The Cyprus Securities and Exchange Commission (CySEC) today announced a raft of Cyprus investment firms (CIFs) that have lost their membership in the Investors Compensation Fund (ICF).

The Fund pursuant to paragraph 6 of Directive DI87-07 for the Operation of the Investors Compensation Fund (‘the Directive’), has withdrawn the ICF membership of the following members:

• Deloitte Investment Services Ltd,
• Rodeler Ltd,
• Stocks Forex AF Ltd,
• Optionrally Financial Services Ltd, and
• Globia Wealth Ltd.

CySEC notes 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 the above-mentioned companies.

As FX News Group has reported, CySEC withdrew the Cyprus Investment Firm (CIF) authorisation of Rodeler Ltd, due to the company’s decision to expressly renounce it.

In May 2021, CySEC announced its decision to withdraw the Cyprus Investment Firm (CIF) authorisation with Number 283/15 of Stocks Forex AF Ltd, due to the company’s decision to expressly renounce it. Stocks Forex AF Ltd operated the Forex4group.com website as a retail FX and CFDs broker from 2015 to 2019, deciding then to effectively shut down.