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,” it continued.

CySEC Highlights UKNF Stance on Referrals

The CySEC has issued a reminder to Cyprus Investment Firms (CIFs) about the Polish Financial Supervision Authority's (UKNF) stance on referral and affiliate programmes.

According to UKNF’s position, dated October 2023, clients of investment firms or unregulated intermediaries are prohibited from engaging in individualized client acquisition activities through such programmes, as reported by Finance Magnates.

CySEC highlighted in its release that “the UKNF Position forbids clients of an investment firm or unregulated intermediaries from undertaking, under referral programmes or affiliate programmes, individualized actions to acquire clients or potential clients of investment services.”