The Cyprus Securities and Exchange Commission (CYC) confirmed today that four investment firms have withdrawn from their participation in the Investor Compensation Fund (ICF).
The following companies are no longer members of the ICF:
- Stone Edge Capital Ltd (LEI 213800PZFB9VV8FNWB30),
- Holiway Investments Ltd (LEI 549300UOLC26RW3KDJ09),
- FXBFI Broker Financial Invest Ltd (LEI 21380042CEXI1HE2DK66) and
- KAB Strategy Ltd (LEI 549300GQQTXQWZLYWH30).
It is noted that, in accordance with paragraph 6(3) of the Directive, the loss of ICF membership does not mean the loss of covered clients’ rights to receive compensation in relation to investment transactions carried out before the loss of membership, if the conditions for compensation are met in accordance with the Directive, nor does it prevent the initiation of compensation proceedings for covered customers.
The withdrawal of ICF membership took place following the decision of Cypriot Cypriot Investment Company (CIF) to withdraw the Cyprus Investment Company (CIF) license of Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker Financial Invest Ltd and KAB Strategy Ltd.