Libertex Operator Indication Investments Regains CySEC CIF License

The Cyprus Securities and Exchange Commission(CySEC) announced that it has recalled the partial suspension of the Cyprus Investment Firm (CIF) license of Indication Investments Ltd, the operator of the FX and CFDs broker Libertex.

The financial market regulator suspended the financial services company's license on 3 August 2021 under the suspicions of several alleged violations, which caused concern and risk relating to the protection of the company's clients and constituted a threat to the orderly operation and integrity of the market.

The decision to return the suspended CIF license to the company was made on 23 August 2021 as the company has taken necessary actions to comply with the provisions before the deadline.

The company has taken the following measures:

1. The company has informed that it has stopped accepting new clients and entering into any business transaction with them.

2. The company has informed that it has stopped the marketing/advertising of its services to current or potential clients as well as the communication with them for this purpose, either directly or via third parties with whom the company cooperates for customer support.

3. The company has informed that it does not receive new deposits from its existing clients, unless they explicitly request to do so and at the same time, such deposits are made for the sole purpose of covering the margin requirements of the clients' open positions.

4. The company has informed that, during the suspension of its authorisation, it has published in all its websites an announcement relating to the partial suspension of its authorisation and its inability to provide/carry out investment services/activities to new clients.

5. The company has informed that it has assigned to its internal auditor as well as to an Expert the assessment of its compliance with Article 9 of the Directive 87-05 as well as the assessment of the adequacy and effectiveness of the measures to be taken by the company, informing the CySEC accordingly before the expiration of the deadline set by the CySEC.