CySEC Announces the Withdrawal of SPA Financial’s CIF License

The Cyprus Securities and Exchange Commission (CySEC) announced that it has withdrawn the Cyprus Investment Firm (CIF) licenses with Number 141/11 of SPA Financial Services Ltd.

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The decision to withdraw the license of the broker was taken by the Cypriot regulator on 9 May 2022 in a meeting. The regulatory further added that it was SPA Financial's decision to renounce its CIF license.

At the same meeting, CySEC decided to grant authorisation to the company as Alternative Investment Funds Manager (AIFM). The company intends to maintain its current registered name, as well as, its current domain name.

Cyprus is one of the most popular jurisdictions for financial services firms to establish their bases. The low regulatory entry barrier of the island makes it a perfect jurisdiction for European companies to make it their base.

However, CySEC has become extremely vigilant and is actively flagging and taking action against any violations. Last week, the commission has imposed administrative sanctions on current and former members of the Board of Directors of Maxigrid.