FIBO GROUP HOLDINGS Ltd is a member of the Investor Compensation Fund (ICF) for Customers of Cypriot Investment Firms (CIFs) and other Investment Firms (IFs) which are not credit institutions (the “Fund”). The ICF was established under the Investment Firms (IF) Law 2002 as amended (the “Law”) and the Establishment and Operation of an Investor Compensation Fund for Customers of CIFs Regulations of 2004 (the “Regulations”) which were issued under the Law.
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.
The Investor Compensation Fund covers the following services:
The phrase financial instruments in the previous paragraph refers to:
The ICF covers the clients of FIBO GROUP HOLDINGS Ltd except those who are included in the following categories of investors:
The Fund initiates the compensation payment procedure when at least one of the following prerequisites is fulfilled:
Upon issuance of a decision by the Cyprus Securities and Exchange Commission or by the Court in accordance with paragraph (a) or (b) above respectively, on the commencement of the compensation payment procedure, the Fund publishes in at least three national newspapers an invitation to the covered customers to make their claims against FIBO GROUP HOLDINGS Ltd arising from covered services, designating the procedure for the submission of the relevant applications, the deadline for their submission and their content.
The amount of compensation payable to each covered customer is calculated in accordance with the legal and contractual terms governing the relation of the covered customer with FIBO GROUP HOLDINGS Ltd, subject to the rules of set-off applied for the calculation of the claims between the covered customer and FIBO GROUP HOLDINGS Ltd. The calculation of the payable compensation derives from the sum of total established claims of the covered customer against FIBO GROUP HOLDINGS Ltd, arising from all covered services provided by FIBO GROUP HOLDINGS Ltd and regardless of the number of accounts of which the customer is a beneficiary, the currency and place of provision of these services.
If the amount of the claim determined, exceeds the amount in Cyprus Pounds corresponding to Euro 20.000, the claimant receives as compensation the lump sum in Cyprus Pounds of the amount of Euro 20.000.
The investment firm 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.
Upon completion of the valuation, the Fund:
The claimant, to whom the Fund communicates the total compensation amount to which he is entitled, in case he disagrees with the Fund’s decision, has the right within ten days from the communication of the decision to appeal to the Cyprus Securities and Exchange Commission, justifying sufficiently his alleged claim.
The Fund is obliged to pay to each covered customer – claimant the compensation within three months from sending to the Cyprus Securities and Exchange Commission the minutes with the compensation beneficiaries.
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