CySEC announces start of ICF compensation procedure for clients of Maxigrid
The Board of the Cyprus Securities Exchange Commission (CySEC) today issued an announcement to clients of Maxigrid Ltd, the operator of brands such as Dualix and AGM Markets. The regulator announces the start of the compensation payment process by the Investor Compensation Fund (ICF).
Let’s note that the Cyprus Investment Firm authorisation of Maxigrid Ltd, number 145/11, was withdrawn effective February 14, 2022.
As per paragraph 18(1)(a) of Directive DI87-07 for the Operation of the Investors Compensation Fund (R.A.D. 76/2019), CySEC has determined that Maxigrid (member of the I.C.F.) appears, for the time being, for reasons directly related to its financial circumstances, unable to meet its obligations arising out of investors’ claims and has no early prospect of being able to do so.
CySEC has informed the Investors Compensation Fund if its determination, which initiates the compensation payment procedure. Following the initiation, the Fund shall publish, in at least two newspapers of national coverage, an invitation to submit compensation applications, designating the procedure for the submission of the relevant applications, the deadline for their submission and their content, in accordance with Part V of Directive DI87-07 (R.A.D. 76/2019). The said publication will be also posted on CySEC’s website.
All affected clients (covered clients of Maxigrid) are invited to study Directive DI87-07 (R.A.D. 76/2019) as well as the information to be published by the Fund and take all appropriate actions.