The Cyprus Securities and Exchange Commission (CYSEC) confirmed the withdrawal of the eight companies of the Investor Compensation Fund (ICF).
The affected businesses are:
- General Capital Brokers (GCB) Ltd,
- Royal Forex Ltd,
- ABRIS-CEE HOLDINGS LTD,
- Merba Limited,
- Tanius Technology Europe Ltd,
- Crowdbase Ltd,
- PMT Matrix Capital Ltd, and
- Castle Wealth (CY) Ltd. (Ex. Sova Asset Management Ltd).
The loss of ICF’s participation status does not mean loss of covered customers’ rights to receive compensation in relation to investment companies being carried out until the loss of the regime of participation, if the conditions for compensation are fulfilled in accordance with the Directive, nor does it prevent the commencement of the compensation procedure for their customers.
The withdrawal of ICF’s participation was held after CYSEC’s decision to withdraw the authorization of the Cyprus Investment Technology (CIF) of General Capital Brokers (GCB) Citium Wealth (CY) LTD (EX SOVA Asset Management Ltd).