The Cyprus Securities and Exchange Commission (CYC) announced today that the Investor Compensation Fund (ICF), in accordance with paragraph 6 of Directive DI87-07 on the Operation of the Investor Compensation Fund, withdrew the ICF membership of Leverate Financial Services Ltd. .
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 the ICF membership follows the decision of the Cyprus Cypriot Investment Company (CIF) to revoke the license of Leverate Financial Services Ltd.