The Cyprus Securities and Exchange Commission (CySEC) today announces the Investors Compensation Fund (ICF) has withdrawn the ICF membership of three investment firms.

The firms in question are:

• Inveza Capital Ltd,
• F1Markets Ltd and
• FF Simple and Smart Trades Investment Services 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 Inveza Capital Ltd, F1Markets Ltd and FF Simple and Smart Trades Investment Services Ltd.

The withdrawal of the CIF license of Inveza Capital reflects the company’s decision to expressly renounce its CIF license. The regulatory decision was made 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.

The withdrawal of the CIF authorisation of F1Markets is due to the company’s decision to expressly renounce its CIF license.

The regulatory decision to withdraw the CIF license of FF Simple and Smart Trades Investment Services Ltd, is in line with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, is due to the company’s decision to expressly renounce its CIF license.