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- The AMF informs the public of the partial suspension by the CySEC of VPR Safe Financial Group Limited’s authorisation to operate in France
The AMF informs the public of the partial suspension by the CySEC of VPR Safe Financial Group Limited’s authorisation to operate in France
The Cyprus Securities and Exchange Commission (CySEC) issued on August 3, 2022 a decision to partially suspend the authorisation of the investment firm VPR Safe Financial Group Limited to exercise activities and provide investment services in France, due to suspicions of allegated violations of the relevant regulation.
The decision of partial suspension of the investment firm’s authorisation concerns a prohibition to exercice investment activities and to provide investment services in France, including the provision of services through its tied agent France Safe Media, which entails the following:
- Prohibition to accept any new client from France and entering into a business relationship with them;
- Prohibition to advertise as a provider of investment services in France. To ensure this, the investment firm is prohibited from marketing/advertising its services to current or potential clients in France and from communicating with them for this purpose, either directly or via third parties with whom it cooperates, including its tied agent France Safe Media;
- Prohibition in receiving new deposits from current clients from France, unless this concerns the covering of the necessary initial margin of an existing open position following clients’ own explicit request.
The CySEC indicates that this decision was reached on the basis of findings made by the Autorité des marchés financiers. Within two months, the investment firm must take the necessary actions in order to comply with the regulation.
For as long as the suspension of the authorisation is in force, the CySEC indicates that the investment firm may complete transactions which are before it, in accordance with the wishes of its current clients and return all funds and financial instruments which are attributable to its clients.
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Head of publications: The Executive Director of AMF Communication Directorate. Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02