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CySEC starts processing ACFX clients compensations

Maya Mandz | Mar. 22, 2019
CySEC starts processing ACFX clients compensations

March 22, 2019, | AtoZ Markets - Atlas Capital Financial Services Ltd, also known as ACFX, has not fulfilled its obligations until today. According to local reports, ACFX clients compensations are still not paid.

CySEC allegations against ACFX in a brief

The Cyprus Securities Commission  (CySEC) has announced the commencement of the compensation process by the Investor Compensation Fund for Investment Companies (ICF). However, Atlas Capital has not, until today, settled its obligations related to investment and support services provided to its customers.

The Atlas Capital CIF permit has been revoked by the local financial authority since February 2017. Then CySEC noted the Company's non-compliance with the following requirements:

  • Atlas Capital does not comply with the terms of the permit and operation:
  • The company was unable to establish, implement and maintain effective procedures for the reasonable and quick review of complaints received from its clients and for their full investigation.
  • The finance firm could not provide evidence of the actions taken, CySEC is unable to determine whether the company has taken all measures necessary to ensure the continued and regular implementation of its services.
  • The company was not able to provide evidence of actions taken, CySEC cannot determine whether the company has effective procedures for identifying, managing, monitoring and reporting risks. ,
  • The firm failed to provide evidence of the actions taken, CySEC cannot determine whether the Company has taken all necessary measures and adequate measures to protect the assets of its customers.

ACFX case receives some development

In a statement today, the Cypriot regulator stated that ACFX did not fulfill its obligations related to the investments and support services provided to its customers.

However, the CySEC has determined that the company will not be able to fulfill its obligations to its customers in the near future. The financial regulator explained that this is not related to a temporary lack of liquidity, which can be resolved immediately.

Following this announcement, the ICF will publish, in at least two nationally covered newspapers, an invitation to submit applications for compensation, indicating the procedure for filing relevant applications, the deadlines for their submission and their content. This publication will also be posted on the CySEC website. All affected clients (insured clients of the Company) are invited to examine Directive DI87-07 (R.A.D. 76/2019), as well as information, to apply for compensation and take all necessary measures to file their claims.

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