The Cyprus Securities and Exchange Commission (CySEC) has
announced the removal of AMP Global Ltd.’s membership from the Investors
Compensation Fund (ICF).
ICF Membership Removed, Compensation Available
This decision follows the company’s withdrawal of its Cyprus
Investment Firm (CIF) authorizations. Despite the removal from the ICF, clients
who were covered by the fund may still be eligible for compensation for
investment activities conducted before the withdrawal, provided they meet the
conditions outlined in CySEC’s Directive DI87-07.
The withdrawal does not prevent compensation procedures from
being initiated for affected clients.
AMP Global Suspends European Operations
Earlier, Finance
Magnates reported that AMP Global, a US-based FX/CFD broker, appears to
have suspended its European operations, previously conducted through AMP Global
Ltd.
The
company announced it is relinquishing its license from the CySEC. CySEC
confirmed the withdrawal of AMP Global’s Cyprus Investment Firm (CIF)
authorization. AMP Global, regulated by CySEC since 2018, was authorized to
operate in Europe under this license.
In the US, AMP Global Clearing LLC remains registered as a
Futures Commission Merchant.
“We would like to inform you that AMP Global Ltd hereby
notifies you that it is in the process of voluntarily renouncing its CIF
License with authorization number 360/18,” stated the official broker’s
website.
“Therefore, the Company will no longer accept any new
clients and/or the opening of any new accounts while it has terminated all its
existing clients and informed them about the procedure that should be followed
for their funds return and filing any complaints.”
This article was written by Tareq Sikder at www.financemagnates.com.
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