CySEC Announces Suspension of Maxiflex Ltd’s CIF License

The Cyprus Securities and Exchange Commission (CySEC) has suspended the authorisation of the Cyprus Investment Firm Maxiflex Ltd, number 258/14, pursuant to section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (DI87-05).

According to the announcement, the entity is suspicions of alleged breaches of:

1. Section 5(5) of The Investment Services and Activities and Regulated Markets Law of 2017 (the Law) as Maxiflex Ltd appears to conduct business and/or to be engaged in conducting business and/or to facilitate the conducting of business not stated in its authorisation.

2. Article 22(1) of the Law as the Company does not appear to comply at all times with the authorisation conditions in sections 9(2) – suitability of members of the management body, 11(1)(b) – suitability of shareholder, 17(4) and (9) – organisational requirements, of the Law.

The financial regulator required Maxiflex Ltd to take the necessary actions to comply with the aforementioned provisions within one month.

For as long as the suspension of the authorisation is in force, as provided for in section 9 of DI87- 05,:

1. The company is not permitted to:

1.1 Provide/carry out investment services/activities.

1.2 Enter into any business transaction with any person and accept any new client.

1.3 Advertise itself as a provider of investment services.

2. The company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions, without such actions being considered as breach of section 7(a) of DI87-05:

2.1. Complete all its own transactions and those of its clients which are before it, in accordance with client instructions.

2.2. Return all funds and financial instruments which are attributable to its clients.