The Cyprus Securities and Exchange Commission has notified the Malta Financial Services Authority that, with effect from 1 June 2020, it has suspended the authorisation of Magnum FX (Cypurs) Limited (“the Company”).
For as long as the suspension of the authorisation by CySEC is in force:
- The Company is not permitted to:
1.1 Provide/carry out investment services/activities.
1.2 Enter into any business transaction with any person and accept any new client.
1.3 Advertise itself as a provider of investment services.
- The Company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions:
2.1 Complete all its own transactions and those of its clients which are before it, in accordance with client instructions.
2.2 Return all funds and financial instruments which are attributable to its clients.
Until the aforementioned suspension of its authorisation remains in force, the Company is not authorised to passport its services in Malta under the Markets in Financial Instruments Directive (Directive 2014/65/EU) other than in accordance with the actions permitted in terms of (2) above.
Until the aforementioned suspension of the Company’s authorisation remains in force, the MFSA strongly advises against responding to any offer of financial services from Magnum FX (Cyprus) Limited.