The Cyprus
Securities and Exchange Commission (CySEC) has announced that the Investors
Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based
investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd and KAB Strategy Ltd.
According
to the announcement, the ICF revoked the membership of these firms following
CySEC’s decision to withdraw their Cyprus Investment Firm (CIF) authorizations.
However,
covered clients of the four firms will still be able to file compensation
claims for investment operations carried out before the membership
withdrawal, provided they meet the eligibility criteria outlined in CySEC’s directives.
The ICF was
established to compensate covered investors if a CIF cannot fulfill its
obligations. As per regulations, firms authorized as CIFs in Cyprus must be ICF
members. Consequently, when CySEC revokes a firm’s CIF license, the ICF will
cancel their membership as well.
The story is developing, and the article will be updated shortly.
The Cyprus
Securities and Exchange Commission (CySEC) has announced that the Investors
Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based
investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd and KAB Strategy Ltd.
According
to the announcement, the ICF revoked the membership of these firms following
CySEC’s decision to withdraw their Cyprus Investment Firm (CIF) authorizations.
However,
covered clients of the four firms will still be able to file compensation
claims for investment operations carried out before the membership
withdrawal, provided they meet the eligibility criteria outlined in CySEC’s directives.
The ICF was
established to compensate covered investors if a CIF cannot fulfill its
obligations. As per regulations, firms authorized as CIFs in Cyprus must be ICF
members. Consequently, when CySEC revokes a firm’s CIF license, the ICF will
cancel their membership as well.
The story is developing, and the article will be updated shortly.
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- Source: https://www.financemagnates.com//forex/cysec-withdraws-icf-membership-from-four-brokers/
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