CySEC names three firms whose Investors Compensation Fund membership gets withdrawn

Maria Nikolova

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The Cyprus Securities and Exchange Commission (CySEC) today announces that the Investors Compensation Fund (ICF) has withdrawn the membership of three companies: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

Read this next

Inside View

Crypto Liquidity Providers: No Transaction, No Party!

One of the most integral parts of trading cryptocurrencies is ensuring seamless transactions; however, this is not always easy when you first start using cryptocurrency exchanges.

Digital Assets

Niftables launches white label NFT platform for content creators and brands

Niftables is the go-to platform for brands and creators looking to realize their NFT vision — whether they’re an individual or the biggest entertainment company in the world.

Retail FX

ACY Securities sponsors Table Tennis NSW as CFD broker bets in Australia’s youngest

ACY Securities has partnered with Table Tennis New South Wales (TTNSW) for a two-year sponsorship agreement intended to highlight the Chatswood-based multi-asset CFD broker’s brand in Australia, with a focus on the southeastern state.

Executive Moves

Peter Hetherington appointed CEO of Capital.com, Currency.com, and Shares.com

With his extensive experience driving strategy and growth for leading wealth and brokerage firms in highly regulated markets, Peter is the ideal CEO to lead the Group on its next chapter of growth and success.”

Digital Assets

Crypto platform Elwood raises $70m from Goldman Sachs, Dawn, Barclays, BlockFi, Flow, Galaxy, more

Elwood Technologies has closed a $70 million Series A funding round co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs.

Industry News

Wilshire to launch Climate Change 1.5℃ Target Index with Nikkei and Hang Seng

Wilshire has announced a collective launch with Nikkei and Hang Seng to bring to market the first in a series of indexes empowering investors to transition their investments towards a low-carbon and climate resilient economy.

Industry News

Anne Boden’s Starling Bank bets big on UEFA Women’s EURO 2022 tournament

Starling Bank has launched a campaign ahead of the UEFA Women’s EURO 2022 tournament as part of its national sponsorship, the biggest ever for the bank.

Industry News

Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic

Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.

Industry News

Ripple replies to SEC’s last attempt and “shoves it down their throats pretty hard”

“The SEC really messed that up. How can Hinman receive legal advice from SEC lawyers for a personal opinion?”, attorney Hogan commented.

<