**CySEC Revokes Licence of Eurotrade Investments RGB Ltd Due to Non-Compliance**
The Cyprus Securities and Exchange Commission (CySEC) has officially revoked the Cyprus Investment Firm (CIF) licence of Eurotrade Investments RGB Ltd, citing the firm's failure to adhere to essential management and organizational requirements. The announcement was made on September 17, following a board meeting that took place on August 3.
The decision to withdraw the investment firm’s authorisation, which was identified by number 279/15 and had a Legal Entity Identifier of 549300Q82SNSBMITH078, was made under the Investment Services and Activities and Regulated Markets Law. This law regulates the provision of investment services and the operation of regulated markets within Cyprus.
CySEC highlighted that Eurotrade Investments RGB Ltd did not comply with specific provisions outlined in Articles 9(16) and 17(2) of the law. Article 9(16) mandates that an investment firm must have at least two individuals effectively directing its business activities. Article 17(2) pertains to the necessary organizational arrangements that such firms are required to maintain.
In its official statement, CySEC noted, “The company’s non-compliance with Articles 9(16) and 17(2) of the law, namely in relation to the requirement to have at least two persons effectively directing its business activities and in relation to its organisational arrangements, led to the decision.” The commission determined that due to these shortcomings, Eurotrade Investments RGB Ltd no longer satisfied the conditions under which its CIF authorisation was originally granted.
As a result of the licence withdrawal, the company is mandated to take immediate action concerning its operations and its references to regulatory status. CySEC has instructed Eurotrade Investments RGB Ltd to promptly remove all mentions of its investment services and activities from its websites and other platforms, including any references to its licensing and supervision by the commission.
Additionally, the firm has been directed to address and resolve all customer complaints that have been submitted to it. The company is also prohibited from providing any investment or ancillary services following the revocation of its authorisation.
This action by CySEC reflects the regulator's commitment to strict compliance enforcement within the investment sector in Cyprus, ensuring that firms adhere to the established legal framework designed to protect investors and maintain market integrity.