Cypriot regulatory authorities have announced that they will be launching a compensation process for customers of AFX Capital Markets Ltd, which was registered and operated in Cyprus as an affiliated company of AFX Markets in the United Kingdom. Following a decision by the Board of the Cyprus Securities and Exchange Commission (CySEC), customers will be able to submit claims for compensation against the broker, whose license was suspended on July 19, 2019.
Following the initiation of the compensation payment procedure, the Cypriot Investors Compensation Fund will publish, in at least two newspapers of national coverage, an invitation to submit compensation applications, designating the procedure for the submission of the relevant applications, the deadline for their submission and their content. The said publication will be also posted on CySEC’s website.
All affected clients (covered clients of AFX) are invited to study Directive DI87-07 (R.A.D. 76/2019) as well as the information for the submission of compensation applications and take all appropriate actions for the submission of their claims. In the United Kingdom, AFX Markets clients have until June 1st, 2020 to file Client Money Claims.