CySEC Revokes MC UCITS License of KMG Capital Markets

The Cyprus Securities and Exchange Commission (CySEC) today (October 16, 2023) announced that it has decided, pursuant to sections 121(1)(a) and 150(1)(c) of the OpenEnded Undertakings for Collective Investment Law of 2012, to revoke the operation licence of Management Company of Open-ended Undertakings for Collective Investment in Transferable Securities ('the MC UCITS') of KMG Capital Markets Ltd (LEI 549300HVPMXG610H2S73) ('the Company'), because it has not made use of the license within twelve (12) months since the granting of the license was notified to it.

The Company, following the previous revocation of its operation licence as MC UCITS on December 14, 2021, proceeded with the submission of an application to the CySEC and obtained a new operation license as MC UCITS.

Nevertheless, since the Company has not been active in the sector of UCITS management until June 23, 2023 on the basis of the granted MC UCITS's license, its revocation occurred again.

It is noted that the Company continues to be authorised as an Alternative Investment Fund Manager (AIFM), pursuant to section 8 of the Alternative Investment Fund Managers Law.