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FinanceMagnets
Published on 2024-02-13 | 5 months ago
CySEC Officially Withdraws Brokereo's Membership from ICF
The retail
trading brand Brokereo is no longer a member of the Investors Compensation Fund
(ICF) managed by the Cyprus Securities and Exchange Commission (CySEC), the
regulator announced today (Tuesday). The removal
of Neo Premium Investments (NPI) Ltd., which offered its retail FX/CFD trading
services through the brokereo.com website, follows CySEC's earlier decision to
revoke the Cypriot Investment Firm (CIF) license held by the company.After CIF License, Neo
Premium Investments Struck off ICFAccording
to a document published by CySEC on February 13, the loss of ICF membership
status does not mean that clients have lost their rights to maintain any
compensations arising from the past activities of Brokereo or NPI. "The
Cyprus Securities and Exchange Commission wishes to inform the public that, the
Investors Compensation Fund has withdrawn the ICF membership of the member Neo
Premium Investments (NPI) Ltd.," CySEC stated in an official announcement.
The
regulator also reminds that this is a natural step after the earlier decision
to withdraw the CIF license, which the company had been utilizing since 2013
(license number 189/13). The
decision, announced last November, was not due to any misconduct by the company
but was based on its own decision to renounce the authorization.
This article was written by Damian Chmiel at www.financemagnates.com.
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