CySEC Revokes ICF Membership of Three Investment Firms

The Cyprus Securities and Exchange Commission (CySEC) announced yesterday the withdrawal of the Investment Investors Compensation Fund (ICF) membership of three members, pursuant to paragraph 6 of CySEC’s Directive DI87-07 for the Operation of the Investors Compensation Fund (the Directive).

Below are the three members:

1. Inveza Capital Ltd,

2. F1Markets Ltd και, 

3. FF Simple and Smart Trades Investment Services Ltd.

The Cypriot financial watchdog notes that 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 does it obstruct the initiation of the compensation procedure for covered clients.

This move comes after CySEC’s cancellation of the Cyprus Investment Firm (CIF) authorisation of Inveza Capital Ltd​, F1Markets Ltd​ and FF Simple and Smart Trades Investment Services Ltd last month.

Last week, CySEC unveiled that the number of supervised entities totaled 837 at the end of 2022​, growing 3.9% from 2021's 806. In addition, the regulator has imposed approximately €2.9 million administrative fines for 2022, of which the vast majority was relevant to fines and settlements for CIFs.