Information on the procedure and manner of payment of compensation to the clients of Matador Prime Ltd

Investor Compensation Fund (ICF) provides compensation to the clients of an investment intermediary in the cases specified in Art. 77b, para. 1, Art. 77c, para. 1 or Art. 77о, para. 3 of the Law on Public Offering of Securities (LPOS).

The claim for payment of compensation shall be raised in written form to the Fund within a period of one year after the publishing of the announcement by the Fund, i. e. as of February, 1st 2019.

The claim may be submit via postal office/courier services firm or via email with electronically signed documents. In case the claim is submitted via email all documents must be signed with electronic signature issued by a provider of qualified electronic signature, which operates pursuant to Regulation (EU) No 910/2014 of the European Parliament and of the Council of Europe on “Electronic identification and trust services for electronic transactions in the internal market”. Otherwise the Fund will not be able to read the electronic signature.

The address of the Fund is as follows: 31st “Tzar Shishman” str., 2nd floor, 1000, Sofia, Bulgaria. And the email address is office@sfund-bg.com. 

The Fund provides compensation to every client of an investment intermediary at the rate of 90 per cent of the amount of clients’ assets, but not more than BGN 40 000.

The Fund does not provide compensation to clients of investment intermediaries given in Art. 77d, para. 2 and 3 of LPOS.

The procedure for claim consideration and payment of compensation takes approximately 4 months. 

The procedure for claim consideration and payment of compensation by the ICF is as follows:

1.

The Fund verifies the regularity of the claim for payment of compensation

(respectively when there is incompleteness and inconsistencies the client must resolve those or provide additional information and data)

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Within 10 days from the date on which the claim is received

 

2.

Any claim for payment of compensation shall be sent officially to the quaestor, liquidator or receiver for a standpoint

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Within 7 days from the date on which the claim is received. If the claim is inconsistent/incomplete within 7 days from the date on which all inconsistencies have been resolved

3.

Receiving a written statement by the quaestor, liquidator or receiver on the merits of the claim for payment of compensation

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Within 30 days from the date of receiving the claim by the Fund

4.

The Fund reviews the claim and takes a decision to pay out compensation

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When the reason and amount of each client’s claim is established, but not later than 3 months

5.

The amount is paid by United Bulgarian Bank AD

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Sample templates

Claim for payment of compensation of natural person from Investor Compensation Fund

Claim for payment of compensation of legal person from Investor Compensation Fund

 

Mandatory declarations

Declaration for natural person, according to Art. 77d, para. 2, items 2, 4, 13 and 14, para. 3 and Art. 77w of LPOS

Declaration for legal entity, according to Art. 77d,  para. 2, items 2, 13 and 14 of LPOS

Additional information for the terms and manners of the payment of compensation can be found here.