CySEC opens investigation into Ayers Alliance Financial Group
14:40 - 03 August 2023
The Cyprus Securities and Exchange Commission (CySEC) has opened an investigation into the investment firm Ayers Alliance Financial Group Ltd over alleged violations of the law in relation to its business operations.
Once the investigation is completed, and if a decision for an administrative sanction is taken, a relevant announcement will be published on CySEC’s website, it said.
“Ayers Alliance Financial Group Ltd is currently under examination by CySEC for the voluntary renunciation of its authorisation to operate as an investment firm,” the Commission said. “Pending the outcome of the examination of this application and the CySEC investigation, the CIF (Cyprus Investment Firm) will remain under the supervision of CySEC, and CySEC has reminded the CIF of its obligation to continue to comply with the provisions of the applicable legislation.”
Details of the imposition of a previous sanction against Ayers Alliance Financial Group Ltd by CySEC in April 2023 is listed here.
CySEC noted that Ayers Alliance Financial Group Ltd has appointed Panos Eliades as Administrator to the Group. “Administrators are generally appointed by the Board of Directors of a company to investigate its business and financial affairs. The Regulator is not involved in this process,” it said.
It further clarified that, as the regulator, it does not have restitution powers to compensate investors and therefore does not investigate or respond to individual complaints, although it does take complaints that have been submitted to CySEC into consideration during the performance of its supervisory mandate.
Any further updates will be provided through its website in due course, CySEC concluded.