CySEC Withdraws CIF Licence of Stocks Forex AF

Fazzaco learned that the Cyprus Securities and Exchange Commission (CySEC)​ announced it has decided to withdraw the Cyprus Investment Firm (CIF) License with Number 283/15 of Stocks Forex AF Ltd.

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According to the regulatory body, the decision was made in accordance with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05.

A day just before the announcement, the CySEC also announced another CIF licence withdrawal​ of Felicitas Management Investment Services Ltd with licence Number 157/11 for it failed to comply with the conditions of Chapter I for the granting of an operating license and specifically in sections 9(16) (board of directors) and 10(1)(a)(governance regulations) of the Law.