The Cyprus Securities and Exchange Commission (CySEC) has officially withdrawn the Cyprus Investment Firm (CIF) licenses of two companies: Arumpro Capital Ltd and Greenpost Trading Europe Ltd, following their voluntary renouncement of authorizations.
Arumpro Capital License Revoked
On November 11, 2024, CySEC announced the revocation of Arumpro Capital Ltd’s CIF authorization. The decision was made after the company voluntarily renounced its license in accordance with the Investment Services and Activities and Regulated Markets Law of 2017.
In a statement published on its website, Arumpro Capital expressed regret over its decision, stating, “We regret to inform you that Arumpro Capital Ltd has made the difficult decision to renounce its license and cease offering investment services and activities. We value our customers and investors and appreciate the trust you have placed in us over the years.”
The company also confirmed that all trading positions were closed, and access to trading accounts had been terminated. At the time of reporting, Arumpro Capital had not provided further comments on the matter.
Greenpost Trading Europe License Withdrawal
Earlier, on November 4, 2024, CySEC revoked the CIF authorization of Greenpost Trading Europe Ltd, citing a similar voluntary renouncement under the same regulatory framework. The company has not issued additional statements about the decision.
CySEC Emphasizes Compliance with Affiliate Program Regulations
In a related development, CySEC has reminded CIFs about compliance with the Polish Financial Supervision Authority’s (UKNF) guidelines concerning referral and affiliate programs. According to UKNF’s October 2023 guidance, investment firms or unregulated intermediaries are prohibited from engaging in personalized client acquisition activities through such programs.
The UKNF guidelines also stipulate that only investment firms or their tied agents are authorized to disseminate information about the firms’ services or undertake client acquisition activities. CySEC’s reminder underscores the importance of adherence to cross-border regulatory requirements, particularly in activities involving affiliates or referral-based client acquisition.
The withdrawal of these CIF authorizations and CySEC’s continued regulatory focus highlight the increasing emphasis on compliance and transparency in the investment services sector.
