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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteCySEC’s 1 November 2019 announcement concerned clients of AFX Capital Markets Ltd, a Cyprus Investment Firm formerly authorised under licence No. 119/10. It explained that CySEC was investigating suspected regulatory failures, confirmed that AFX clients could complain to the Financial Ombudsman without the usual Unique Reference Number (URN), and repeated that AFX’s authorisation had been suspended in full.
The announcement did not conclude that fraud had occurred or state a confirmed amount of missing client money. Later notices changed the picture: CySEC said a material amount appeared to be missing, the Investor Compensation Fund (I.C.F.) process was opened in 2020, and AFX’s authorisation was ultimately withdrawn in 2021.
What CySEC announced on 1 November 2019
CySEC said it was investigating whether AFX had failed to comply with section 22(1) of Cyprus’s Investment Services and Activities and Regulated Markets Law of 2017. The suspected breach related to the authorisation condition in section 17(9), concerning organisational arrangements for protecting client funds, and paragraphs 4, 6 and 9 of Directive DI87-01.
The investigation followed CySEC’s decision of 19 July 2019 to suspend AFX’s authorisation in full under section 71(6)(c) of the Law and section 10(1) of Directive DI87-05. A full suspension meant that AFX could not continue providing the relevant investment services under its Cyprus licence while the suspension remained in force.
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At that stage, CySEC said the investigation was ongoing and would be completed “in due time.” The announcement did not say that CySEC had established theft, fraud or a specific client-money deficit. Those distinctions matter: a regulatory investigation is not the same as a final finding, and a suspension is not the same as licence withdrawal.
Read the 1 November 2019 CySEC announcement and the underlying PDF notice.
AFX clients could complain without a URN
Normally, a client complaint to the Financial Ombudsman would include a Unique Reference Number supplied by the investment firm. CySEC said AFX could not provide that number. CySEC and the Financial Ombudsman therefore created an exemption allowing AFX clients to submit complaints without a URN.
The current CySEC website labels the relevant route Complaints Without Ref No. The menu path is:
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Investor Protection → Complaint Regarding CIFs → Complaints Without Ref No.
The current form applies only to CIFs included in its drop-down menu. It asks for details including:
| Section | Examples of information requested |
|---|---|
| Identity and contact | Name, surname, ID or passport number, address, country of residence, email and telephone numbers |
| Firm and complaint | Selected CIF, complaint cause and any additional explanation |
| Investment | Financial instrument and, where applicable, an “Other” description |
| Amount | Disputed amount in euros, entered without decimals |
| Submission | Captcha and the required fields marked with an asterisk |
The current form is available at cysec.gov.cy/en-GB/investor-protection/how-to-complain/no-ref/. The older link printed in the 2019 notice may no longer be the correct route.
A complaint is not a compensation application
Submitting a complaint to CySEC or through the no-URN process does not itself recover money. CySEC currently states that it does not have restitution powers and does not investigate individual complaints. It may take complaints into account as part of its supervisory work, but it does not decide an individual investor’s compensation entitlement.
A complaint can therefore document alleged conduct or a dispute with the firm. A compensation claim is a separate process with different eligibility rules, evidence requirements and deadlines.
What changed in the 20 December 2019 update
CySEC’s later announcement dated 20 December 2019 said that information gathered during the investigation suggested that a material amount of client funds was missing. It also expressly said that CySEC had not reached a decisive conclusion about the size of the deficit.
That means reports claiming that CySEC confirmed an exact missing-money figure go beyond what the notice said. The update confirmed that AFX’s licence remained suspended and again explained that AFX clients could complain without a URN.
See the 20 December 2019 CySEC update.
The Investor Compensation Fund process
On 27 March 2020, CySEC determined that AFX was unable, for reasons directly related to its financial circumstances, to meet obligations arising from investor claims and had no early prospect of doing so. That determination triggered the compensation-payment process of the Investor Compensation Fund for covered clients.
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The ICF notice set 30 September 2020 as the deadline for submitting claims. That deadline has passed. The published submission options were:
- An online application form on the CySEC website; or
- A letter delivered or posted to the Investor Compensation Fund, 19 Diagorou Str., 1st floor, 1097 Nicosia, Cyprus.
The application required evidence such as:
- the claimant’s identity and contact details;
- AFX as the ICF member;
- the client code and/or investment-account number;
- the agreement covering the investment services;
- the type and amount of the claim;
- the latest platform account statement;
- the latest deposits-and-withdrawals statement;
- proof of deposits;
- documents supporting the claim;
- correspondence with AFX; and
- a signed statement that the information and documents were complete and accurate.
The ICF reserved the right to request additional evidence. The process applied to covered clients; the notices did not promise automatic full repayment to every AFX customer.
The current online route is:
Investor Protection → Investor Compensation Fund (I.C.F) → Application Form
The current form includes fields such as “Against which ICF member do you submit this application?”, “CIF Name”, “Client Code”, “Investment Account Number” and “Provide a brief description of your claim”. It also includes document-upload controls labelled “Upload file.” Visit the current ICF application page for the latest instructions. Because the 2020 deadline has expired, anyone with an unresolved issue should verify directly with CySEC or the ICF whether any procedure remains available rather than assuming a late application will be accepted.
AFX’s final licensing status
The 2019 suspension was not the final licensing action. CySEC’s Board decided on 19 July 2021 to withdraw AFX’s CIF authorisation No. 119/10; the decision was announced publicly on 23 December 2021.
The withdrawal decision referred to failures involving authorisation conditions, board governance, shareholder suitability, organisational requirements and information provided to clients. AFX therefore no longer holds the authorisation that was suspended in 2019.
| Date | Event |
|---|---|
| 19 July 2019 | AFX’s authorisation suspended in full. |
| 1 November 2019 | CySEC announced the investigation and the no-URN complaint arrangement. |
| 20 December 2019 | CySEC said information suggested a material client-funds deficit, without determining its size. |
| 27–31 March 2020 | CySEC and the ICF initiated the compensation process. |
| 30 September 2020 | Published deadline for covered-client ICF claims. |
| 19 July 2021 / 23 December 2021 | AFX’s authorisation was withdrawn; the decision was announced in December 2021. |
What former AFX clients should take from the notices
- Do not describe the 2019 action as a revocation. It was a full suspension. Withdrawal came later.
- Do not rely on an unverified deficit figure. CySEC referred to a material missing amount but did not confirm its size in the December 2019 update.
- Keep complaint and compensation routes separate. A no-URN complaint is not an ICF claim and does not guarantee repayment.
- Gather records before contacting the authorities. Account statements, deposit records, withdrawal requests, client agreements and correspondence are the key documents identified in the ICF notice.
- Check current instructions directly. The ICF deadline published for AFX claims was 30 September 2020, and website paths and forms can change.
FAQ
Did CySEC revoke AFX Capital Markets’ licence in July 2019?
No. On 19 July 2019, CySEC suspended AFX’s authorisation in full. The authorisation was withdrawn later, following a Board decision dated 19 July 2021 that was announced on 23 December 2021.
How could an AFX client complain without a Unique Reference Number?
CySEC and the Financial Ombudsman created an exemption because AFX could not provide the normal URN. The current CySEC route is Investor Protection → Complaint Regarding CIFs → Complaints Without Ref No. The form is limited to CIFs shown in its selection list.
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No. The 20 December 2019 update said that a material amount of client funds appeared to be missing, but stated that the size of the deficit had not been decisively established.
Could every AFX client automatically receive full repayment?
No. The ICF process applied to covered clients who submitted a claim supported by evidence. The notices did not promise automatic full repayment to every customer.
What was the deadline for AFX Investor Compensation Fund claims?
The ICF announcement set 30 September 2020 as the deadline. That date has passed. Former clients should contact CySEC or the ICF directly for any current information about unresolved matters.
Does a complaint to CySEC recover an investor’s money?
No. CySEC states that it has no restitution powers and does not determine individual compensation claims. Complaints may still assist its supervisory work, but they are not a substitute for a compensation application or other legal remedy.
The Bottom Line
CySEC’s 1 November 2019 announcement gave AFX clients a way to complain without a URN while an investigation continued. It did not establish fraud or quantify missing funds. Later notices identified a suspected material client-funds deficit, opened the ICF process for covered clients, and ultimately confirmed that AFX’s authorisation was withdrawn. The published ICF claim deadline was 30 September 2020, so former clients should use CySEC’s current pages and contact the authorities directly about any outstanding claim rather than relying on old links or claims of automatic repayment.
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