprus Securities and Exchange Commission (CySEC ) announced on Friday that it decided to withdraw the license from Belight Capital Group Ltd. According to the note, the watchdog was not satisfied with the firm’s compliance with Article 22(1) of CySEC’s law.
The Cypriot financial authority issued the following statement: “The Cyprus Securities and Exchange Commission (‘CySEC’), following the decision published on 08 April 2020, announces that on its meeting of 1st March 2021, decided to withdraw the Cyprus Investment Firm authorization of Belight Capital Group Ltd (‘the Company’), with number 364/18, pursuant to article 9(3)(b) of the DI87-05 Directive on Revocation and Suspension of an Operating License (‘the DI87-05’) and articles 8(1)(a), 8(1)(c) and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’).”
Furthermore, CySEC argued that Belight Capital Group Ltd performed investment activities for six months preceding the decision for the suspension of its license. That said, the company is now required to publish a note on all its websites, an announcement highlighting CySEC's decision to withdraw its license. Also, the watchdog asked the firm to return all the funds and financial instruments belonging to its clients, ‘including any profits’.
“Ensure it does not provide investment and ancillary services, other than those that are necessary for the completion of the pending transactions on behalf of the Company and its clients, as per their instructions,” CySEC added.
Recent CySEC Actions
Last year, the Cypriot financial watchdog decided to suspend in whole the Cyprus Investment Firm (CIF) license of Belight Capital Group Ltd.
Now, Finance Magnates reports that Depaho Ltd, an investment firm, is allowed until the end of the month to proceed with the necessary actions to comply with the provisions asked by the Cypriot regulator. In fact, CySEC extended the suspension imposed on the company.
