06.03.2023 Board decision date: 05.12.2022
Regarding: Maxiflex Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Withdrawal of CIF license
The Cyprus Securities and Exchange Commission (‘CySEC’) announces that, on its meeting of
5th December 2022, decided to withdraw the Cyprus Investment Firm authorization of
Maxiflex Ltd (‘the Company’), with Number 258/14, under Article 9(3)(b) of the Directive
DI87-05 for The Withdrawal and Suspension of Authorisation (‘the DI87-05’) and articles 8(1)(c)
and 71(6)(c) of the Investment Services and Activities and Regulated Markets Law of 2017, as
in force (‘the Law’).
CySEC reached the above decision, due to the Company’s non-compliance with article 22(1)
of the Law, as the Company violates Article 22(1) of the Law, as to the continued
observance of the licensing conditions set out in articles 11(1)(b) and 17(9) of the Law,
regarding the suitability of the shareholder and the safeguarding of the rights of clients and the
prevention of the use of clients’ funds for their account, respectively, and consequently
does not comply anymore with the conditions for granting its authorization.
It is noted that, as of 15th October 2021, the Company’s authorization was in suspension
following CySEC’s decision published on the same day.
Due to the withdrawal of the Company’s authorization, the Company should, among others:
1. Immediately and without any delay, ensure that all references on its websites, and
elsewhere, to the provision/performance of investment services/activities and its
licensing and supervision by the CySEC are deleted.
2. To investigate and resolve all customer complaints brought before it.
3. To ensure that it does not provide investment and ancillary services.