Global Capital
Securities & Financial Services Ltd is a member of the Investors’
Compensation Fund (ICF) for Investment Firms.
The purpose
of the ICF is to pay compensation to retail investors in those cases in which
the investment firm concerned is unable to pay over clients’ assets due to its
financial circumstances, and there is no realistic prospect of these
circumstances improving in the near future.
The ICF is governed by
a 5-member Administration Committee chaired by the Chairman of the Board of
Directors of the Cyprus Securities & Exchange Committee.
Customers Covered by the ICF
Eligible for compensation by the ICF are all Global Capital’s clients who do not fall in any of the following categories:
a. Investment Firm
b. Bank
c. Cooperative Credit Institution
d. Insurance Company
e. Investors categorized as “professional”
f. Social Insurance Institution
g. UCID and its management company
h. States and Supra-national organizations
i. Central, federal, regional or local government
j. Legal Entity associated with a Member of the ICF
k. Management and Administrative staff of the Member of the ICF
l. Shareholder of a Member of the ICF with a participation of more than 5%
m. Auditor of the Member of the ICF
n. 2nd degree relatives and spouses of categories k-m above
o. Investors that are legal entities and which, because of their size, are forbidden by Law to issue a Summary Balance Sheet.
Payable Compensation
The maximum payable
compensation to be paid by the ISC to any one client amounts to €20.000. In
those circumstances where two or more eligible clients share a common account,
the maximum payable compensation for the account remains €20.000 which, in the absence
of any other agreement, is shared equally by the account owners.