CySEC Suspends CIF License of Maxigrid Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced on Friday the suspension of the Cyprus Investment Firm (CIF) license of Maxigrid Ltd (Maxigrid), number 145/11.

The financial watchdog detailed that pursuant to section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘DI87-05’), Maxigrid 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 the Company appears to conduct business and/or to be engaged in the conducting business and/or to facilitate the conducting of business not stated in its authorisation.

2. Section 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, and 11(1)(b) – suitability of shareholder, of the Law.

CySEC ordered that the entity take the necessary actions in order 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. Maxigrid 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. Maxigrid, 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.