CySEC Delists WS Financial and Investment Services from Compensation Fund

​The Cyprus Securities and Exchange Commission(CySEC) recently announced that it has withdrawn the Investors Compensation Fund(ICF) membership of WS Financial and Investment Services Ltd.

Notably, in accordance 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 doesit obstruct the initiation of the compensation procedure for covered clients. That is to say, losing membership of the fund does not mean a loss covered clients' rights to compensation for investing that took place until the loss of membership. Any outstanding debts owed by members to the fund, continue to exist until they are paid, irrespective of their deletion.

Let's recall that WS Financial and Investment Services Ltd decided to give up its CySEC Cyprus Investment Firm (CIF) license ​with Number 049/04, and the decision was finalized by the regulator on 22 March 2021.

Moreover, the company announced on its website that it has decided to terminate its activities and proceed with a voluntary renunciation of its license. The Company has already formally informed the Cyprus Securities and Exchange Commission about its above intention and has ceased to provide any investment and ancillary activities as of 29 January 2021.