CySEC finds law violations by Ayers Alliance Financial Group Limited
The Cyprus Securities and Exchange Commission (CySEC) announces that it has established that Ayers Alliance Financial Group Limited has violated the Cypriot investment law.
The Board of the Cyprus Securities and Exchange Commission has established a violation by Ayers Alliance Financial Group Limited of Article 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017. The company was not compliant with the authorisation condition set in Article 17(2) of the Law at all times, as specified in Article 21(1)(d) of the Regulation (EU) 2017/565 for the organisational requirements and operating conditions for investment firms, with regards to the staffing of the Company’s Risk Management Department with qualified personnel.
In response, CySEC decided to order the company to cease the practice of using personnel without the skills, knowledge and expertise required for the performance of the responsibilities of the head of the Risk Management Department.
The company, which is a regulated Cyprus investment firm (CIF), was previously known as Harborx Ltd. It is authorized to provide investment services via the domain aafg.co. The website of the company is up and running, showing that the company offers asset management services and access to structured products.