CySEC withdraws the CIF authorisation of London Capital Group (Cyprus) Ltd
The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, at its meeting of 14th June 2021, decided to withdraw the Cyprus Investment Firm authorisation of London Capital Group (Cyprus) Ltd (‘the Company’) with number 341/17, pursuant to articles 76(1)(c) and 8(1)(c) of the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’), due to the Company’s non-compliance with article 22(1) of the Law, as it failed to comply at all times with the conditions for granting CIF authorisation set out in articles 9(16), 17(1) and 17(2) of the Law.
Due to the withdrawal of the Company’s authorisation, the Company should:
- Publish on all its websites an announcement informing the public about the withdrawal of its license, as well as the procedure to be followed by its clients, for the completion of their transactions, the return of their funds and financial instruments, as well as for the submission of any complaints.
- Return all funds and financial instruments belonging/attributable to its clients, including any profits.
- Examine and resolve all client complaints submitted to the Company.
- 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.
