The Cyprus Securities and Exchange Commission (CySEC) has announced the removal of AMP Global Ltd from the Investors Compensation Fund (ICF) following the firm’s decision to withdraw its Cyprus Investment Firm (CIF) authorization.
ICF Removal and Compensation Eligibility
Despite the termination of ICF membership, AMP Global’s former clients may still be eligible for compensation for investments made before the withdrawal, as long as they meet the criteria outlined in CySEC’s Directive DI87-07. This process allows clients to potentially receive compensation for past investment activities, even with the company’s recent ICF departure.
AMP Global Halts European Operations
AMP Global, a U.S.-based FX and CFD broker, recently announced the suspension of its European operations, previously managed through its Cyprus-based subsidiary, AMP Global Ltd. This decision includes voluntarily renouncing its CIF license, as confirmed by CySEC, ending AMP Global’s regulated status in Europe. However, AMP Global Clearing LLC remains registered in the U.S. as a Futures Commission Merchant, allowing the company to continue operations within the U.S.
The official statement on AMP Global’s website notes, “AMP Global Ltd hereby notifies you that it is in the process of voluntarily renouncing its CIF License with authorization number 360/18.” The company further confirmed it will not accept new clients, has terminated accounts for existing clients, and is guiding clients on the process for fund returns and filing any complaints.
CySEC Emphasizes UKNF’s Restrictions on Referral Programs
CySEC has also reminded Cyprus Investment Firms (CIFs) of the Polish Financial Supervision Authority’s (UKNF) recent stance on referral and affiliate programs. According to UKNF’s guidelines issued in October 2023, clients of investment firms or unregulated intermediaries are restricted from performing individualized client acquisition under referral or affiliate programs. CySEC highlighted this stance to reinforce compliance among CIFs.
These developments reflect CySEC’s ongoing commitment to investor protection and adherence to regulatory standards across the European Union.
