On Thursday, the Cyprus Securities and Trade Fee (CySEC) introduced that it has withdrawn the Traders Compensation Fund membership of 4 firms: MPS Market Securities, Sharelink Securities & Monetary Companies, Finteractive, and Woodbrook Group.
The Cyprus Investor Fund (CIF) license of all 4 firms was withdrawn earlier this yr. The withdrawal of ICF membership comes after the CIF withdrawal.
Earlier this yr, the Cypriot regulator additionally revoked the ICF membership of a number of different firms, together with iTrader, Daweda Trade, and London Capital Group (Cyprus), all of which misplaced their CIF licenses.
“The lack of ICF membership standing doesn’t imply lack of rights of lined shoppers to obtain compensation in relation to funding operations carried out till the lack of membership standing, if the situations for compensation are fulfilled pursuant to the Directive, nor does it impede the initiation of the compensation process for lined shoppers,” the regulator said.
Brokers Exiting Europe
Finteractive, gives FX and CFDs buying and selling providers beneath the model FXVC. The dealer earlier passported its Cypriot license to supply providers to shoppers inside the European Union. The model continues to be operational with a license from Seychelles.
MPS (beforehand SpotOption) offered many providers like reception and transmission of orders in relation to a number of monetary devices, execution of orders on behalf of shoppers, dealing on personal account, ancillary providers, custody of property, international alternate providers, and plenty of extra.
Below ICF, the deposit of every shopper of regulated Cypriot monetary providers firms is protected as much as €20,000. It’s used if monetary service suppliers turn into bankrupt or unable to return buyer deposits attributable to monetary constraints.
Just lately, CySEC initiated the compensation course of for the shoppers of Maxigrid, the license of which was withdrawn final February. The shoppers have been requested to submit their claims on-line or offline earlier than April 2023.
On Thursday, the Cyprus Securities and Trade Fee (CySEC) introduced that it has withdrawn the Traders Compensation Fund membership of 4 firms: MPS Market Securities, Sharelink Securities & Monetary Companies, Finteractive, and Woodbrook Group.
The Cyprus Investor Fund (CIF) license of all 4 firms was withdrawn earlier this yr. The withdrawal of ICF membership comes after the CIF withdrawal.
Earlier this yr, the Cypriot regulator additionally revoked the ICF membership of a number of different firms, together with iTrader, Daweda Trade, and London Capital Group (Cyprus), all of which misplaced their CIF licenses.
“The lack of ICF membership standing doesn’t imply lack of rights of lined shoppers to obtain compensation in relation to funding operations carried out till the lack of membership standing, if the situations for compensation are fulfilled pursuant to the Directive, nor does it impede the initiation of the compensation process for lined shoppers,” the regulator said.
Brokers Exiting Europe
Finteractive, gives FX and CFDs buying and selling providers beneath the model FXVC. The dealer earlier passported its Cypriot license to supply providers to shoppers inside the European Union. The model continues to be operational with a license from Seychelles.
MPS (beforehand SpotOption) offered many providers like reception and transmission of orders in relation to a number of monetary devices, execution of orders on behalf of shoppers, dealing on personal account, ancillary providers, custody of property, international alternate providers, and plenty of extra.
Below ICF, the deposit of every shopper of regulated Cypriot monetary providers firms is protected as much as €20,000. It’s used if monetary service suppliers turn into bankrupt or unable to return buyer deposits attributable to monetary constraints.
Just lately, CySEC initiated the compensation course of for the shoppers of Maxigrid, the license of which was withdrawn final February. The shoppers have been requested to submit their claims on-line or offline earlier than April 2023.
