In accordance with the Law 87 (Ι)/2017, Coverdeal Holdings Ltd. is a member of the Investor Compensation Fund (hereinafter referred to as the ICF or the Fund).
The objective of the ICF is to secure claims of Clients against Cyprus Investment Firms (hereinafter referred to as the CIFs), members of the ICF, through the payment of compensation in the event of the CIF being unable:
The ICF does not cover Professional Clients or Eligible Counterparties but only Retail Clients of CIFs.
The amount of compensation payable to each covered client may not exceed 20,000 EUR, irrespective of the number of accounts held, currency and place of offering of the investment service.
Under applicable Regulations the ICF does not compensate the following investor categories:
1. The following categories of institutional and professional investors:
2. States and international organizations.
3. Central, federal, confederate, regional and local administrative authorities.
4. Enterprises associated with the member of the Fund, in accordance with the Fifth Schedule of the Law 144(I).
5. Managerial and administrative staff of the member of the Fund.
6. Shareholders of the member of the Fund, whose participation directly or indirectly in the capital of the member of the Fund amounts to at least 5% of its share capital, or its partners who are personally liable for the obligations of the member of the Fund, as well as persons responsible for the carrying out of the financial audit of the member of the Fund as provided by the Law, such as its qualified auditors.
7. Investors involved in enterprises connected with the member of the Fund and, in general, of the group of companies, to which the member of the Fund belongs, positions or duties corresponding to the ones listed in paragraphs (5) and (6).
8. Second-degree relatives and spouses of the persons listed in paragraphs (5), (6) and (7), as well as third parties acting for the account of these persons.
9. Apart from the investors referred to in subsection (2) of section 55 of the Law 144(I), Investors-Clients of a member of the Fund responsible for facts pertaining to the member of the Fund that have caused its financial difficulties or have contributed to the worsening of its financial situation or which have profited from these facts.
10 .Investors in the form of a company, which due to its size, is not allowed to draw a summary balance sheet in accordance with the Companies Law or a corresponding law of a Member State of the European Union.