Pegase Capital Ltd., a Cypriot investment firm
which operates under several separate brands, has had its
authorisation suspended by the Cypress Security and Exchange
Commission (CySEC) in addition to the imposition of a 300,000 euro
fine by the same regulator. This action was taken in
the face of allegations of multiple breaches of the regulations
which threatened their clients' interests.
CySEC informed Pegase Capital Ltd. that it has 30 days to comply
with the CySEC requirements which include returning money the
company owes its clients, reviewing and resolving all complaints
and closing the open positions of clients but only on the express
instructions of the clients. During this time the CySEC will
continue to supervise Pegase Capital Ltd. and has warned the
company that if it fails to comply with any of the instructions it
risks its license being revoked permanently.
CySEC continues to robustly enforce its penalties against forex,
and binary options brokers when breaches of the regulations come to
light, aiming to uphold market integrity in Cyprus.
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On 16 November 2016 the Guernsey Financial Services Commission (the "Commission") approved the introduction of a new classification of fund known as the Private Investment Fund ("PIF").
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