The Cyprus Securities and Exchange Commission (CySEC) said on Wednesday it has wholly withdrawn the Cypriot investmenty firm (CIF) license of Atlas Capital Financial Services, trading as ACFX.
In the past months, the CySEC suspended in April 2016 and expanded the suspension of the broker’s license a few times. The regulator accused the broker of non-compliance with several section of the Investment Services and Activities and Regulated Markets Law. The watchdog did not approve of the broker’s core organizational policies and procedures, including regarding handling of client complaints, and safeguarding client assets, among others.
The CySEC noted that during the suspension periods, the broker failed to provide evidence of actions taken to correct its failures.
In addition, “ the Company’s capital is not consider adequate to cover future risks to which might be exposed,” the Cypriot regulator noted.
The license withdrawal decision was adopted on 13 February, but was made public on 15 March. The company should cease to provide investment and ancillary services and settle all license-related obligations within a period of three months.
Atlas Capital Financial Services was authorized to operate via the websites www.acfs.eu and www.acfx.com. Neither of the two is currently operating. By losing its CySEC license, the broker also loses access to the rest of the EU markets, since it holds no other authorization.
AtlasCapital Financial Services is part of conglomerate Atlas Group, which is active in banking, financial services, insurance, real estate, manufacturing, trade, media, education and culture.