CySEC Withdraws ICF Membership of SonaFX Business and Belight Capital

The Cyprus Securities and Exchange Commission (CySEC) announced yesterday that it has withdrawn the ICF (Investors Compensation Fund) membership of Sonaf Business Ltd and Belight Capital Group Ltd.

It is noted that the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.

The withdrawal of the ICF membership was carried out after CySEC's decision to withdraw the Cyprus Investment Firm (CIF) authorisation of Sonaf Business Ltd and Belight Capital Group Ltd.

CySEC has imposed an administrative fine of €3.000 to CIF Atlantic Securities Ltd, as it did not establish and maintain effective arrangements, systems and procedures for detecting suspicious orders and transactions, as those arrangements, systems and procedures do not take due account the non-exhaustive list of indicators of market manipulation.