CySEC Withdraws Authorization of FX Broker UGL Exchange

The Cyprus Securities and Exchange 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) revealed today its concerns about UGL Exchange’s compliance with the requirements regarding the protection of clients’ money. The regulator concluded that the firm does not fulfill the terms of its operational license.

CySEC today announced that it has decided to withdraw the Cyprus Investment Firm (CIF) authorization of UGL Exchange Ltd.

The announcement comes several months after the Cypriot regulator said it suspended the CIF authorization of the FX firm, as Finance Magnates reported.

CySEC explained that it reached the decision about the withdrawal of UGL Exchange’s license as the regulator was not satisfied with the company’s compliance with article 22(1) of the Law, as to fulfilling at all times the condition of article 17(9) of the Law, as further specified in paragraphs 4 of Directive DI87-01 regarding the protection of clients’ money, and as a consequence, it does not fulfill the terms of its operational license.

Additionally, CySEC decided that the company is not complying with articles 92(1) and 93(1) of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term (EU) 575/2013 on prudential requirements in relation to own funds and total capital ratio.

New tasks for UGL Exchange

CySEC said that, as a result of the withdrawal of its authorization, UGL Exchange has to ensure it does not provide investment and ancillary services, other than those that are strictly necessary for the completion of its pending transactions and those of its clients, as per their instructions.

In addition, the firm is not allowed to publish on its websites an announcement informing about the withdrawal of its license, the procedure to be followed by its clients for the completion of their transactions, the return of their funds and financial instruments, or the submission of any complaints.

UGL Exchange has to return all funds and financial instruments that belong/amount to its clients, including any profits and examine and resolve all clients’ complaints that have been submitted to them.

It also needs to ensure that it continues to maintain an office and employs all the necessary staff in order to carry out the tasks mentioned above.

At the moment of this article’s publication, the website of UGL Exchange is not responsive.