The Cyprus Securities and Exchange Commission (CySEC) has announced that the Investors Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker Financial Invest Ltd and KAB Strategy Ltd.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The Cyprus Securities and Exchange Commission (CySEC) has announced that the Investors Compensation Fund (ICF) has withdrawn the membership of four Cyprus-based investment firms: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker Financial Invest Ltd and KAB Strategy Ltd.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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