The Cyprus Securities and Exchange Commission (CySEC) announced yesterday that it has revoked the membership of the Investor Compensation Fund (ICF) for three members in accordance with paragraph 6 of its Directive DI87-07 on the operation of the Investor Compensation Fund.

The three member companies are as follows:

1. Inveza Capital Ltd

2. F1Markets Ltd

3. FF Simple and Smart Trades Investment Services Ltd

CySEC noted that if the conditions for compensation are met under the above Directive, the insured customers of the aforementioned companies prior to the loss of membership can still obtain the right to compensation in relation to the investment business, and the insured customer compensation proceedings can still commence normally.

Last month, the regulator revoked the Cyprus Investment Company (CIF) licences of Inveza Capital Ltd, F1Markets Ltd and FF Simple and Smart Trades Investment Services Ltd.

In addition, CySEC released its annual summary for 2022 last week. By the end of 2022, the number of entities supervised by the regulator totaled 837, an increase of 3.9 percent compared to 806 in 2021. CySEC imposed a total of approximately €2.9 million in administrative fines in 2022, the vast majority of which related to fines and settlements in Cyprus Investment companies.