CySEC Withdraws ICF Membership of Five Financial Firms

The Cyprus Securities and Exchange Commission (CySEC) announced yesterday that it has withdrawn the ICF (Investors Compensation Fund) membership of the following members:

1. Deloitte Investment Services Ltd,

2. Rodeler Ltd,

3. Stocks Forex AF Ltd,

4. Optionrally Financial Services Ltd, and

5. Globia Wealth Ltd.

It is noted 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.

The withdrawal of the ICF membership was carried out after CySEC's decision to withdraw the Cyprus Investment Firm (CIF) authorisation of Deloitte Investment Services Ltd, Rodeler Ltd, Stocks Forex AF Ltd, Optionrally Financial Services Ltd and Globia Wealth Ltd.

Fazzaco recently announced that CySEC has appointed Dr. George Theocharides as its new Chairman​, succeeding the incumbent Ms Demetra Kalogerou. The regulator also appointed George Karatzias as the new Vice-Chairperson.