MPS Marketplace Securities, formerly known as Spotoption, has CIF authorization suspended
CySEC has suspended the license of MPS Marketplace Securities in whole.
The Cyprus Securities and Exchange Commission (CySEC) has earlier today announced the suspension of the Cypriot Investment Firm (CIF) authorisation of MPS Marketplace Securities Ltd. The company has been formerly known as SpotOption Exchange Ltd and S.O. Spotoption Ltd.
The CIF license of MPS Marketplace Securities number 170/12, is suspended in whole. This is done pursuant to section 71(6)(c) of Τhe Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’) and section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘DI87- 05’), as CySEC has suspicions of an alleged violation of section 10 of the Law and the section 93(1) of the Regulation.
The regulator explains that its decision was reached as the aforementioned alleged violation may cause concern and risk relating to the protection of the company’s clients and constitute a threat to the orderly operation and integrity of the market.
CySEC gives the company 15 days to take actions in order to comply with the aforementioned provisions.
For as long as the suspension of the authorisation is in force the company is not permitted to:
- Provide/carry out investment services/activities.
- Enter into any business transaction with any person and accept any new client.
- Advertise itself as a provider of investment services.
Also, during the suspension, the Company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions, without such actions being considered as breach of section 7(a) of DI87-05:
- Complete all its own transactions and those of its clients which are before it, in accordance with client instructions.
- Return all funds and financial instruments which are attributable to its clients.
At the moment of publication of this article, the website of MPS Marketplace Securities does not display announcement regarding CySEC’s decision. According to the “about us” section, MPS offers the following investment services:
- Reception and transmission of orders in relation to one or more financial instruments;
- Execution of orders on behalf of clients;
- Dealing on own account;
- Ancillary services;
- Safekeeping and administration of financial instruments, including custodianship and related services;
- Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction;
- Foreign exchange services where these are connected to the provision of investment services.