Panikkos Vakkou has been appointed as vice chairman of the Cyprus Securities and Exchange Commission (CySEC) by the Cabinet. Neophytos Lambertides has also been appointed as a member of the commission.
The Cyprus Securities and Exchange Commission (CySEC) has suspended the Cyprus Investment Firm (CIF) license of W.G. Wealth Guardian Ltd due to suspicions of violations of the Investment Services and Activities and Regulated Markets Law of 2017. The company is suspected of not consistently meeting the authorization conditions set out in the law, including initial capital requirements and safeguarding client financial instruments and funds. The company has one month to comply with the relevant provisions, and during the suspension period, it is prohibited from providing investment services, entering into business transactions, accepting new clients, and advertising itself as a provider of investment services.
CySEC announced the launch of its Regulatory Sandbox to test innovative solutions in a controlled environment. The presentation of the Regulatory Sandbox is scheduled for June 11, 2024, and will be conducted through an online event. The CySEC Innovation Hub will cease its operations. CySEC’s Chairman, George Theocharides, stated that the Regulatory Sandbox aims to foster responsible innovation in the financial services markets in Cyprus while ensuring investor protection and market integrity.
CySEC recently announced decisions to withdraw licenses from Ganita Global Gateways UCITS V.C.I.C Platform PLC, Oval Money (Europe) Ltd, and Forextime Ltd.