Former CIF Leverate Financial Services Withdrawn from Cypriot Investors Compensation Fund Membership

On April 22, the Cyprus Securities and Exchange Commission (CySEC) informed the public that, the Investors Compensation Fund (ICF), pursuant to paragraph 6 of Directive DI87-07 for the Operation of the Investors Compensation Fund (the Directive), has withdrawn the ICF membership of the member Leverate Financial Services Ltd. 

The withdrawal of the ICF membership was carried out after CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) authorization of Leverate Financial Services Ltd. CySEC announced on February 8 that it revoked the authorization of Leverate Financial Services Ltd as a CIF (No. 160/11) due to the company's decision to expressly renounce it. Leverate Financial Services Ltd provides CFDs and forex services via domains www.direktbroker-fx.de and www.fxpn.eu.

source: CySEC

It is noted that, in accordance with paragraph 6(3) of the Directive, 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.