CySEC Suspended CIF licence of W.G. Wealth Guardian

The Cyprus Securities and Exchange Commission (CySEC) announced that the Cyprus Investment Firm W.G. Wealth Guardian Ltd's license is suspended.

The suspension is executed under section 10(1) of Directive DI87-05 for the Withdrawal and Suspension of Authorisation (‘the DI87-05’), as there are suspicions of an alleged violation of section 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’).

The firm does not appear to comply at all times with the authorisation conditions:

• In section 16 of the Law, as further specified in section 9(3) of the Prudential Supervision of Investment Firms Law of 2021, regarding the initial capital requirements and

• In section 17(9) of the Law, as further specified in paragraph 4(1)(f) – safeguarding of client financial instruments and funds, and paragraph 6(1) – depositing client funds, of Directive DI87- 01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements.

The regulatory decision was reached as the alleged violations cause concerns and risks relating to the protection of the companys clients and/or constitute a threat to the orderly operation and integrity of the market.

About CySEC

The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus, and the collective investment and asset management sector. It also supervises the firms offering administrative services which do not fall under the supervision of ICPAC and the Cyprus Bar Association, as well as Crypto-Asset Services Providers.

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