Aggregated News From Investment Management Regulators

Withdrawal of authorisation of Daweda Exchange Limited by the Cyprus Securities and Exchange Commission – MFSA


Please complete the required fields.

The Cyprus Securities and Exchange Commission has notified the Malta Financial Services Authority that, with effect from 18 June 2020, it has wholly withdrawn the authorisation of Daweda Exchange Limited (“the Company”) due to the Company’s non-compliance with article 25(1) of the Investment Services and Activities and Regulated Markets Law of 2017 (the Law), as it did not act honestly, fairly and professionally when providing investment services to clients, in accordance with the best interests of its clients.

Due to the wholly withdrawal of the Company’s authorisation, and in accordance with paragraphs 4 and 5 of CySEC Directive DI87-05 for the Withdrawal and Suspension of Authorisation, the Company should:

  1. Ensure it does not provide investment and ancillary services.
  2. Immediately and without delay, ensure that all references in its websites and anywhere else, relating to the provision/carrying out of investment services/activities, as well as references to its licensing and regulation by the CySEC, are deleted.
  3. Return all funds and financial instruments which belong to/are attributable to its clients, including any profits.
  4. Examine and resolve any clients’ complaints/reports filed against the CIF.

Furthermore, the CySEC has decided to impose a temporary ban against the Executive Members of the Company’s Board of Directors- Mr. Hamed Sepasdar Tehran and Mr. James Cabrera – to exercise management functions in CIFs, and more specifically for a period of six (6) months, for their non-compliance with article 10(1)(a) of the Law.

Further detail in relation to the above can be obtained from the CySEC Decision dated 18 June 2020 which was published on the regulator’s website.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

Warning regarding the activities of an entity named Pinecone Tokenised Fund

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named Pinecone Tokenised Fund which pretends to...

Deferred tax assets require recognition test

Insurers have to take account of deferred taxes when they prepare their Solvency II balance sheet.

Remittance Advice- B G Freight Shoppe India P Ltd. in the matter of Ram Minerals and Chemicals Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

Get the latest from Regulatory.News in your inbox!