CySec (Cyprus Securities and Exchange Commission), a major financial regulator in Cyprus, expresses its views on the voluntary cancellation of licenses.
In general, CySec requires regulated entities to adhere to certain regulatory requirements, and this includes proper management of licensing and authorizations. If a company or individual holds a license issued by CySec and wants to voluntarily cancel it, they must follow the proper procedures and comply with any regulatory requirements that apply.
Typically, CySec will require written notice of the cancellation request and may conduct an investigation or review to ensure that the company or individual has met all applicable regulatory requirements. This could include conducting an audit of the licensee’s financial records or other business operations.
Here is the name of the companies that voluntarily withdrew their CySec licenses.
F1Markets LTD
Magnum FX (Cyprus) LTD
Inveza Capital LTD
It’s important to note that voluntarily canceling a license may have implications for the company’s ability to operate in the future, particularly if they wish to obtain a similar license in the future. Therefore, it’s important to carefully consider the decision to cancel a license and seek legal advice if necessary.
Overall, it’s important for licensees to comply with all regulatory requirements and follow the proper procedures when canceling licenses to avoid any potential legal or regulatory issues