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Forex Regulation News Archive - Apr to Jun 2016


View below the most current forex regulation news from forex regulatory authorities around the world that was published between April and June 2016. This service provided for you by the staff at Best Online Forex Brokers, as we are constantly striving to provide you, our website visitors, with the most complete and up to date information on forex brokers and forex regulatory issues.

CySEC Guides Brokers to Do Due Diligence when Selecting Liquidity Providers

30 Jun 2016, Nicosia, Cyprus - Finance Magnates - CySEC's move coincides with the timing of a number of regulated brokers losing money with Fortress Prime. CySEC has just published its fifth consultation paper for the year when it comes to regulating the activities of Cyprus Investment Firms. The Cypriot watchdog has turned its sights towards liquidity providers (LPs) and more specifically towards the ways which brokers use to conduct their due diligence.


Latest FCA Regulated Retail Forex Broker to Launch: BlackPearlFX

29 Jun 2016, London, UK - LeapRate - LeapRate has learned that a new FCA regulated Retail FX broker just launched operations under the fairly unique brand name of BlackPearlFX, a trading name of Black Pearl Securities Limited. The broker also seems to have social trading in mind. We are pleased to bring LeapRate readers an exclusive interview with BlackPearlFX co-founder and CEO Francesco Porcu, who addresses everything from the company's . . .


CySEC to Set New Rules for Use of Liquidity Providers and Market Makers

29 Jun 2016LeapRate - Cyprus financial regulator CySEC has issued a consultation paper regarding new proposed rules governing the use of Liquidity Providers and Market Makers by regulated brokers on the island. cyseclogoThe new rules would still allow Retail Forex brokers on the island to have liquidity and market making relationships with entities outside the country and outside the EU (of which Cyprus is a member). However foreign LPs or . . .


CySEC Continues CIF License Suspension of Forex Broker UBFS Invest

29 Jun 2016, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC's typical modus operandi when faced with a suspension-worthy offense by one of its regulated entities is to suspend the CIF license of that company for one month, giving the company a full 30 days to fix things. Sometimes that happens, but sometimes it doesn't happen. In the case of retail forex broker UBFS Invest (full legal name: UBFS Invest Powered By Moneychoice . . .


China Securities Regulatory Commission Signs MoU with the Bank of Russia

28 Jun 2016, Moscow, Russia - LeapRate - It was just officially announced that on June 25, 2016, Mr. Liu Shiyu, Chairman of China Securities Regulatory Commission (CSRC) and Mr. Sergey Shvetsov, First Deputy Governor of the Bank of Russia signed a Memorandum of Understanding (MOU) regarding cooperation on financial and capital markets in Beijing. This MOU substitutes the MOU between China Securities Regulatory Commission and the now dissolved . . .


Belarus' NBRB Registers Forex Broker Gerchik & Co.

27 Jun 2016, Belarus - SMN Weekly - National Bank of the Republic of Belarus (NBRB) said on Friday it has included forex brokers Alpari Eurasia, a unit of international group Alpari, and Gerchik &Co. to its register of forex companies authorized to operate in the country. The NBRB added both entities to the register on 23 June, 2016. In Belarus, acquiring a registration with the central bank is the equivalent to acquiring an authorization or a . . .


KROUFR Adds YouTradeFX to Black List

23 Jun 2016, Russia - SMN Weekly - Russia's KROUFR, the self-regulatory organization (SRO) of the forex brokers operating in the country has added the YouTradeFX forex broker to its blacklist. According to the publication on the SRO's website, it has many facts about dishonest activities of the forex broker. Furthermore, it claims to have a license ? C110008678 FSC Mauritius from the Financial Services Commission of island of Mauritius. This, . . .


HotForex is Granted a Financial Service Provider License by the Financial Services Board (FSB) of South Africa

21 Jun 2016, Johannesburg, South Africa - PRNewsWire - The HotForex brand has now been officially licensed by the Financial Services Board (FSB) of South Africa, Solidifying its commitment to offering clients the highest levels of security. The HF Markets Group has announced today that, in addition, to existing licenses and regulation from the Financial Services Commission (FSC) of Mauritius, the Financial Services Authority (SVGFSA) of Saint . . .


Banco FX and CFD1000 Flagged by FCA as Unauthorized Brokers

21 Jun 2016, London, UK - Finance Magnates - Banco FX and CFD1000 have been targeting clients both in the European Union and in some emerging markets. The U. K. Financial Conduct Authority (FCA) has flagged two companies which are offering forex and CFDs trading as unauthorized operations. Both Banco FX and CFD1000 have been providing investment services to clients without the appropriate authorization. The firms claim to be operating from the U. K.


ASIC Releases Report Highlighting Significant Failures in the Retail Forex Industry

20 Jun 2016, Sydney, Australia - ASIC Media Release - ASIC today released a report detailing the findings of a recent surveillance program and identifying some serious and widespread compliance failures in the retail over-the-counter (OTC) derivatives industry. In recent years, ASIC has made a number of public statements about the concerning degree of non-compliance in the retail OTC derivatives sector. ASIC considers retail OTC . . .


Israeli Markets Watchdog Rejects Yet Another Broker, iTraderFX

19 Jun 2016, Jerusalem, Israel - Finance Magnates - Clients of iTraderFX in Israel are requested to close all positions by Thursday, July 14th. The Israeli Security Authority (ISA) revealed today that it has rejected the licensing application of iTraderFX. This brings the number of firms remaining in the process of acquiring permission to operate in the country to just ten less than half of the 21 that started.


CySEC Warns about Linking Broker Pay to Volumes, Deposits or Client P&L

16 Jun 2016, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC has issued a directive regarding remuneration policies and practices at CIF licensed companies, which include the many regulated retail forex and binary options brokers on the island. CySEC logoWhile not directing an outright ban on such practices, CySEC stated that certain types of remuneration seem to create a conflict of interest with clients, and as such are not in . . .


IronFX Excluded from UCRFIN over Non-Payment of Membership Fees

15 Jun 2016, Kiev, Ukraine - Finance Magnates - The UCRFIN membership of IronFX has effectively been suspended by the self-regulatory organization. Ukrainian self-regulatory organization (SRO) of forex and CFDs brokers UCRFIN has announced that its membership of Cyprus headquartered brokerage IronFX has been suspended. After being a member for two years, the company has failed to make due payments of its membership fee. The announcement has been . . .


Belize's IFSC Warns of Trade24 Using a Fake License

14 Jun 2016, Belize - SMN Weekly - Belize's regulator, the International Financial Services Commission (IFSC), has published a warning that the TRADE24 Investments Ltd. forex broker is falsely claiming it has a Belize license. Furthermore, the IFSC notes, the Licence No. IFSC/60/350/TS/15-16 carrying its name and purporting to be signed by Mrs. Neri J. Matus, the Director General of International Financial Services Commission of Belize and . . .


Russia Mulls Setting Leverage Cap of 50:1 for Retail Forex Traders

13 Jun 2016, Moscow, Russia - SMN Weekly - Russia is working on regulatory amendments, under which the maximum leverage for retail forex clients would be limited to 50:1, according to a notice published on Friday by Russian self-regulatory organization (SRO) for over-the-counter (OTC) financial instruments CRFIN. The change aims to protect inexperienced investors by limiting losses caused by the use of leverage and to increase the lifespan of . . .


Belarusian Central Bank Blocks Access to Local LiteForex and Weltrade Sites

13 Jun 2016, Belarus - SMN Weekly - The Belarusian National Bank and the Ministry of trade have blocked the user access to the local websites of the forex brokers LiteForex (www.liteforex. by) and Weltrade (by. weltrade.com), while the site RoboForex. by has been down for a while, reports the Russian-language site Finance Magnates. At the same time the Belarusian site of another forex broker MTrading (by. mtrading.com) redirects to the Russian . . .


Panama: Forced Liquidation of Brokerage Firm Panama Wall Street

10 Jun 2016, Panama - Central American Data - Citing several irregularities during the intervention process, the Securities regulator decided to order the liquidation of the brokerage firm Panama Wall Street. From this moment forward, investors and creditors of Panama Wall Street S. A. must present themselves at the company's premises to declare the amounts owed to them and start due process with the authorities who will lead the settlement . . .


Asia Focused LandFX Lands FCA License to Target EU Clients

8 Jun 2016, London, UK - Finance Magnates - The brokerage is one of the few to have obtained an FCA license for forex and CFDs trading this year. The U. K. Financial Conduct Authority (FCA) has just issued a new license for a foreign exchange and CFDs trading brokerage. The U. K. subsidiary of LandFX has become the latest firm to obtain a matched principal license from the London based watchdog which will allow it to provide straight through . . .


Vinson Financials Renounces CySEC CIF License

7 Jun 2016, Nicosia, Cyprus - LeapRate - The Cyprus Securities and Exchange Commission (CySEC) today announced that, on 23rd May 2016, Forex broker CIF Vinson Financial Ltd, which provided investment services via the domain vinsonfinancials.com, renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the 'Law'). Therefore, the authorization with ?umber . . .


ADS Securities Expands to Full-service Brokerage in Hong Kong with SFC Type 1 & 2 Licenses

7 Jun 2016, Hong Kong - LeapRate - ADS Securities, the Abu Dhabi-based international financial services firm, has announced that it had successfully secured its Type 1 and Type 2 regulatory licenses from the Hong Kong Securities and Futures Commission (SFC). With the addition of these licenses permitting the company to deal in both securities and futures contracts, ADS Securities Hong Kong Limited will expand its business from pure FX to a . . .


CySEC Panama Papers List of Brokers: 63 CIFs Involved

7 Jun 2016, Nicosia, Cyprus - AtoZ Forex - The Cyprus Securities and Exchange Commission (CySEC) has made progress in its investigation of the CIFs, ASPs, MC UCITS, AIFMs, AIFLNP involved in the Panama papers leaks. At present, a detailed CySEC Panama Papers list of firms got assembled. The case involved the giant leak of 11. 5 million financial documents and legal records. The documents revealed the mechanism that allowed corruption and crime . . .


Bank of Russia Denies Forex Broker Licenses to Alpari and Forex Club

3 Jun 2016, Moscow, Russia - SMN Weekly - Russia's financial megaregulator, the Bank of Russia has denied forex broker license to the two largest forex brokers in terms of trading volume in 2015 in the country Alpari and ForexClub. In two separate official statements with identical wording on its site, dated June 2, the central bank said it has decided to deny license for professional participant in the stock market and activities as forex dealer . . .


NFA Set to Double Fee for Forex Order Reporting

2 Jun 2016, Chicago, IL, USA - LeapRate - LeapRate has learned that the National Futures Association (NFA) has just sent a letter to the Commodity Futures Trading Commission (CFTC), in which if within 10 days no review is requested, the transaction fee is set to increase for each order segment a Forex Dealer Member (FDM) submits to NFA's Forex Transaction Reporting Execution Surveillance System which is named "Fortress". The Fortress system . . .


New Zealand Deregisters Solidary Markets NZ

2 Jun 2016, Auckland, New Zealand - SMN Weekly - New Zealand's business ministry issued on Wednesday a notice about the removal of forex brokers Solidary Markets Nz Ltd. , Sumo Forex Ltd. , and Tigerwit Prime Ltd. together with another 50 entities and individuals, from the Financial Service Providers Register (FSPR) of investment service providers authorized to operate in the country. The decision for the deregistration of Solidary Markets was . . .


ASIC Releases its Third Licensing Activity Report: 30 Applications for Retail FX License

31 May 2016, Australia - LeapRate - Australian Securities and Investments Commission (ASIC) today published its third report on its approach to licence applications. The six month report from July to December 2015 sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF . . .


Canadian Securities Regulator Issues Warning about AvaTrade

31 May 2016, British Columbia, Canada - British Columbia Securities Commission - Ava Trade Ltd. claims to be a regulated on-line broker, based in the British Virgin Islands. We became aware of a recent advertisement placed by Ava Trade Ltd. in British Columbia (BC). Ava Trade Ltd. is not registered to trade in, or advise on, securities or exchange contracts in BC. We urge BC residents to exercise caution when dealing . . .


SFC Reprimands and Fines Guotai Junan Securities(Hong Kong) Limited $1.3 Million

30 May 2016, Hong Kong - Hong Kong Securities and Futures Commission - The Securities and Futures Commission (SFC) has reprimanded and fined Guotai Junan Securities (Hong Kong) Limited (Guotai Junan) $1. 3 million for non-compliance with the regulatory requirements in relation to ascertaining client identity (Note 1). In July 2014, the SFC requested Guotai Junan to provide details of the ultimate clients of certain transactions it . . .


CySEC Withdraws License of Trademarker (Cyprus) Ltd (skyfx.com)

27 May 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, on its meeting of 25th April 2016, has decided, pursuant to sections 25(1)(b),(c) and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), to wholly withdraw the Cyprus Investment Firm authorization with number 151/11 of Trademarker (Cyprus) . . .


CySEC Suspends License of UBFS Invest

27 May 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission announces that, following a decision in the meeting dated 23 May 2016, the authorisation of the Cyprus Investment Firm 'UBFS Invest powered by Moneychoice Brokers Ltd', with number 239/14, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the . . .


Newly Licensed TeleTrade Group Joins Russian SRO AFD as Member

25 May 2016, Russia - SMN Weekly - Russian forex brokerage TeleTrade Group was accepted on Tuesday as a member of the Association of Forex Dealers (AFD), a self-regulatory organization (SRO), the broker said on Tuesday. The broker received earlier this month a forex broker license from the Central Bank of Russia (CBR), becoming one of three entities to obtain such a license. Under the laws, licensees are required to join a SRO in their industry . . .


U.S. Brokers Well Prepared for End of SEC Retail Forex Extension Rule

25 May 2016, United States - Finance Magnates - The Securities and Exchange Commission has adopted a temporary measure in 2013 as an interim extension till 31st of July. The U. S. Securities and Exchange Commission (SEC) last week reminded brokers and dealers that are not registered as Retail Foreign Exchange Dealers (RFEDs) that after the 31st of July they will not be permitted to provide retail foreign exchange. In the aftermath of the financial . . .


Vipro Markets Expands Its EU Regulatory Footprint by Registering Brokerage Services in Key European Trading Markets

24 May 2016, London, UK - PRNewsWire - The company successfully meets all registration requirements from the FCA in the UK, BaFin in Germany and CONSOB in Italy. Limassol, Cyprus-headquartered global ECN Forex broker Vipro Markets is proud to announce it has registered its services with major European Union financial market regulators including the FCA in the UK, BaFin in Germany, ACPR in France, CONSOB in Italy and CNMV in Spain. The company . . .



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More Forex Regulation News

Hong Kong SFC Signs MoU with FINRA Dealing with Cross-border Entities

20 May 2016, Hong Kong - LeapRate - The Securities and Futures Commission (SFC) of Hong Kong today has announced the regulator has entered into a memorandum of understanding (MoU) with the Financial Industry Regulatory Authority of the United States (FINRA) concerning mutual assistance in the supervision and oversight of regulated entities that operate on a cross-border basis in Hong Kong and in the United States.


French Parliament to Vote on Forex and Binary Options Advertising Ban in 2016

17 May 2016, Paris, France - Finance Magnates - French clients of financial services have been amongst the hardest hit by a number of fraudulent brokers. The coming quarters could make business for retail brokerages in France . . .


Teletrade Becomes Second Broker to Obtain Russian Forex Broker License

13 May 2016, Moscow, Russia - SMN Weekly - Forex brokerage TeleTrade Group said on Thursday it has received a license to operate as a forex broker from the Central Bank of Russia (CBR). This is the second Russian forex broker . . .


Russia's CBR Grants Forex Broker License to TrustForex, Rufuses to License Profit Broker

13 May 2016, Moscow, Russia - SMN Weekly - The Central Bank of Russia (CBR) has granted forex broker license to TrustForex, while refusing license to Profit Broker, according to data published on the bank's website.


Russia SRO CRFIN Blakclists KSF Trade, EU Broker Age

12 May 2016, Moscow, Russia - SMN Weekly - Russian self-regulatory organization (SRO) for over-the-counter (OTC) financial instruments CRFIN said on Wednesday it has included two more forex brokers to its black list EU Broker . . .


IKON Australia Agrees with ASIC to Separate Overseas Client Funds From its AFS License

11 May 2016, Sydney, Australia - ASIC Media Release - Following concerns raised by ASIC, retail over-the-counter (OTC) derivative issuer Ikon (Australia) Pty Ltd (AFSL No. 416279) (Ikon) has agreed to separate client . . .


Brilliant One Forex FSA Warning

11 May 2016, Tokyo, Japan - AtoZ Forex - The Financial Services Authority (FSA) of Japan continuously monitors its jurisdiction for illegal and unauthorised investment companies. This consequentially led into an update of the . . .


FMA Adds Forex Broker FxUnited To Its Warning List

5 May 2016, Auckland, New Zealand - Finance Magnates - New Zealand's Financial Markets Authority has updated its warning list to include FxUnited for conducting unregulated business. The Financial Markets Authority (FMA), New . . .


South Africa's FSB Warns Against FX Firm TradingBanks

4 May 2016, Pretoria, South Afica - LeapRate - South Africa's Financial Services Board (FSB) has issued a public warning against conducting financial services business with TradingBanks, an offshore FX firm, purporting to be . . .


Israeli Watchdog to Ban Volatile Exotic Pairs and Indices CFDs

2 May 2016, Jerusalem, Israel - Finance Magnates - Head of forex lobby: "Some companies are reconsidering their future presence in the Israeli market. ". The Israel Securities Authority (ISA) is placing yet another block in . . .


NFA Issues New Zulutrade Complaint

1 May 2016, Chicago, IL, USA - AtoZ Forex - Zulutrade once the leader and pioneer of Copy Trading is under the spotlight as NFA issues new Zulutrade complaint for possibly violating some of the requirements such as failing to . . .


Financial Commission Announces Starfish FX as Latest Member Firm

21 Apr 2016, Hong Kong - Financial Commission Press Release - FinaCom PLC, operator of FinancialCommission. org, a neutral mediator serving the online foreign exchange and binary options industry, announces today its . . .


CFTC Extends Agreements with Three Canadian Provincial Securities Regulators

20 Apr 2016, Washington, DC, USA - LeapRate - The U. S. Commodity Futures Trading Commission (CFTC) announced today that its Chairman Timothy Massad has signed a Memorandum of Understanding (MoU) with three Canadian . . .


Forex Club Unit, Open Investments Becomes the First Belarus-registered Forex Broker

20 Apr 2016, Belarus - The Forex Review - Financial Company Forex Club, a unit of Russian-based forex brokerage group Forex Club, and its peer Open Investments have acquired status as Belarus-registered forex brokers, data . . .


Belgian FSMA Issues Warnings Against GCI Financial, MXTrade and Others

18 Apr 2016, Brussels, Belgium - Belgian Financial Services and Markets Authority - The Financial Services and Markets Authority (FSMA) once again warns the public against the activities of various companies operating . . .


CFTC Announces Additional Names, Including Land FX and Forex Broker Inc. to Its List of Foreign Entities that Illegally Solicit U.S. Residents

18 Apr 2016, Washingon, DC, USA - CFTC - Registration Deficient (RED) List on CFTC website Identifies companies operating illegally without being registered. As part of the U. S. Commodity Futures Trading Commission's . . .


CySEC Revokes CIF License of Falcon Brokers After its Prior Suspension

18 Apr 2016, Nicosia, Cyprus - Finance Magnates - A dreary end for the CySEC license of Falcon Brokers after its suspension. The Cyprus Securities and Exchange Commission (CySEC) today announced a decision that it made on . . .


CySEC Toughens Binary Options Brokers Rules While French Complaints from CySEC Regulated Brokers Grow

14 Apr 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) released on Thursday a circular which tightens the requirements for the binary options brokers regulated by it. Probably . . .


The FBS Russia Website is Unreachable, Broker will Apply for Russian License

12 Apr 2016, Moscow, Russia - SMN Weekly - The Russian website of the offshore forex broker FBS, www.fbs. ru, has been unreachable for a while and, according to reports of the Russian-language website Forex Magnates, the . . .


Swiss FINMA Conducts 794 Investigations, Imposes 14 Industry Bans in 2015

7 Apr 2016, Switzerland - LeapRate - The Swiss Financial Market Supervisory Authority (FINMA) has just published its Enforcement Report for 2015, with the data showing that the regulator focused on unauthorized financial . . .


Atlas Capital Financial Services (ACFX) License Suspended by CySEC

7 Apr 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that the authorisation of the Cyprus Investment Firm 'Atlas Capital Financial . . .


CySEC Withdraws CIF License of CommexFx Ltd

6 Apr 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, on its meeting of 25th July 2016, has decided, pursuant to section 25(1), . . .


FSB Warns Against Forex Broker TradingBanks

5 Apr 2016, Pretoria, South Africa - South Africa Financial Services Board - The Financial Services Board (FSB) warns the public against conducting financial services business with TradingBanks domiciled in British Virgin . . .


Spain's CNMV Adds BelforFX to its Warning List

4 Apr 2016, Madrid, Spain - CNMV (Spain) - CNMV warns the public on unregistered firms. Pursuant to the second paragraph of Article 17 of the Securities Markets Law (recast approved by Royal Legislative Decree 4/2015, of . . .


Amana Capital Obtains License to Operate in the Dubai International Financial Center (DIFC)

4 Apr 2016, Dubai, UAE - Amana Capital - Amana Capital today announced that it has obtained a license from the Dubai Financial Services Authority (DFSA) and launched the operations of its new subsidiary, Amana Financial . . .


RoboForex Receives Expanded CySEC License, Offers New Product

3 Apr 2016, Limassol, Cyprus - Finance Magnates - Extended offer accommodates copy trading and RAMM solutions both for clients and partners. RoboForex, the foreign exchange brokerage, has announced the CySEC license expansion . . .


French Authorities to Engage With CySEC to Tackle Forex and Binary Scams

1 Apr 2016, Paris, France - Finance Magnates - A stunning estimate of 4. 5 billion worth of losses for French clients over 6 years. Yesterday the AMF, the Paris prosecutor's office, the French Competition and Consumer Fraud . . .