The Cyprus Securities and Exchange Commission (CySEC) has revoked its previous decision to suspend the authorization of Cyprus Investment Firm (CIF) VPR Safe Financial Group Ltd. The regulatory body stated that the operator of FX/CFD retail trading brand Alvexo has met all compliance requirements.
The CySEC
initially suspended VPR Safe Financial Group Ltd’s authorization in August
2022. However, the firm has since demonstrated compliance with several key
regulatory requirements, leading to the lifting of the suspension. Therefore,
the regulatory body decided to reverse its earlier decision.
For
example, VPR Safe Financial Group Ltd has met the organizational requirements
laid down in Section 17(2) of the Investment Services and Activities and
Regulated Markets Law 2017. The firm has also acted fairly, honestly, and
professionally when providing investment or ancillary services to clients, as
stipulated in Section 25(1) of the Law.
Moreover,
the company ensured that all its communications, including marketing materials,
are fair, clear, and not misleading, in line with Section 25(3)(a) of the Law.
The firm also complied with Article 42 of Regulation (EU) No 600/2014,
particularly concerning the prohibition of participating in circumvention
activities related to Contracts for Difference (CFDs).
In addition,
VPR Safe Financial Group Ltd has fulfilled its obligation to ensure that its
representatives have the necessary knowledge and skills to provide investment
advice, as required by Section 26(1) of the Law. The company also obtained
sufficient information from clients to assess the suitability of its investment
products, as per Section 26(3)(a).
Lastly, the
firm has been vigilant in monitoring the activities of its tied agents to
ensure ongoing compliance with the Law, fulfilling the criteria set out in
Section 30(2)(b).
The Cyprus Securities and Exchange Commission (CySEC) has revoked its previous decision to suspend the authorization of Cyprus Investment Firm (CIF) VPR Safe Financial Group Ltd. The regulatory body stated that the operator of FX/CFD retail trading brand Alvexo has met all compliance requirements.
The CySEC
initially suspended VPR Safe Financial Group Ltd’s authorization in August
2022. However, the firm has since demonstrated compliance with several key
regulatory requirements, leading to the lifting of the suspension. Therefore,
the regulatory body decided to reverse its earlier decision.
For
example, VPR Safe Financial Group Ltd has met the organizational requirements
laid down in Section 17(2) of the Investment Services and Activities and
Regulated Markets Law 2017. The firm has also acted fairly, honestly, and
professionally when providing investment or ancillary services to clients, as
stipulated in Section 25(1) of the Law.
Moreover,
the company ensured that all its communications, including marketing materials,
are fair, clear, and not misleading, in line with Section 25(3)(a) of the Law.
The firm also complied with Article 42 of Regulation (EU) No 600/2014,
particularly concerning the prohibition of participating in circumvention
activities related to Contracts for Difference (CFDs).
In addition,
VPR Safe Financial Group Ltd has fulfilled its obligation to ensure that its
representatives have the necessary knowledge and skills to provide investment
advice, as required by Section 26(1) of the Law. The company also obtained
sufficient information from clients to assess the suitability of its investment
products, as per Section 26(3)(a).
Lastly, the
firm has been vigilant in monitoring the activities of its tied agents to
ensure ongoing compliance with the Law, fulfilling the criteria set out in
Section 30(2)(b).
