CySEC names three firms whose Investors Compensation Fund membership gets withdrawn
The latest delistings from the Investors Compensation Fund include: AMG Kapital Ltd, Agentrisk Europe Limited and PFX Financial Professionals Ltd.
The Cyprus Securities and Exchange Commission (CySEC) today announces that the Investors Compensation Fund (ICF) has withdrawn the membership of three companies:
- AMG Kapital Ltd,
- Agentrisk Europe Limited, and
- PFX Financial Professionals Ltd.
The regulator notes that, in line 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 follows CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of AMG Kapital Ltd, Agentrisk Europe Limited and PFX Financial Professionals Ltd.
As FinanceFeeds has reported, in February 2020, CySEC said five firms were delisted from the Investor Compensation Fund. The reason for the delisting is that these firms have lost their Cypriot licenses.
The firms who were delisted from the ICF in February are: AMFF Ltd; Fidelisco Capital Markets; GS Sharestocks Ltd; PCM Advisers Ltd; and UCP Asset Management Ltd.
Let’s recall that, in November 2019, CySEC announced that 11 firms were delisted as members of the Investor Compensation Fund.