Concorde Investments (Cyprus) Ltd is a member of the Investor Compensation Fund (the “Fund”) for Customers of Cypriot Investment Firms (CIFs) and other Investment Firms (IFs) which are not credit institutions.
‘Fund’ or, synonymously, ‘I.C.F. of Clients of IFs’ or ‘I.C.F.’ means the Investors Compensation Fund of clients of CIFs who are Fund members, established pursuant to article 59(1) and (2) of the Law (L144(I)/2007), and whose powers and functions are regulated by the provisions of the Law and Directive DI144-2007-15.
The Fund constitutes a private law legal entity and its administration is exercised by an Administrative Committee of five members, who are designated for a three-year term. The Fund has been operating since 30 May 2004.
Investor Compensation Fund
The Fund will compensate the Company’s covered clients as to the covered investment services and ancillary services offered by the Company as described on its authorisation which can be found in the website of the CySec.
The Fund covers all the Company clients except those who are included in the following categories of investors:
- The following categories of institutional and professional investors:
1. Investment Firms (IFs).
2. Legal entities associated with the member of the Fund (i.e. with Concorde Investments (Cyprus) Ltd) and, in general, belonging to the same group of compan
4. Cooperative credit institution
5. Insurance companies
6. Collective investment organizations in transferable securities and their management compani
7. Social insurance institutions and fund
8. Investors characterized by the member (i.e. by Concorde Investments (Cyprus) Ltd) as professionals, upon their request, in accordance with Paragraph B of the Second Schedule of the Law (L144(I)/2007).
- States and international organization
- Central, federal, confederate, regional and local administrative authorities
- Enterprises who have close links with the Company, as per the interpretation of the term “close link” in section 2(1) of the Law (L144(I)/2007).
- Managerial and administrative staff of the member of the Fund.
- Shareholders of the Company, whose participation directly or indirectly in the capital of the Company amounts to at least 5% of its share capital, or its partners who are personally liable for the obligations of the Company, as well as persons responsible for the carrying out of the financial audit of the Company as provided by the Law, such as its qualified auditors.
- Investors having in enterprises connected with the Company and, in general, of the group of companies, to which the Company belongs, positions or duties corresponding to the ones listed in articles (5) and (6) above.
- Second-degree relatives and spouses of the persons listed in articles (5), (6) and (7), as well as third parties acting for the account of these person
- Investors convicted of a criminal offence for the said transactions, pursuant to the Prevention and Suppression of Money Laundering Activities Law of 2007 as well as Investors responsible for facts pertaining to the Company that have caused its financial difficulties or have contributed to the worsening of its financial situation or which have profited from these facts/activities.
- Investors in the form of a company, which due to its size, is not allowed to draw a summary balance sheet in accordance with the Companies Law or a corresponding law of a Member State of the European Union.
Fixing Of The Amount Of Payable Compensation
- If the amount of the claim determined, exceeds the amount of Euro 20.000, the claimant receives as compensation only the amount of Euro 20.000.
- The investment firm (i.e. Concorde Investments (Cyprus) Ltd) providing services to its clients through a branch situated in a third country, the amount of the maximum compensation payable to its clients comes up to the lump sum paid by any investor compensation scheme in operation in the third country, without however this amount exceeding the amount of €20.000 per client.
- If in the third country mentioned above, an investor compensation scheme is not in operation, the maximum amount of payable compensation comes up to Euro 3.417 per client.
For any further information regarding the Fund, please contact our Office at: Tel.: + 357 25 828 300, Fax: + 357 25 828 301 or e-mail: [email protected] – or –
The offices of the Administrative Committee of the Fund, at the following address:
Administrative Committee of the Investor Compensation Fund for Customers of CIFs and other IFs
27 Diagorou Str.
Tel: +357 22506600
Fax no.: +357 22506700
E-mail address: [email protected]