The Cyprus Securities and Exchange Commission (“CySEC”) has notified the Malta Financial Services Authority that, with effect from 3 March 2023, it has wholly withdrawn the authorisation of Holiway Investments Limited (EU) (“the Company”) due to the Company’s non-compliance with article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017 (“the Law”). The Company failed to comply with the conditions of article 16 of the Law since the Company does not have sufficient initial capital in accordance with the requirements of Article 9 of the Prudential Supervision of Investment Firms Law.

Following CySEC’s decision to wholly withdraw the Company’s authorisation, the Company should:

1. Publish on all its websites an announcement informing the public about the withdrawal of its license, as well as the procedure to be followed by its clients, within the timeframe imposed by the CIF, for the completion of their transactions, the return of their funds and financial instruments, as well as for the submission of any possible complaints;
2. Return all funds and financial instruments belonging/attributable to its clients, including any profits;
3. Examine and resolve all clients’ complaints submitted to the Company; and
4. Ensure it does not provide investment and ancillary services, other than those that are necessary for the completion of the pending transactions on behalf of the Company and its clients, as per their instructions.

Further detail in relation to the above can be obtained from the decision taken by CySEC dated 03 March 2023 which has been published on CySEC’s website.