CySEC Revokes ICF Membership of Two Investment Firms

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

Below are the two members:

1. RMG Holdings Ltd,

2. Trilt 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 ofRMG Holdings Ltd and Trilt Ltd​.

Late last month, CySEC has updated its blacklist of unregulated entities, with the addition of eight websites​ that belong to an entity which provides investment services and conducts investment activities without authorization.