CySEC has suspended the Stocks Forex Ltd CIF license
The Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm Stocks Forex Ltd, number 283/15, is suspended in whole. Stocks Forex Ltd operates the brands Forex4Group and Stocks Forex AF. The main reason for the license withdrawal was the non-compliance with some sections of the Regulated Markets Law.
According to the latest available information, the company’s own funds and initial capital were below the minimum allowed. Also, Stocks Forex Ltd has failed to submit its capital adequacy forms, and has not disclosed its exposures.
The above decision was reached as the aforementioned alleged violation causes concern and risk relating to the protection of the company’s clients or of the investors and constitutes a threat to the orderly operation and integrity of the market.
The company was obliged to take actions in order to comply with the aforementioned provisions within the period of one month.
For as long as the suspension of the authorisation is in force, Stocks Forex Ltd is not permitted to provide/carry out investment services/activities, as well as enter into any business transaction with any person and accept any new client and advertise itself as a provider of investment services.
Also, the company, provided this is consistent with the wishes of its existing clients, may proceed with completing all its own transactions and those of its clients which are before it, in accordance with client instructions. It also obliged, if needed, to return all funds and financial instruments which are attributable to its clients.
You may check our list of the CySEC-Regulated Brokers.