CySEC: Withdrawn of the Investors Compensation Fund membership
The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement on April 2, 2021, to inform that the Investors Compensation Fund (‘the ICF’) has withdrawn the ICF membership of a member after the CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorisation of this member.
In accordance with the CySEC’s announcement:
The Cyprus Securities and Exchange Commission wishes to inform the public that, the Investors Compensation Fund, pursuant to paragraph 6 of Directive DI87-07 for the Operation of the Investors Compensation Fund (‘the Directive’), has withdrawn the ICF membership of the member WS Financial and Investment Services Ltd.
It is noted that, in accordance with paragraph 6(3) of the Directive, 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 the company WS Financial and Investment Services Ltd.