CySEC initiates ICF compensation process for clients of defunct forex broker CommexFX

The Board of the Cyprus Securities Exchange Commission (CySEC) informed the public and especially the covered clients of CommexFX Ltd of the following:

  1. The Company’s CIF authorisation has been withdrawn as of July 2016.
  2. The Company, has not until today, settled its obligations arising from the investment and ancillary services that provided to its client, as it should have done so in accordance with section 25(4) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (L. 144(I)/2007).
  3. CySEC has ascertained that the Company (as a member of the I.C.F.) is unable to fulfill its duties towards its clients in the near future, for reasons that do not consist of a temporary lack of liquidity that can be dealt with instantly.
  4. CommexFX Ltd’s offices in Limassol have terminated their operation and CySEC is unable to communicate with the Company’s ultimate shareholder.
  5. Following this announcement, the I.C.F. will publish, in at least three (3) newspapers of national coverage, an invitation towards the Company’s covered clients to submit their claims against the Company in respect of the covered services, specifying the procedure for submitting the relevant applications, the submission deadline and their content, in accordance with paragraph 24 of the I.C.F. Directive. The said publication will be also posted on CySEC’s website.
  6. All affected clients (covered clients of the Company) are invited to study the I.C.F. Directive as well as the information for the submission of compensation applications found on the CySEC’s website and take all appropriate actions for the submission of their claims.

The complete announcement can be seen here.

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