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Stocks Forex Ltd. with suspended license by CySEC
Cypriot financial supervision, CySEC, announced that at a meeting dated January 13, 2020, a decision was made to permanently suspend the Stocks Forex Ltd. broker license number 283/15.
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Stocks Forex Ltd. is out of the market?
These types of measures by CySEC are usually the last resort and are taken in clear violation of the license terms. In this case it was no different. According to the commission of Stocks Forex ltd. has not complied with the provisions of the Act on investment services, activities and regulated markets of 2017, in accordance with section 71 par. 6 lit. (c) investment services and activities and Section 9 par. 1 of the directive DI87-05.
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The CySEC statement reads:
"The above decision was made because the above-mentioned alleged breach raises concerns and risks related to the protection of the Company's clients or investors, and poses a threat to the proper functioning and integrity of the market. "
As long as the suspension of authorization applies, the Company has no right to:
- 1.1 To provide / implement investment services / investment activities.
- 1.2 To enter into any business transaction with any person and accept any new customer.
- 1.3 Advertise as a provider of investment services.
Provided that this is in line with the wishes of its current customers, the company may proceed with the following activities, without considering them as a violation of paragraph. 9 point 8 DI87-05:
- 2.1. Complete all of your own transactions and those of your clients that follow the client’s instructions.
- 2.2. Return all funds and financial instruments that can be assigned to his clients.
Information about the suspension of activities on the site Stock Forex Ltd.
The company has a month to take action to remove the identified violations. During the suspension period Stocks Forex Ltd may not conduct any activities related to investment services. The most common consequence of such regulatory decisions is the termination of the company's business. The Stocks Forex website provides relevant information about suspension of services. Over the next month, the broker's further fate will be decided.
