The Cyprus Securities and Exchange Commission (CySEC) announced the suspension of all authorizations granted to the Cyprus investment firm W.G. Wealth Guardian Ltd. This action is taken pursuant to Article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017 ('the Law'), in execution of the suspension of authorization as provided for in Article 10(1) of Directive DI87-05 ('DI87-05').

The company appears to have not consistently complied with the authorization conditions:

• Conditions regarding initial capital requirements as provided for in Article 16 of the Law, and further specified in Article 9(3) of the Investment Firms Prudential Supervision Law of 2021;
• Further conditions concerning safeguarding client assets, product governance obligations, and incentives as specified in paragraph 4(1)(f) of Directive DI87-01 concerning safeguarding client financial instruments and funds, as well as in paragraph 6(1) concerning the safekeeping of client funds, as outlined in Article 17(9) of the Law.

The regulatory authority has made this decision because the alleged breaches pose risks and threats to the protection of the company's clients and/or to the orderly functioning and integrity of the market. The company is required to take action to comply with the above provisions within one month.

In accordance with Article 9 of Directive DI87-05, during the period of suspension, the company is prohibited from:

• Providing/conducting investment services/activities;
• Engaging in any commercial transactions with any person and accepting any new clients;
• Advertising itself as an investment service provider;

Subject to the consent of existing clients, the company may undertake certain actions, including:

• Executing all transactions for itself and its clients as per client instructions;
• Returning all client funds and financial instruments.