CySEC Withdrew Licenses of ED&F MAN Capital Markets, RMG Holding

The Cyprus Securities and Exchange Commission (CySEC) announced on Monday the withdrawal of licenses of two companies: one is ED&F MAN Capital Markets CEEMA Ltd and another is RMG Holding Ltd.

The decision came as both the companies decided to renounce their Cyprus Investment Firm (CIF) license.

ED&F Man Capital Markets CEEMA Ltd is one of the subsidiaries of the similarly named global institutional brokerage brand. The entity was created to target the European, Middle East, and African markets, and received the Cypriot license in July 2019.

ED&F Man is now operating from its registered offices and licenses in London, Hong Kong, Dubai, and the United States.

RMG Holding Limited is another financial services company that was offering brokerage services since 1995. It received the  CySEC  license in 2004 and was particularly active with Russian, US, and LSE-traded stocks and depositary receipts.

“We regret to inform that after a careful review of our business we have decided to discontinue our services and to voluntarily renounce our CIF authorizations,” RMG wrote on its website as it stopped offering its services.

A Vigilant Regulator

Meanwhile, the CySEC has been actively cracking down on the companies that are in violation of its regulatory requirements. The regulator recently withdrew the license of the brokerage operator Hoch Capital. Though that company also decided to renounce its approval it was flagged and fined earlier for  compliance  violations.

The Mediterranean regulator is also concerned about the use of cryptocurrencies by sanctioned Russian actors and issued a warning notice to all regulated entities late last month. The regulator further raised an alarm against the rampant impersonation of its staff and representatives by scammers to target potential retail trading victims.

The Cyprus Securities and Exchange Commission (CySEC) announced on Monday the withdrawal of licenses of two companies: one is ED&F MAN Capital Markets CEEMA Ltd and another is RMG Holding Ltd.

The decision came as both the companies decided to renounce their Cyprus Investment Firm (CIF) license.

ED&F Man Capital Markets CEEMA Ltd is one of the subsidiaries of the similarly named global institutional brokerage brand. The entity was created to target the European, Middle East, and African markets, and received the Cypriot license in July 2019.

ED&F Man is now operating from its registered offices and licenses in London, Hong Kong, Dubai, and the United States.

RMG Holding Limited is another financial services company that was offering brokerage services since 1995. It received the  CySEC  license in 2004 and was particularly active with Russian, US, and LSE-traded stocks and depositary receipts.

“We regret to inform that after a careful review of our business we have decided to discontinue our services and to voluntarily renounce our CIF authorizations,” RMG wrote on its website as it stopped offering its services.

A Vigilant Regulator

Meanwhile, the CySEC has been actively cracking down on the companies that are in violation of its regulatory requirements. The regulator recently withdrew the license of the brokerage operator Hoch Capital. Though that company also decided to renounce its approval it was flagged and fined earlier for  compliance  violations.

The Mediterranean regulator is also concerned about the use of cryptocurrencies by sanctioned Russian actors and issued a warning notice to all regulated entities late last month. The regulator further raised an alarm against the rampant impersonation of its staff and representatives by scammers to target potential retail trading victims.

Source: https://www.financemagnates.com/institutional-forex/cysec-withdrew-licenses-of-edf-man-capital-markets-rmg-holding/