ISEC Wealth Management Ltd was incorporated in Cyprus on 27 September 2016 as a private limited liability company under the Cyprus Companies Law, Cap. 113. with Registration Number HE 360500. The Company is authorized and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) with license No.356/18. The Company at the office located at 254 Arch. Leontiou A, Maximos Court, Block B, 6th floor, 3020-Limassol, Cyprus.
ISEC Wealth Management Limited (hereinafter, the “Company”) is a member of the Investor Compensation Fund (“ICF”) for the Clients of Cyprus Investment Firms (“CIFs”), whose competences and operations are regulated by the provisions of the Law 87(I)/2017 and Directive DI87-07 of the Cyprus Securities and Exchange Commission for the operation of the Investors Compensation Fund as amended from time to time. Law”).
The objective of the Fund is to secure the claims of the covered customers against the members of the Fund by the payment of compensation for their claims arising from the covered services provided by its members, so long as failure by the member to fulfil its obligations has been ascertained.
Failure by the Company to fulfil its obligations consists of its failure in accordance with the legal and contractual conditions applicable:
(a) to repay the funds owed to covered customers or belonging to them and held on their behalf in connection with investment operations; or
(b) to return to covered customers any financial instruments belonging to them and held, managed or administered on their behalf in connection with investment operations.
3. Covered Services
The ICF shall compensate the Company’s covered Clients as to the covered investment services and ancillary services offered by the Company as these are listed on its authorization which can be found in the website of the Cyprus Securities and Exchange Commission at https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/79759/.
4. Covered Clients
The ICF covers Retail Clients of the Company. It does not cover Professional Clients and Eligible Counterparties. For more details see paragraph 5 below.
5. Non-Covered Clients
5.1 Under Applicable Regulations, the ICF does not compensate the following investor categories:
5.2. In the cases of sub-paragraphs (e), (f), (g) and (g) of paragraph 5.2., the ICF suspends the payment of compensation informing the interested parties accordingly, until it reaches a final decision as to whether such cases apply.
6. Compensation Payment Formalities
6.1. The ICF initiates the compensation payment process in one of the following situations:
6.2. The Cyprus Securities and Exchange Commission shall issue its decision for the initiation of the compensation payment procedure by the Fund within a reasonable time, and publish the relevant information on its website.
6.3. Upon initiation of the compensation payment procedure, the Fund shall publish as soon as possible in at least two national newspapers, an invitation to submit applications for compensation, designating the procedure for the submission of the relevant applications, the deadline for their submission as well as their content.
The said publication shall be communicated immediately to the Cyprus Securities and Exchange Commission, which shall post the publication on its website. In exceptional and justified cases, the Fund, with an announcement thereof, may extend the deadline for the submission of compensation applications up to three months, provided it obtains the approval of the Cyprus Securities and Exchange Commission. The said announcement shall be published by the Fund in at least two national newspapers, and the Cyprus Securities and Exchange Commission shall publish it on its website.
7. Amount of Compensation
7.1. The amount of the claim of a covered customer shall be calculated based on legal and contractual conditions, in particular those relating to offsetting and counterclaims, that are applicable to the assessment on the date of the initiation of the compensation payment procedure of the amount of the funds or value determined with reference to the market value, where possible, of the financial instruments belonging to the covered customer and which such funds or instruments, the Fund member fails to repay or return, respectively.
7.2. The calculation of the compensation payable shall arise from the sum of the total established claims of the covered customer against the Company, arising from all covered services provided by the Company and regardless of the number of accounts of which it is the beneficiary, the currency and place where such services are provided within the European Union.
7.3. The maximum limit of coverage will be either the 90% of the cumulative covered claims of the covered customer, or the amount of €20.000, whichever is lower. Compensation shall be paid in Euro, and, where the funds and/or financial instruments are expressed in a currency other than the Euro, the exchange reference rate of the said currency against the Euro fixed by the European Central Bank at the end of the day on which the compensation payment procedure was activated, shall be used.
7.4. The Fund may at any time require the covered customer to return the compensation paid to it if it subsequently establishes that there has been a reason for the rejection of the application.
7.5. The Fund is obliged to pay to each covered customer/claimant the compensation that he is entitled to within three months from the date that the decision was communicated to the covered customer. In extraordinary and justified circumstances, the Fund may request from the Cyprus Securities and Exchange Commission an extension of the said deadline. The said extension may not exceed three months.
7.6. The payment of the compensation by the Fund is deposited to a bank account of the covered customer designated by the latter in writing to the Fund.
7.7. For more information about the Investor Compensation Fund, please refer to the following link www.cysec.gov.cy.
7.8. A physical or electronic copy of this document (“Information on Investor Compensation Fund”) can be requested from our Customer Support via e-mail firstname.lastname@example.org.
Investing in financial instruments involves a high degree of risk and may not be suitable to all investor. Trading in financial instruments can result in both an increase and decrease in capital. Please refer to our Risk Disclosure available in our web site for further information.
For more information about the company's policies when using this website and the contract terms that are used when opening an account with ISEC, please go to CONTRACT TERMS .