The Cyprus Securities and Exchange Commission (“CySEC”) has notified the Malta Financial Services Authority that, with effect from 09 July 2021, it has suspended in whole the authorisation of Depaho Ltd (the “Company”) pursuant to section 10(1) of Directive DI87-05 on the Procedure for the Suspension and Withdrawal of Authorisation and other Related Matters (“CySEC Directive DI87-05”), as there are suspicions of alleged violations of Article 5(1), Article 22(1), Article 24(1), Article 25(1), Article 25(2)(b), Article 25(3)(a), Article 25(4)(a), Article 25(5), Article 26(1), Article 26(3)(a) and Article 36(10) of the Cypriot Investment Services and Activities and Regulated Markets Law of 2017, and Article 42 of Regulation (EU) no. 600/2014.
Following CySEC’s decision to wholly suspend the Company’s authorisation, and in accordance with section 9 of CySEC Directive DI87-05, the Company is not permitted to:
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- Provide/carry out investment services/activities;
- Enter into any business transaction with any person and accept any new client; and
- Advertise itself as a provider of investment services.
The Company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions, without such actions being considered as breach of section 7(a) of CySEC Directive DI87-05:
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- Complete all its own transactions and those of its clients which are before it, in accordance with client instructions; and
- Return all funds and financial instruments which are attributable to its clients.
Further detail in relation to the above can be obtained from the decision taken by CySEC dated 09 July 2021 which has been published on CySEC’s website.
