CySEC announced a sanction on investment firm Ayers Alliance Financial Group Limited

On April 5, 2023, the Cyprus Securities and Exchange Commission (CySEC) announced a statement about the imposition of a sanction on Cryprus investment firm Ayers Alliance Financial Group Limited.

The Reason for Sanction

The Board of CySEC has established a violation by CIF Ayers Alliance Financial Group Limited of Article 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017, due to the company‘s non-compliance with the authorization condition set in Article 17(8) of the Law at all times, as specified in paragraph 5(2) of the CySEC Directive DI87-01 for the Safeguarding of Client Assets, Product Governance Obligations, and Inducements, concerning the deposit of clients’ financial instruments with a third party.

CySEC decided, under its power provided in Article 71(6)(b) of the Law, to order the company to cease, within six months, the conduct of cooperating, for the deposit of its clients financial instruments:

with third parties who are not established in a jurisdiction where the safekeeping of financial instruments for the account of another person is subject to specific regulation and supervision, and in countries of establishment where specific regulation and supervision applies, with third parties which are not subject to the specific regulation and supervision.

CySEC decided, pursuant to its power provided in Article 71(6)(b) of the Law, to order the company to cease, within six months, the conduct of cooperating, for the deposit of its clients financial instruments:

• with third parties who are not established in a jurisdiction where the safekeeping of financial instruments for the account of another person is subject to specific regulation and supervision, and

• in countries of establishment where specific regulation and supervision applies, with third parties which are not subject to the specific regulation and supervision.

About Ayers Alliance Financial Group Ltd

On the Ayers Alliance website, AYERS Alliance claimed itself to be made up of an extensively experienced team of investment experts who are committed to providing clients with exceptional Asset Management services across Europe and beyond. It offers a wide spectrum of specialized, personalized, proprietary, flexible, and competitive Asset Management solutions tailored to value-oriented high-net-worth individuals and financial intermediaries.

In April 2022, CySEC announced that it had established that Ayers Alliance Financial Group Limited had violated the Cypriot investment law. Back then, the regulator ordered the company to cease the practice of using personnel without the skills, knowledge, and expertise required for the performance of the responsibilities of the head of the Risk Management Department.

There is more

WikiFX wants to warn you that Ayers Alliance may have a decent score of 6.98/10. However, it does not mean that this broker is absolutely safe. Traders need to do more research and make themselves comfortable before making a decision.