The Cyprus Securities and Exchange Commission (CySEC) announces that the authorisation of the Cyprus Investment Firm W.G. Wealth Guardian Ltd is suspended in whole.
The suspension is executed pursuant to section 10(1) of Directive DI87-05 for the Withdrawal and Suspension of Authorisation (‘the DI87-05’), as there are suspicions of an alleged violation of section 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’).
The firm does not appear to comply at all times with the authorisation conditions:
- In section 16 of the Law, as further specified in section 9(3) of the Prudential Supervision of Investment Firms Law of 2021, regarding the initial capital requirements and
- In section 17(9) of the Law, as further specified in paragraph 4(1)(f) – safeguarding…
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