The licence was revoked effective 22 September 2022. As part of the due process accorded to the company, it was given the opportunity to appeal against the SC’s decision. No appeal was submitted by the company.

The company, which dealt in derivatives, had failed to comply with the minimum financial threshold for its adjusted net capital since May 2021 and arising from this, has been suspended by the SC since June 2021.

Under Section 72(2)(a)(iii) of the Capital Markets and Services Act 2007, the SC is empowered to revoke the licence of any CMSL holder if it contravenes any condition of the licence.

Further details can be found here.