The Cyprus Securities and Exchange Commission (CySEC) today announced that the suspension of the authorisation of the Cyprus Investment Firm W.G. Wealth Guardian Ltd remains in force.
CySEC has not been satisfied with the Company’s compliance with section 17(9) of The Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’), as further specified in paragraph 4(1)(f) of the Directive DI87-01 (safeguarding of client financial instruments and funds).
Further to CySEC’s decision dated 28.05.2024, the company notified CySEC about its intention to renounce its authorisation, which is under examination.
Considering this fact, CySEC decided that the Company’s compliance with section 17(9) of the Law, as further specified in article 4(1)(f) of the Directive DI87-01, must be examined in the context of the explicit renunciation of its authorisation.
No actions are expected to be taken now by the company in relation to its compliance with:
- Section 16 of the Law, as further specified in section 9(3) of the Prudential Supervision of Investment Firms Law (capital increase) and
- Section 17(9) of the Law, as further specified in paragraph 6(1) of the Directive DI87-01 (place of keeping of accounts).
In view of the continuation of the suspension of its authorisation, the company is not permitted to:
- Provide/carry out investment services/activities.
- Enter into any business transaction with any person and accept any new client.
- Advertise itself as a provider of investment services.