The Cyprus Securities and Exchange Commission (CySEC) today announced that the Investors Compensation Fund (ICF) has withdrawn the ICF membership of the following members:

1. Sonaf Business Ltd,

2. Belight Capital Group 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.

The withdrawal of the ICF membership was carried out after CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of Sonaf Business Ltd and Belight Capital Group Ltd.

In November 2021, CySEC announced the withdrawal of the Cyprus Investment Firm authorisation with Number 174/12 of Sonaf Business Ltd. Sonaf Business Ltd operates FX business brand SonaFX.

The withdrawal is done pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. CySEC notes that the regulatory move reflects the company’s decision to expressly renounce its CIF license.

The regulator decided to withdraw the Cyprus Investment Firm authorisation of Belight Capital Group Ltd at a meeting held in March 2021.