CySEC Revoked License: What It Means for Investors

When the Cyprus Securities and Exchange Commission (CySEC) revokes a fund manager's licence, it means the regulator has determined that the entity is no longer fit to manage investments. The Corinth Group investigation centres on one such revocation — Corinth Fund Management Ltd's AIFM licence (AIFM48/56/2013), revoked in October 2022.

What Is CySEC?

CySEC is the independent financial supervisory authority of Cyprus. As an EU member state regulator, CySEC-authorised firms can passport their services across the European Economic Area. CySEC regulates investment firms, UCITS management companies, and Alternative Investment Fund Managers (AIFMs). Its regulatory actions are publicly available through its online registers.

The Corinth AIFM Revocation

Corinth Fund Management Ltd (Cyprus, HE 428770) held an AIFM licence from CySEC under reference AIFM48/56/2013. This licence authorised the entity to manage alternative investment funds, including the Corinth Capital RAIF (HE 409232) — a Reserved Alternative Investment Fund structured under Luxembourg law [CySEC AIFM register]. CySEC revoked this licence in October 2022. The Corinth Capital RAIF was dissolved three months later, in January 2023.

What Revocation Means

A licence revocation is distinct from a voluntary surrender. When a firm voluntarily surrenders its licence, it is typically winding down its business in an orderly manner. A revocation indicates that the regulator has taken enforcement action — the firm did not choose to stop operating; the regulator forced it to. Revocation may result from: failure to meet capital adequacy requirements; failure to comply with regulatory obligations; findings of misconduct; or concerns about the fitness and propriety of the firm's controllers.

Impact on the Corinth Network

After the CySEC revocation, no entity in the Corinth Group network held any financial regulatory licence in any jurisdiction. The Swiss entities (CHE-102.223.770, CHE-103.982.016, and four other AGs) never held FINMA authorisation. The UK entities never held FCA authorisation. Despite this, the group's website (cgoch.com) continued to describe its entities as "registered and licensed investment funds" [cgoch.com, archived] — a representation that, after October 2022, was contradicted by the regulatory record.

How to Check CySEC's Register

Verify any Cyprus-regulated entity at cysec.gov.cy/entities/aifm/ for AIFM-licenced firms. CySEC also publishes: investment firm registers; UCITS management company registers; and enforcement actions. Always check the register directly — do not rely on a firm's own claims about its regulatory status.

Key Facts

• Corinth Fund Management Ltd AIFM licence (AIFM48/56/2013) revoked October 2022
• Revocation is distinct from voluntary surrender — indicates regulatory enforcement action
• Corinth Capital RAIF dissolved January 2023 — 3 months after AIFM revocation
• After revocation, no entity in the network held any financial regulatory licence
• Website continued to claim 'registered and licensed' after licence was revoked

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