The Cyprus Securities and Exchange Commission (CySEC) has confirmed that the suspension of the authorization for a Cyprus Investment Firm, W.G. Wealth Guardian Ltd, is still in effect. This decision results from the firm’s failure to meet specific compliance requirements laid out in the Investment Services and Activities and Regulated Markets Law of 2017. Furthermore, the company has not complied with the safeguarding provisions for client financial instruments and funds.
The suspension was initially imposed in May 2024, and the company has since communicated its intention to renounce its authorization. This intention is currently under review by CySEC. As a result of the firm’s situation, CySEC will assess its compliance concerning the explicit renunciation of its authorization.
Given the ongoing suspension, the firm is not expected to take any actions concerning its obligations under the law related to the increase of capital or the management of accounts. Consequently, the firm is prohibited from:
1. Offering or conducting investment services or activities.
2. Engaging in any business transactions or accepting new clients.
3. Promoting itself as a provider of investment services.
In summary, W.G. Wealth Guardian Ltd remains unable to operate in its capacity as a licensed investment firm until compliance issues are resolved and the suspension lifted by CySEC.