CySEC withdraws CIF license of Milton Prime operator Holiway Investments
Cyprus financial regulator CySEC has announced that it has decided to withdraw the Cyprus Investment Firm (CIF) authorisation of Holiway Investments Ltd (license number 248/14). The withdrawal was made due to the company’s non-compliance with article 22(1) of the law, as Holiway does not comply any more with the conditions for granting CIF authorisation set out in Chapter I of the Law.
Holiway Investments operates the Retail FX/CFDs trading brand Milton Prime, at website miltonprime.eu. The company’s license had been in force since 2014.
Specifically, CySEC said it reached the above decision as the company does not comply with the condition set out in 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.
Due to the withdrawal of the company’s authorisation, the regulator said that the company should, among other things:
• 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.
• Return all funds and financial instruments belonging/attributable to its clients, including any profits.
• Examine and resolve all clients’ complaints submitted to the company.
• 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.