FinanceMagnets
Published on 2024-02-13 | 21 days 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 "The Cyprus Securities and Exchange Commission wishes to inform the public that, the Investors Compensation Fund has withdrawn the ICF membership of the member Neo Premium Investments (NPI) Ltd.," CySEC stated in an official announcement.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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