CySEC recollects suspension of CIF license of Alvexo operator VPR

The Cyprus Securities and Trade Fee (CySEC) has recalled its choice for the partial suspension of the Cyprus funding agency (CIF) authorization of VPR Protected Monetary Group Ltd.

The choice for the partial suspension was made in August 2022.

At this time, CySEC defined that VPR Protected Monetary Group Ltd has complied with the next:

  1. Part 22(1) of Τhe Funding Providers and Actions and Regulated Markets Legislation 2017 (‘the Legislation’), and particularly the Firm’s obligation to conform always with the authorization situation laid down in part 17(2) of the Legislation, relating to the organisational necessities.
  2. Part 25(1) of the Legislation, and particularly the Firm’s obligation to behave pretty, truthfully and professionally when offering funding or ancillary providers to shoppers.
  3. Part 25(3)(a) of the Legislation, and particularly the Firm’s obligation to make sure that all info, together with advertising and marketing communications, which it addresses to shoppers or potential shoppers is honest, clear and never deceptive.
  4. Article 42 of Regulation (EU) No 600/2014, and particularly the Firm’s obligation to adjust to paragraph 5 of Directive for the Restriction on the Advertising and marketing, Distribution, and Sale of Contracts for Distinction (CFDs) to Retail Shoppers (DI87-09), relating to the prohibition of taking part in circumvention actions.
  5. Part 26(1) of the Legislation, and particularly the Firm’s obligation to make sure that pure individuals who present funding recommendation or info to shoppers on its behalf have the data and abilities essential to fulfil their obligations.
  6. Part 26(3)(a) of the Legislation, and particularly the Firm’s obligation, when offering funding providers, to acquire from a consumer or potential consumer details about the consumer’s data and expertise within the funding area related to the particular kind of services or products provided or requested, in order that the Firm can assess whether or not the proposed funding service or product is appropriate for the consumer.
  7. Part 30(2)(b) of the Legislation, and particularly the Firm’s obligation to observe the actions of its tied brokers to make sure steady personal compliance with the Legislation.

In response to CySEC’s web site, VPR operates a number of web sites of on-line buying and selling agency Alvexo.