ICF withdraws R.I.A.L Raising Investment Advisory membership after CySEC authorisation revocation
Eligible clients may still seek compensation for investment operations conducted before the firm lost ICF membership.
Nicosia, Cyprus. The Investors Compensation Fund has withdrawn the membership of R.I.A.L Raising Investment Advisory Ltd after CySEC revoked the firm’s Cyprus Investment Firm authorisation. Eligible clients may still seek compensation under the fund’s rules.
Membership withdrawal
CySEC said the withdrawal of the firm’s Investors Compensation Fund membership followed its earlier decision to revoke R.I.A.L Raising Investment Advisory Ltd’s Cyprus Investment Firm authorisation.
The Investors Compensation Fund is a statutory scheme that provides compensation to eligible clients of investment firms unable to meet their obligations, subject to the relevant conditions.
Client compensation rights
CySEC said the loss of ICF membership does not itself remove the rights of covered clients to seek compensation.
Eligible clients can receive compensation for investment operations carried out before the firm’s ICF membership was withdrawn, provided they meet the conditions set out in CySEC’s directive governing the fund.
The regulator also said the withdrawal of membership does not prevent the compensation procedure from being initiated for eligible clients.
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