The Cyprus Securities and Exchange Commission (CySEC) announces the withdrawal of the Cyprus Investment Firm (CIF) authorisation with Number 267/15 of F1Markets Ltd.

The withdrawal is due to the company’s decision to expressly renounce its CIF license.

According to CySEC’s website, the firm operates the following approved domains: www.f1markets.com; www.24CM.com; www.investous.com/eu; www.europrime.com/eu.

In August 2022, CySEC announced the imposition of a EUR 150,000 fine on F1Markets.

CySEC stated back then that a settlement has been reached with the company for possible violations of The Investment Services and Activities and Regulated Markets Law of 2017 and Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for the prudential supervision of investment firms.

More specifically, the settlement reached, involved assessing the company’s compliance after evaluation of findings as well as from assessment of compliance of the measures taken from the company for the fulfillment of the conditions of its partial suspension as well as other corrective measures taken by the company for the period June 2019 until July 2020, with regard to:

• Article 5(1) of the Law regarding the requirement for CIF authorisation.
• Article 22(1) of the Law as to the authorisation condition of article 17(2) of the Law, as specified in Article 22 of the Regulation 2017/565, and of article 17(5)(a) of the Law, regarding the organisational requirements with which a CIF is required to comply.
• Article 24 of the Law regarding conflicts of interest.
• Paragraph 21(f) of the Directive, regarding the variable elements of remuneration.
• Article 25(3) of the Law regarding the general principles and information to clients.