The regulator confirms Brokereo's withdrawal from the ICF membership following the revocation of its CIF license.
The company voluntarily renounced its license at the end of last year.
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 ICF
According
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
compensation 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Investors Compensation Fund has withdrawn the ICF membership of the member Neo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.
ICF Membership List
Narrows
The ICF
roster continues to shrink as NPI becomes the latest firm to be removed from
the ICF registry this year. Mid-January saw CySEC revoke the membership of four
other companies: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd, and KAB Strategy Ltd.
For KAB
Strategy, the license withdrawal came in the latter half of 2023, subsequent to
the firm's own decision to give up its license. Similarly, FXBFI Broker
Financial Invest voluntarily surrendered its license, a decision coming in the
wake of a series of regulatory actions taken against the company previously.
The
regulatory body highlighted that the company failed to implement adequate
anti-money laundering and counter-terrorism financing policies, controls, and
procedures necessary to mitigate and manage risks. Consequently, FXBFI, which
operated 101investing, was fined €50,000.
The
cancellation of licenses for Stone Edge Capital and Holiway Investments was
precipitated by investigations from CySEC that uncovered violations of CIF
authorization terms by these entities. In May, CySEC noted that Stone Edge
Capital had fallen short of meeting organizational requirements, lacking
adequate systems to detect transactions that could be linked to money
laundering. Furthermore, it failed to establish internal reporting systems and
procedures.
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 ICF
According
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
compensation 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.
ICF Membership List
Narrows
The ICF
roster continues to shrink as NPI becomes the latest firm to be removed from
the ICF registry this year. Mid-January saw CySEC revoke the membership of four
other companies: Stone Edge Capital Ltd, Holiway Investments Ltd, FXBFI Broker
Financial Invest Ltd, and KAB Strategy Ltd.
For KAB
Strategy, the license withdrawal came in the latter half of 2023, subsequent to
the firm's own decision to give up its license. Similarly, FXBFI Broker
Financial Invest voluntarily surrendered its license, a decision coming in the
wake of a series of regulatory actions taken against the company previously.
The
regulatory body highlighted that the company failed to implement adequate
anti-money laundering and counter-terrorism financing policies, controls, and
procedures necessary to mitigate and manage risks. Consequently, FXBFI, which
operated 101investing, was fined €50,000.
The
cancellation of licenses for Stone Edge Capital and Holiway Investments was
precipitated by investigations from CySEC that uncovered violations of CIF
authorization terms by these entities. In May, CySEC noted that Stone Edge
Capital had fallen short of meeting organizational requirements, lacking
adequate systems to detect transactions that could be linked to money
laundering. Furthermore, it failed to establish internal reporting systems and
procedures.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!