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Injured customers of the ACFX broker will receive a refund from CySEC
Cypriot financial supervision, CySEC, announced the launch of a procedure to pay financial compensation to clients of the bankrupt ACFX broker (Atlas Capital). The maximum payout amount for one client, resulting from the statute Investor Compensation Fund (ICF), is 20 000 EUR.
ACFX bankrupt
The problems of the Cyprus Atlas broker began already in April 2016, when CySEC decided to suspend its license (we wrote about it in a separate article). At that time there was still hope that the company would come out straight. A month later, the regulator's decision was extended due to the lack of correcting the shortcomings of the broker.
In the absence of an "active" license, Cypriot financial firms cannot, first of all, accept new clients, accept deposits or process orders. The suspension of powers often heralds the beginning of the end of operations. In the case of ACFX, the official final had to wait until February 2017, when it was CySEC finally decided to revoke the CIF license (Cyprus Investment Firm). After this decision, the broker should settle all his liabilities within 3 months. That did not happen, however, and the company turned out to be insolvent.
Have you lost your funds? Apply for a refund
Contributions to the Cyprus compensation fund are paid by companies regulated by CySEC. This provides a guaranteed refund for a single retail customer up to 20 000 EUR. It was around 1,5 one year from the deadline for settling ACFX's obligations to some of its clients, which was not maintained. In connection with the continuing insolvency a decision was made to start the procedure for withdrawing funds from the ICF.
How to apply for the payment of funds? It is required to submit an appropriate application and send it to the regulator from Cyprus. Details CySEC describes on your website HERE.
It is worth recalling that in mid-March changes were made to the structure of the compensation fundby imposing on brokers regulated in Cyprus maintaining at least 3% cash buffer as part of the security to cover potential customer claims costs.
