The Cyprus Securities and Exchange Commission (CySEC) today announced that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of the following firms:

• Oasis Wealth Management Ltd (LEI 213800NARD8GWFZYV247),
• The Alternative GMI Ltd (LEI 213800HBGUF8O2CQ5D36),
• Itrade Global (CY) Ltd (LEI 213800S1DAWWOXFDGQ42),
• Viverno Markets Ltd (LEI 54930084MPFPL8QNFB73).

The move is in accordance with paragraph 6 of CySEC’s Directive DI87-07 for the Operation of the Investors Compensation Fund.

CySEC notes that, in line 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 UCITS Management Company authorisation of Oasis Wealth Management Ltd, the Alternative Investment Fund Manager authorisation of The Alternative GMI Ltd and the Cyprus Investment Firm (CIF) authorisation of Itrade Global (CY) Ltd and Viverno Markets Ltd.