While as we recently reported new entities are being granted the license and status of a Cyprus Investment Firm (CIF) by the Cypriot regulator CySEC, the turnover in the industry continues unabated as new entrants are also coupled by exits. One firm that appears to be on its way out is Infina Investments (Cyprus) Limited, with license number 99/09, whose authorization was suspended by CySEC on 21 February 2014 for failing to comply with numerous provisions of the Investment Services and Activities and Regulated Markets Law, and more specifically allegedly violating several sections of the relevant law.
Back in February the CIF in question was given a month by CySEC to take steps to rectify the situation and achieve compliance. It seems, however, that such steps were never taken and this is why through an announcement which was released on 31 March 2014 CySEC declared the continuity of the suspension of the authorization of Infina Investments (Cyprus) Limited for a further period, namely until 21 May 2014.
The CySEC announcement also reminds that while the suspension of the authorisation is in force the company cannot, pursuant to section 26(5) of the relevant Law, provide directly or via its website www.infinainvestments.com investment and ancillary services.
The website is no longer accessible and it is doubtful whether the company will indeed make the actions necessary to achieve the lift of the suspension and reinstate its status and authorization.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.