CySEC Extends Suspension of UBFS Invest Again for Capital Failings

Following a decision that the regulator made on 1st August 2016, the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has today announced that it has continued the suspension of the Cypriot Investment Firm (CIF) licence of UBFS Invest, powered by Moneychoice Brokers Ltd.

Capital Inadequacies

UBFS Invest had its licence temporarily suspended in May after its capital requirements fell below proper levels, as reported by Finance Magnates.

CySEC then extended the firm’s suspension in June prior to a further extension, details of which have been released in a statement today.

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UBFS Invest, a provider of FX trading systems for market participants was initially flagged for non-compliance, in that it did not properly protect or provide safety of its clients’ funds.

The company was reported to have had a problem with capitalisation, with its funds having fallen below the requisite capital requirements set by CySEC. Its total capital ratio also fell below the necessary requirements, based on European regulatory measures.

Continued Suspension of Services

CySEC gave the company one month to take the necessary actions, as well as to comply with several other directives before deciding to extend the suspension in June, and again today.

While the suspension remains in effect, UBFS Invest cannot provide any more services to clients, specifically, entering into new business relationships.

Furthermore, the group is not eligible to receive, transmit, or execute any orders from clients for the purchase of new instruments nor provide any investment services in Cyprus for the duration of the suspension.