The Cyprus Securities and Exchange Commission has notified the Malta Financial Services Authority that, in terms of its decision of the 25th July 2016 and with effect from the said date, it has suspended the authorisation of the Cyprus investment firm Best Choice FBC Ltd (hereinafter referred to as “the Company”) and, accordingly, the Company is currently not authorised by the said Commission to carry out investment and ancillary services and activities as an investment firm. The Company is therefore not authorised to passport its services in Malta under Article 31 of the Markets in Financial Instruments Directive (Directive 2004/39/EC) for the duration of the suspension of the authorisation.

In this respect, the Cyprus Securities and Exchange Commission also decided that while the suspension of the authorisation is in force, Best Choice FBC Ltd:

(i) cannot enter into a business relationship with any person and cannot take any new clients;

(ii) cannot receive, transmit or execute any orders from clients for buying financial instruments;

(iii) cannot provide any investment services in Cyprus or outside Cyprus (in Member States and third countries);

(iv) cannot advertise itself as an investment services provider and have relating advertisements;

(v) should mention on all of its websites that its CIF licence has been suspended;

(vi) must, if existing clients so wish, without being considered in violation of section 26(5) of the Cypriot Investment Services and Activities and Regulated Markets Law of 2007:

• close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes;
• return to existing clients their funds and profits earned, if and when the clients so wish.

In view of the abovementioned suspension of authorisation by the Cyprus Securities and Exchange Commission, the Malta Financial Services Authority strongly advises against responding to any offer of financial services from Best Choice FBC Ltd.

MFSA Ref: 81-2016