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.
Giambrone International Law Firm has a dedicated team of
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During a recent appearance on BBC, Cayman Finance CEO Jude Scott
highlighted the Cayman Islands' dedication to upholding the
standards and expectations of a premier financial jurisdiction
through transparency and a strong compliance culture.
Gibraltar implemented Protected Cell Company legislation in 2001 and was the first European jurisdiction to do so. Since then Malta has implemented a PCC Act and the UK itself has introduced its own regime for Open Ended Investment Funds.
Any copies of records provided by the firm must be provided in an unencrypted form so that they can be easily analysed when requested by the client, competent authority, or other competent third party.
Investment funds with high net worth individuals as investors will need to have a client agreement with their high net worth investors.
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