The Cyprus Securities and Exchange Commission (CYSEC) announced today that the suspension of the authorization of the Cyprus Investment Company WG Wealth Guardian Ltd remains in force.
CYSEC has not been satisfied with the Company’s compliance with Article 17 (9) of the Investment Law and the 2017 regulated markets and regulated markets (“The Law”), as further specified in paragraph 4 (f) of DI87-01 Directive (securing the financial instruments and funds).
In addition, in CYSEC’s decision dated 28.05.2024, the company informed CYSEC about its intention to resign from its authorization, which is being considered.
Given this fact, CYSEC has decided that the Company’s compliance with Article 17 (9) of the Law, as further specified in Article 4 (1) (f) of DI87-01, must be examined in the context of the express rejection of its authorization.
It is not expected to take actions by the company in relation to its compliance with:
- Article 16 of the Law, as further defined in Article 9 (3) of the preventive supervision of the Investment Companies Act (capital increase) and
- Article 17 (9) of the Law, as further specified in paragraph 6 (1) of DI87-01 (account of accounts).
Due to the continuation of the suspension of its authorization, the company is not allowed to:
- Provide/carry out investment services/activities.
- Enter any business transaction with any person and accept any new customer.
- Is advertised as an investment service provider.