CommexFX client ICF compensation process paper issued by CySEC

Pursuant to the Cyprus Securities and Exchange Commission (CySEC)’s announcement, the Investor Compensation Fund for IF Clients (ICF) shared the commencement of the compensation payment process by the ICF to the covered clients of CommexFX Ltd.

The address of CommexFX, whose authorisation has been suspended since July 2016, was at 4 Profiti Ilia street, Kanika International Business Center, 7th floor, Germasogeia, Limassol 4046, Cyprus.

Covered clients must submit their claims against CommexFX, if any, arising out of the covered services, by October 15, 2017.

Applications to the ICF may be submitted in one of the following two ways:

  • By filling in the online application form which can be found on the CySEC website
  • By submitting a simple letter to the offices of the ICF, accompanied by all supporting evidence: The letter/application may be sent by post or be delivered by hand to: The Investor Compensation Fund for IF Clients, 27 Diagorou Str., 2nd floor,1097 Nicosia, Cyprus.

Applications for compensation must include at least the following information:

  1. Particulars of the claimant (name, address, Identity Card / Passport No., telephone and fax numbers and email address).
  2. The name of the ICF member against which the application is submitted and the client code and/or the claimant’s investment account No.
  3. Copy of the covered services agreement between the ICF member and the claimant.
  4. The type and amount of alleged claims by the claimant.
  5. Copy of the latest statement of account from the transactions platform used by the ICF member.
  6. Copy of the latest statement of deposits and withdrawals from the account held by the claimant with the ICF member.
  7. Copies of documents proving the deposits of monies by the claimant to the ICF member (e.g. money transfer orders, deposit orders, debit notes, etc.).
  8. Description of the facts and evidence giving rise to the alleged claims by the claimant and the amount of such claims with specific references to actions or omissions of the ICF member.
  9. Any other evidence or supporting documents to demonstrate that the claimant is entitled to apply for compensation.
  10. Reference and copies of any correspondence with the ICF member concerned.
  11. Written statement that all the evidence/information contained in the application/letter as well as all accompanying documents are correct, complete and accurate.

The ICF reserves the right to request additional evidence from claimants.

Before submitting an application to the ICF, all parties concerned (covered clients of CommexFX) are invited to study the relevant provisions of the Investment Services and Activities and Regulated Markets Law of 2007, the ICF Directive, as well as the information on the submission of applications for payment of compensation posted on the CySEC website and take all necessary actions to submit their claims.

The existence of a valid claim by the claimant is an essential requirement for receiving the compensation.

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CommexFX client ICF compensation process paper issued by CySEC

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