The Cyprus Securities and Alternate Fee (CySEC ) introduced on Thursday the graduation of the compensation course of underneath the Investor Compensation Fund (ICF) for the purchasers of Maxigrid Ltd, which operates FX and CFDs dealer manufacturers, Dualix and AGM Markets.
Now, the regulator has detailed the method of claiming compensation, which may be performed each on-line and offline with supporting paperwork.
“Coated purchasers should submit their claims towards the Firm, if any, arising out of the coated companies, by the thirtieth of April 2023,” the regulator added.
CySEC’s ICF covers the deposits of all purchasers of any regionally regulated monetary companies firm as much as €20,000. The compensation funds are used within the case of the service suppliers changing into bankrupt or unable to return buyer deposits as a consequence of monetary constraints.
A Troubled Dealer
Maxigrid ran the operations from its Cypriot base after receiving a Cyprus Funding Agency (CIF) license in 2011. Nonetheless, its license was withdrawn by the Cypriot regulator final February. The dealer violated a number of necessary compliance guidelines that led to the cancellation of its license.
As well as, the dealer’s license was suspended a number of instances earlier than cancellation.
The Cypriot regulator initiated ICF proceedings for Maxigrid final June after the regulatory board selected it in late March. In accordance with the regulator, the brokerage operator is “unable to fulfill its obligations arising out of traders’ claims and has no early prospect of having the ability to take action.”
The most recent regulatory announcement added: “Earlier than submitting an software to the ICF, all events involved (coated purchasers of the Firm) are invited to check the related provisions of MiFID II, the ICF Directive, in addition to the knowledge on the submission of functions for cost of compensation posted on the CySEC web site and take all mandatory actions to submit their claims. The existence of a sound declare by the claimant is a necessary requirement for receiving the compensation.”
The Cyprus Securities and Alternate Fee (CySEC ) introduced on Thursday the graduation of the compensation course of underneath the Investor Compensation Fund (ICF) for the purchasers of Maxigrid Ltd, which operates FX and CFDs dealer manufacturers, Dualix and AGM Markets.
Now, the regulator has detailed the method of claiming compensation, which may be performed each on-line and offline with supporting paperwork.
“Coated purchasers should submit their claims towards the Firm, if any, arising out of the coated companies, by the thirtieth of April 2023,” the regulator added.
CySEC’s ICF covers the deposits of all purchasers of any regionally regulated monetary companies firm as much as €20,000. The compensation funds are used within the case of the service suppliers changing into bankrupt or unable to return buyer deposits as a consequence of monetary constraints.
A Troubled Dealer
Maxigrid ran the operations from its Cypriot base after receiving a Cyprus Funding Agency (CIF) license in 2011. Nonetheless, its license was withdrawn by the Cypriot regulator final February. The dealer violated a number of necessary compliance guidelines that led to the cancellation of its license.
As well as, the dealer’s license was suspended a number of instances earlier than cancellation.
The Cypriot regulator initiated ICF proceedings for Maxigrid final June after the regulatory board selected it in late March. In accordance with the regulator, the brokerage operator is “unable to fulfill its obligations arising out of traders’ claims and has no early prospect of having the ability to take action.”
The most recent regulatory announcement added: “Earlier than submitting an software to the ICF, all events involved (coated purchasers of the Firm) are invited to check the related provisions of MiFID II, the ICF Directive, in addition to the knowledge on the submission of functions for cost of compensation posted on the CySEC web site and take all mandatory actions to submit their claims. The existence of a sound declare by the claimant is a necessary requirement for receiving the compensation.”
