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

The two member companies are as follows:

1. RMG Holdings Ltd

2. Trilt 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.

Earlier, the regulator revoked the Cyprus Investment Company (CIF) licences of RMG Holdings Ltd and Trilt Ltd.

Late last month, CySEC updated its blacklist of unregulated entities to include eight new websites belonging to entities that are not authorized to provide investment services and/or carry out investment activities.