The Cyprus financial market regulator in April 2022 on the Ayers Alliance (formerly Harborx Ltd..) After the initial action, the investment company's problems remained.。According to information released by the Cyprus Securities and Exchange Commission (CySEC), the company has been investigated for possible violations of regulations.。

Although CySEC did not provide any specifics in its recent conference call, it did mention that it could be financially penalized once the investigation is concluded.。The regulated company said in a separate announcement that paying out funds to all its customers could cause them to "face difficulties."。

Cysec launches investigation into Ayers Alliance

Ayers Alliance Financial Group Limited has been licensed by the Cyprus Securities and Exchange Commission (CySEC) since 2014。Recently, the company announced that it was forced to stop providing investment services due to circumstances beyond its "direct control" and voluntarily relinquished its Cyprus Investment Company (CIF) license.。As part of its licensing services, Ayers offers asset management, structured products and collective investment unit services。

CySEC launches probe linked to this waiver。While awaiting the results of this application and CySEC's investigation, the CIF remains under the supervision of the regulator, which reminds it of its obligation to continue to comply with applicable laws.。

"CySEC notes that Ayers Alliance Financial Group Limited has appointed Mr. Panos Eliades as Group Administrator.。Administrators are usually appointed by a company's board of directors to investigate its business and financial affairs。"Regulators are not involved in this process," CySEC wrote in a statement.。

In April 2023, CySEC imposed sanctions on Ayers Alliance for violating regulations on protecting customer assets and accurately depositing customers' financial instruments with third parties.。The regulator then ordered the company to stop working with outside companies responsible for maintaining customer deposits for six months.。

Prior to 2018, the company had been operating under the name Harbourx Ltd..Nominal operation, but was acquired by Ayers Alliance later the same year (2018) through an investment from a previous Hong Kong shareholder。

Ayers is difficultReturn of investor funds

Ayers said in a recent update that the company wants to return all funds to customers, however, it is "facing difficulties."。

After communicating with CySEC, the company stated that it will not conduct any investment activities other than those strictly necessary to complete pending transactions or its client transactions, and that all client funds and assets will be returned to the best of the company's ability.。

"In addition, we are taking legal action against those third parties that we believe are responsible for the current situation, and our regulator, CySEC, is aware of the correspondence."。The company said in a statement about its intention to voluntarily relinquish its license.。

The first regulatory action against Ayers Alliance took place in April 2022.。At the time, CySEC announced that the company had breached mandatory staffing requirements for its risk management unit.。The regulator prohibits the company from using people who do not have the skills, knowledge and expertise to perform the duties of the head of the risk management department.。