The Cyprus Securities and Exchange Commission (CySEC) today announced that the Investors Compensation Fund (ICF), has withdrawn the membership of three members.

The withdrawal is pursuant to paragraph 6 of CySEC’s Directive DI87-07 for the Operation of the Investors Compensation Fund.

The companies with withdrawn membership are:

• Conotoxia Ltd,
• TTCM Traders Trust Capital Markets Ltd, and
• OBR Investments Ltd.

It is noted that, in accordance with paragraph 6(3) of the Directive, the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.

The withdrawal of the ICF membership was carried out after CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of the companies Conotoxia Ltd, TTCM Traders Trust Capital Markets Ltd and OBR Investments Ltd.