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Suspension of activities for Alvexo in France
Alvexo is a brand, operating in France, of VPR Safe Financial Group Limited, offering risky financial investments to French investors, particularly in the form of CFD products. The AMF informs the public of the partial suspension by the Cypriot authority of the authorization of VPR Safe Financial Group Limited concerning the exercise of its activities in France.
Cypriot authority seized by the AMF
The Cyprus Securities and Exchange Commission (CySEC) published on August 3, 2022 a decision to partially suspend the authorization of the investment firm VPR Safe Financial Group Limited concerning the exercise of its activities and the provision of investment services on French territorydue to suspected breaches of the regulations in force.
The decision to partially suspend VPR Safe Financial Group Limited’s authorization entails a ban on providing its investment services and carrying out its activities on French territory, including via its tied agent France Safe Media, and more specifically :
- I’prohibition for the investment firm to accept new clients from French territory and to enter into a business relationship with them;
- I’ban on advertising as an investment service provider on French territory. To this end, the investment firm is prohibited from marketing and promoting its services to its current clients or potential clients on French territory and from communicating with them for this purpose, whether directly or via third parties with which it cooperates, including its tied agent France Safe Media;
- I’ban on receiving new deposits from existing customers from French territory, unless this concerns the coverage of the necessary initial margin of an existing open position, following an express request made by the client.
2 month suspension for compliance
The Cypriot authority specifies that this decision was adopted on the basis of findings made by the Financial Markets Authority. The investment firm must, within two months, take the necessary measures to comply with the regulations. During the period of suspension of the authorization, the CySEC indicates that the investment firm may carry out the transactions subject to the suspension decision, provided that it complies with the wishes of the current clients. The investment firm may also return the funds and financial instruments attributable to them.
Financial markets / Risk warning : Investing involves risks. By investing in the financial markets, you may lose all or part of your capital. We recommend that you invest only in financial products that match your knowledge and experience. Past performances do not prejudge future performances, they are not constant over time and in no way constitute a guarantee of future performance or capital.
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