The Cyprus Securities and Exchange Commission (“CySEC”) has notified the Malta Financial Services Authority that, with effect from 24 February 2022, it has wholly withdrawn the authorisation of MAXIGRID LIMITED (EU) (“the Company”) due to the Company’s non-compliance with article 22(1) of the Investment Services and Activities and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 17(9) of the Law at all times, as further specified in paragraphs 4(1) and 6(1) of the Directive DI187-01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements, with regard to the safeguard of clients’ funds, hereby no longer meeting the conditions under which its authorisation was granted.
Following CySEC’s decision to wholly withdraw the Company’s authorisation, the Company should:
- Ensure it does not provide investment and ancillary services; and
- Immediately and without delay, ensure that all references on its websites and anywhere else, relating to the provision/carrying out of investment services/activities, as well as references to its licensing and regulation by CySEC, are deleted.
Further detail in relation to the above can be obtained from the decision taken by CySEC dated 24 February 2022 which has been published on CySEC’s website.
