CySEC withdraws Eurotrade Investments RGB Ltd's Cyprus Investment Firm license over management non-compliance
The Cyprus Securities and Exchange Commission (CySEC) has revoked the Cyprus Investment Firm (CIF) license of Eurotrade Investments RGB Ltd due to the company’s failure to meet regulatory requirements concerning its management and organizational arrangements. The decision, announced on September 17 following a board meeting on August 3, was based on violations of Articles 9(16) and 17(2) of the Investment Services and Activities and Regulated Markets Law.
CySEC highlighted that Eurotrade Investments RGB Ltd did not ensure compliance with the mandate that investment firms have at least two individuals effectively directing their business activities, nor did it maintain proper organizational arrangements. As a result, the company no longer meets the conditions of its original authorization under license number 279/15.
Following the withdrawal, Eurotrade Investments RGB Ltd must immediately remove all references to investment services, licensing, and supervision by CySEC from its communications and websites. Additionally, the firm is required to address any outstanding customer complaints and cease providing any investment or ancillary services moving forward.
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