The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the Cyprus investment firm (CIF) license of Arumpro Capital Ltd.
The decision was made at a CySEC meeting held on November 11, 2024. The withdrawal is in accordance with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of the Directive DI87-05.
The regulator notes the company’s decision to expressly renounce its authorization.
In January 2022, the UK Financial Conduct Authority (FCA) cancelled the Part 4A permission of Arumpro.
The firm failed to respond to repeated requests for the provision of information, namely the information set out in the TPR Attestation Survey.
The FCA concluded that the firm failed to satisfy the suitability and effective supervision Threshold Conditions. In particular, the Authority was not satisfied that the firm is fit and proper having regard to all the circumstances or that it can be effectively supervised.
