CySEC confirms two more withdrawals from Investors Compensation Fund
The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the membership of two investment firms from the Investors Compensation Fund (the ICF).
The ICF, pursuant to paragraph 6 of CySEC’s Directive DI87-07 for the Operation of the Investors Compensation Fund, has withdrawn the ICF membership of the following members:
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ED&F MAN Capital Markets CEEMA Ltd
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Hoch Capital Ltd.
CySEC explains that the loss of ICF membership status does not mean a 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 follows CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of ED&F MAN Capital Markets CEEMA Ltd and Hoch Capital Ltd.
In March, CySEC announced the withdrawal of the ICF membership of three firms:
- Daweda Exchange Ltd,
- London Capital Group (Cyprus) Ltd, and
- Felicitas Management Investment Services Ltd.