CySEC suspends CIF Licence of Maxigrid Ltd

Cyprus Securities and Exchange Commission announces that the authorisation of the Cyprus Investment Firm Maxigrid Ltd (‘the Company’), number 145/11, is suspended in whole, pursuant to section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (‘DI87-05’), as there are suspicions of alleged violations of:

• Section 5(5) of The Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’) as the Company appears to conduct business and/or to be engaged in the conducting business and/or to facilitate the conducting of business not stated in its authorisation.
• Section 22(1) of the Law as the Company does not appear to comply at all times with the authorisation conditions in sections 9(2) – suitability of members of the management body, and 11(1)(b) – suitability of shareholder, of the Law.