CySEC Confirms ICF Membership Termination for Eight Financial Firms

The Cyprus Securities and Exchange Commission (CySEC) has officially announced the termination of Investor Compensation Fund (ICF) membership for eight financial institutions. This decision follows the earlier revocation of regulatory licenses for the affected firms.

Firms No Longer Covered Under ICF

The firms losing their ICF membership include:

• General Capital Brokers (GCB) Ltd
• Royal Forex Ltd
• Abris-Cee Holdings Ltd
• Merba Limited
• Tanius Technology Europe Ltd
• Crowdbase Ltd
• PMT Matrix Capital Ltd
• Citium Wealth (CY) Ltd (formerly SOVA Asset Management Ltd)

These companies had previously held licenses as Cyprus Investment Firms (CIFs), Alternative Investment Fund Managers (AIFMs), or UCITS Management Companies. Following regulatory decisions to revoke these licenses, their ICF participation was automatically terminated.

Impact on Clients

According to CySEC, the loss of ICF membership does not affect the right of eligible clients to claim compensation for investment activities conducted while the firms were still ICF members. If clients meet the compensation conditions outlined in the relevant directive, they may still initiate claims for eligible losses incurred before the withdrawal date.

What Is the ICF?

The Investor Compensation Fund (ICF) serves as a safeguard for retail clients of Cyprus Investment Firms in cases where a licensed firm becomes unable to meet its financial obligations. Membership in the ICF is typically a requirement for CIFs, offering clients an additional layer of protection.

Regulatory Oversight Continues

CySEC‘s ongoing regulatory enforcement underlines its commitment to maintaining transparency and investor protection within Cyprus’s financial services sector. Clients of the affected firms are encouraged to check their investment histories and consult with relevant authorities if they believe they are entitled to compensation.

For up-to-date information on regulatory actions and firm statuses, investors can visit the official CySEC website or use platforms like WikiFX for real-time broker assessments.