CySEC cancels license of Brokereo and Concorde Investments parent
The Cypriot watchdog today made a public notice that Neo Premium Investments Ltd. (trading as Brokereo and Concorde Investments) renounced its authorization, the Cyprus Investment Firm (CIF) License under which it has been governed until this date.
CySEC made it clear that the Neo Premium’ surrender of license is entirely voluntary based on the company’s decision and does not arise as a result of any regulatory action.
CySEC will certainly maintain supervision over the financial service company until it has taken care of its responsibilities under the license.
A visit to the broker’s website reveals that Neo Premium has already proceeded with changes in its website to remove any references regarding authorization and supervision of the company by CySEC.
In addition, the company has shared the following statement on its website:
We would like to inform you that Neo Premium Investments Ltd. (the owner and operator of the domain name Brokereo) has decided to voluntarily renounce its CIF license. This means that the company no longer provides/carries out investment services/activities and/or enters into any business transaction with any person nor does it accept any new clients.
As per the above and in accordance with our Terms & Conditions, the Company would like to inform that all open trades have been closed on 31st of October 2022 and all Neo Premium Investments (NPI) Ltd. Clients’ accounts have also been closed. The Company took all necessary actions to refund all remaining balances to its Clients. Any remaining Clients’ funds that have not been refunded by 26th of January 2023, will be transferred to Investor Compensation Fund of CySEC from where can be claimed.
Once confirmed by a separate decision to be announced later, Neo Premium will be no longer licensed and regulated by CySEC and thus cannot provide financial or ancillary services. The regulator will give the broker three months from that date to settle its obligations arising from the investment services that will be lapsed, during which time it remains under the Cypriot watchdog’s supervision.
Under the island country’s regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, Neo Premium must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients.
