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Forex Regulation News Archive - Jan to Mar 2016


View below the most current forex regulation news from forex regulatory authorities around the world that was published between January and March 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 Fines Mayzus 12k over AML Violations

31 Mar 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission (the 'CySEC') wishes to inform investors that, at its meeting held on February 29, 2016, decided to impose a total administrative fine of 12,000 on the CIF Mayzus Investment Company Ltd (the 'Company') for non-compliance with the following,:1. the Prevention and Suppression of Money Laundering and Terrorist . . .


Australian Regulator to Focus on Proactive Checks of Retail FX Brokers

30 Mar 2016, Australia - Finance Magnates - ASIC secured a total of of $149 million in compensation and remediation for investors and consumers. The Australian Securities and Investments (ASIC) has today released its enforcement report for the period between the 1st of July and the 31st of December 2015. According to the document the regulator has been particularly active in protecting consumers across the financial services industry in Australia.


IFSC Reveals ATS Markets Global False License Claims

30 Mar 2016, Belmopan, Belize - AtoZ Forex - Many different type of scams have been circulating lately, such as clone firms, outright fictitious companies and even forgery of license. On this note, the International Financial Services Commission of Belize (IFSC) has warned that the firm "ATS Markets Global Ltd" operates with a completely forged license displayed on the company's website.


Mauritius FSC Delicenses Forex Broker FXPrimus

29 Mar 2016, Ebene, Mauritius - SMN Weekly - The Financial Services Commission (FSC) of Mauritius has revoked the licenses of forex broker FXPrimus, the regulator said on Monday. The FSC has revoked the broker's Investment Dealer (Currency Derivatives Segment) license, Investment Dealer (Full Service Dealer excluding Underwriting) license and Category 1 Global Business license. The news comes as no surprise since in end-May 2015 the regulator . . .


Italy's CONSOB Trade12 Warning

29 Mar 2016, Rome, Italy - AtoZ Forex - Italy's financial regulator, the Commissione Nazionale per le Societa e la Borsa (CONSOB), has again warned the public about the activities of another financial firm. Namely, the CONSOB has now issued a Trade12 warning. This warning, similar to recents cases, is meant to prompt the public against doing business with firms, which the financial regulator of the region cannot certify as genuine.


Hong Kong's SFC Extends Annual Licensing Fee Waiver by Two More Years

24 Mar 2016, Hong Kong - SMN Weekly - Hong Kong's Securities and Futures Commission (SFC) said on Wednesday it will extend the waiver of annual licensing fees with another two years to 31 March, 2018. The fees for new license applications and transfers will remain unaffected. This fee waiver will benefit more than 41,000 corporate and individual licensees and registrants. Annual licensing fees are paid by all licensed corporations, registered . . .


Canadian Regulators Take Stance on Binary Options in Canada

23 Mar 2016, Canada - Finance Magnates - All 13 regulators in Canada warn residents to beware of binary options. The Canadian Securities Administrators (CSA), comprised of the country's thirteen key financial market regulators across their respective provinces, today issued a release that warns Canadians to 'beware of binary options platforms', as the CSA said there is no company currently registered in Canada to carry out such offerings to . . .


CySEC Annual Report Marks 2.65 million in Fines Against CIFs

21 Mar 2016, Nicosia, Cyprus - Finance Magnates - While its enforcement actions have been widely successful in filling up the government coffers, clients have been left behind. The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement recapping the achievements of the regulator in 2015. The watchdog has highlighted that the increased efforts including on site checks led to a massive increase in the amount of fines collected . . .


Canadian Self-Regulatory Organization Updates Margin Requirements

21 Mar 2016, Canada - Finance Magnates - Volatility across the CAD pairs is forcing the IIROC to change leverage. The Canadian self-regulatory organization IIROC has issued an announcement highlighting some changes to the margin requirements which traders have to put up as collateral with their brokers if they are willing to trade certain pairs. Today's decision marks the second amendment to the margin requirements for Canadian clients of . . .


New Zealand Authorities Deregister the Forex Broker AceForex

17 Mar 2016, Auckland, New Zealand - SMN Weekly - New Zealand's authorities have removed the AceForex forex broker from the Financial Service Providers Register (FSPR), shows a list published on the country's Companies Office. According to its website, www.acefx24.com, the broker is headquartered in New Zealand, but also has offices in the US and Asia. It claims it is fully regulated and licensed, but, besides the FSPR registration number and . . .


Quebec's AMF Imposed Penalties Exceending $8.7 Million in 2015

17 Mar 2016, Quebec, Canada - SMN Weekly - Quebec's financial regulatory body, the Autorite des Marches Financiers (AMF), said on Wednesday the combined amount of fines, penalties, and sanctions it imposed in 2015 exceeded $8. 7 million. In addition, a six-month imprisonment of a single person was ordered in 2015, as well as a prison term of five years and three months for two individuals in connection with criminal cases. The regulator did not . . .


Forex Club Applies for Belarusian Forex Registration

16 Mar 2016, Belarus - LeapRate - Forex Club, a retail Forex broker focusing on clientele in the Commonwealth of Independent States (CIS), on Tuesday filed an application for its inclusion in the Forex companies' register maintained by the National Bank of the Republic of Belarus. The regulator is set to review the application within 30 days. The Belarus Forex market has been regulated since June 2015, when the nation's president signed the . . .


CySEC Fines BDSwiss Forex Broker EUR 5000

16 Mar 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) will fine the forex broker BDSwiss (BDSwiss Holding Ltd. ) EUR 5000. According to the announcement on the regulator's website, the decision was taken in December 2015 and is for noncompliance with the Investment Services and Activities and Regulated Markets Law. The Commission decided to impose two separate fines EUR 2500 each, for violations . . .


FMA Warning on ECN Markets After Receiving Complaints

16 Mar 2016, Auckland, New Zealand - AtoZ Forex - The Financial Markets Authority of New Zealand (FMA) has warned the public against dealing with the broker Suisse Limited, which operates as ECN Markets. It was discovered that the broker has been targeting New Zealand clients without the requisite license. Henceforth, the FMA warning on ECN Markets was issued.


British Columbia Securities Commission Issues Warning Against Nemesis Capital Limited ( AlfaTrade)

16 Mar 2016, British Columbia, Canada - British Columbia Securities Commission - AlfaTrade, which claims to have an office in Bulgaria, purports to be a brokerage firm that offers trading in Forex, contracts for difference, commodities and indices. Nemesis Capital Limited owns and operates AlfaTrade. We recently became aware that a British Columbia (BC) resident was able to open an account with AlfaTrade. The Parties are not registered to trade . . .


Seychelles and Mauritius Financial Regulators Start Cooperation

15 Mar 2016, Mauritius and Seychelles - Finance Magnates - The financial watchdogs of Mauritius and the Seychelles have joined together in a Memorandum of Understanding. The Financial Services Commission of Mauritius (FSC Mauritius) and the Financial Services Authority of the Seychelles (FSA) have announced the signing of a Memorandum of Understanding (MoU) at the beginning of March. According to the official press release, both regulatory bodies . . .


NFA Orders Plantation, Florida Retail Foreign Exchange Dealer IBFX (TradeStation) to Permanently Withdraw from NFA Membership

15 Mar 2016, Chicago, IL, USA - NFA - National Futures Association (NFA) has ordered IBFX, Inc. (IBFX), an NFA Member registered retail foreign exchange dealer and provisionally registered swap dealer (SD) located in Plantation, Florida, to permanently withdraw from NFA membership and from acting as a principal of an NFA Member. The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint authorized by the BCC on . . .


CRFIN Applies for SRO Status from Bank of Russia

15 Mar 2016, Moscow, Russia - AtoZ Forex - CRFIN applies for SRO status, as the implementation of the Russian Forex law gains ground. The Regulatory Center of OTC financial instruments and technologies (TSRFIN) has now sent a draft internal standards to the Bank of Russia.


Russian Central Bank to Register First SROs on the Financial Market

14 Mar 2016, Moscow, Russia - SMN Weekly - The Central Bank of Russia (CBR), which is in charge of the forex regulation in the country, has decided to include several existing organizations in a single register of self-regulatory organizations (SROs) and to admit them to act in this capacity, according to a notice by the bank published on Thursday. The organizations are National Association of Stock Market Participants (NAUFOR), Professional . . .


CFTC Orders Florida-based IBFX, Inc. (f/k/a TradeStation Forex, Inc.) to Pay a $1 Million Penalty for Failing to Meet Minimum Capital Requirements

14 Mar 2016, Washington, DC, USA - CFTC - The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Plantation, Florida-based IBFX, Inc. (IBFX), formerly known as TradeStation Forex, Inc. IBFX is a wholly owned subsidiary of TradeStation Group, Inc. and a CFTC-registered Retail Foreign Exchange Dealer (RFED). The CFTC Order requires IBFX to pay a $1 million civil monetary penalty and . . .


KROUFR Adds MXTrade to its Black List

13 Mar 2016, Russia - Finance Magnates - MXTrade is the 15th suspicious forex company on KROUFR's blacklist. The Russian Commission for the regulation of relations in the financial market, known as KROUFR, has today blacklisted forex broker MXTrade. The move follows a series of complaints relating to the withdrawal of profits resulting from customer trading activities and MXTrade's failure to comply with requests to withdraw money. MXTrade has . . .


FXAsia Updates Website Disclosure to Clarify the Services it may Offer

10 Mar 2016, Australia - ASIC Media Release - Following concerns raised by ASIC, OTC derivative issuer FXAsia Pty Ltd (AFSL No. 418036) (FXAsia) has taken steps to update disclosure on its website (https://www.fxasia.com/). The updates will inform potential clients that FXAsia cannot currently issue OTC derivatives to retail investors. Despite holding retail license authorisations, FXAsia is not currently in a position to issue these products as . . .


New Zealand's FMA Warns of the Forex Broker Mocaz

9 Mar 2016, Auckland, New Zealand - SMN Weekly - New Zealand's regulator FMA has put the forex broker Mocaz on its warning list of unregistered companies. According to its website, the watchdog has received a complaint from an overseas resident that the regulatory information on the broker's website is misleading. "Mocaz Financial Markets Limited is not registered to provide financial services in New Zealand," notes the FMA.


FSA Warning List Includes FXDD

3 Mar 2016, Tokyo, Japan - AtoZ Forex - The Japanese regulators have again displayed their no-nonsense approach towards activities of Forex and Binary Options brokers operating within its region. In the latest case, the FSA warning list now includes three firms: BitPlutos, DashOption and FXDD, with FXDD being the most striking name on the list.


Multiple Regulators, Including FINMA, Warn Against Trading Banks

1 Mar 2016, Switzerland - AtoZ Forex - The Financial Markets Authority (FINMA), Switzerland's foremost financial regulator has again warned the public about the activities of another unregulated firm selling its services in the region. This time, the warning involves the Forex broker TradingBanks. A remarkable case, as multiple regulators warn against Trading Banks. Aside, the recent the Swiss regulator's warning on TradingBanks, previous year . . .


Russia's VTB24 Bank Considers Applying for a Forex Dealer License

26 Feb 2016, Moscow, Russia - SMN Weekly - One of Russia's leading banks, VTB24, considers the establishing of a subsidiary offering forex trading services and applying for a license from the regulator Bank of Russia, reports the Russian news agency Interfax. It quotes the bank's press office who said the setting up of a limited liability company will be discussed at a meeting of the bank's supervisory board on February 26. "The board will . . .


IIROC Raises Margin Requirements on MXN and EUR Pairs

23 Feb 2016, Canada - Finance Magnates - The IIROC has hiked the margin trading requirements for the MXN/CAD and the EUR/CAD. The Investment Industry Regulatory Organization of Canada (IIROC), the nation's self-regulatory organization, has announced an additional alteration to its margin requirements on select foreign exchange (FX) pairs including the Canadian dollar (CAD), following a periodic change in volatility, according to an IIROC . . .


New Zealand's FMA Issues Warning Against NoaFX

23 Feb 2016, Auckland, New Zealand - AtoZ Forex - New Zealand's Financial Market Authority (FMA) has again warned the public against dealing with a firm, which has been targeting New Zealand clients, without the requisite license or authorization to do so from the relevant authorities. The latest FMA warnings on NoaFX and CMI Group are actually against the Parent company Capital Market Investments Limited, which operates via the brand names.


Forex Brokerage AvaTrade Unit Gets License in South Africa

23 Feb 2016, Pretoria, South Africa - The Forex Review - AvaTrade, a forex broker regulated in several different countries, said on Tuesday it has obtained, through its subsidiary Ava Capital Markets Pty Ltd. , a license from South Africa's Financial Services Board (FSB). The South African subsidiary was recently set up to be in charge of the AvaTrade group's local operations. As part of its expansion in South Africa, the broker has opened an . . .



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More Forex Regulation News

CommexFX Gets Another 100,000 Fine from CySEC for Unauthorized Operations

23 Feb 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities Exchange Commission ('CySEC') wishes to inform investors that, at the meeting held on December 14th, 2015, decided . . .


Belarus' Central Bank Sets Mimimum Capital Requirements for Forex Brokers

19 Feb 2016, Belarus - SMN Weekly - The National bank of Belarus published a decree, setting the rules for the minimum capital of forex brokers, reports the Belarusian Association for development of the financial markets (ARFIN).


Ontario Securities Commission Issues Warning Against FX Broker CMS Trader

18 Feb 2016, Ontario, Canada - LeapRate - The Ontario Securities Commission (OSC) continues to add unlicensed Forex brokers to its Warning List. Less than a month after one of the strictest Canadian financial regulators . . .


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

15 Feb 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that the authorisation of the Cyprus Investment Firm 'Trademarker (Cyprus) Ltd' . . .


Australian Watchdog Confirms Voluntary Suspension of FXTG's Licence

10 Feb 2016, Australia - Finance Magnates - Australian Securities and Investments Commission (ASIC) announced today that Forex TG Pty Ltd (FXTG) has voluntarily requested that ASIC temporarily suspend its Australian Financial . . .


Hong Kong's HKMA and SFC Releases Conclusions on Introducing Mandatory Clearing and Reporting for OTC Derivatives Market

8 Feb 2016, Hong Kong - LeapRate - There were concerns about the lack of explicit guidance as to what constitutes an OTC derivative for FX, and clarification was sought as to whether it captured all FX forwards (including FX . . .


Belize's IFSC Increases Mimimum Capital Requirement for Forex Brokers to $500,000

8 Feb 2016, Belmopan, Belize - SMN Weekly - The Belize financial regulator, the International Financial Services Commission (IFSC), has increased the minimum requirement for initial capital for financial and commodity-based . . .


Spain's CNMV Warns Against Forex Broker FXMARKER of Belize

8 Feb 2016, Madrid, Spain - CNMV (Spain) - Pursuant to the second paragraph of Article 17 of the Securities Markets Law (recast approved by Royal Legislative Decree 4/2015, of 23 October), the Comision Nacional del Mercado de . . .


Turkey's CMB Fines A1FX, Invest AZ and Six Other Forex Brokers for Offering HIgh Leverage Rates

4 Feb 2016, Ankara, Turkey - SMN Weekly - The Capital Markets Board (CMB), the regulatory authority of Turkey, has ordered eight local forex brokers to pay penalties in the combined amount of TRY 345,408 for providing . . .


France's AMF Warns Against IC Markets, ZAR FX and Three Other Unauthorized Forex Brokers

4 Feb 2016, Paris, France - Autorite de Controle Prudentiel et de Resolution - The Autorite de Controle Prudentiel et de Resolution and the Autorite des Marches Financiers warn the public against the activities of several . . .


FCA Licence a Boost to Blackwell Global UK

3 Feb 2016, London, UK - Blackwell Global Press Release - International online forex and CFDs brokerage Blackwell Global has today announced that it has been awarded its FCA brokerage licence. The company has appointed . . .


Bank of Russia Takes Tougher Stance on Forex Advertising

28 Jan 2016, Moscow, Russia - AtoZ Forex - Russian authorities are now taking a tougher stance against unfair advertisement practices by Forex firms, as the latest Bank of Russia Forex advertisement restrictions are introduced.


CySEC Orders Investment Firms to Obtain Regulatory Approval for Name Changes

26 Jan 2016, Nicosia, Cyprus - LeapRate - The Cyprus Securities and Exchange Commission (CySEC) today issued a Circular regarding name changes of the entities it oversees. The regulator notes that some Cyprus Investment . . .


Financial Commission Announces Forex Club as Latest Member Firm

25 Jan 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 newest . . .


Grand Capital is now a Member of the International Financial Commission

22 Jan 2016, Hong Kong - Grand Capital - On January 18th, 2016 FinaCom PLC, operator of FinancialCommission. org and neutral mediator serving the online Forex industry announced its newest member GrandCapital LTD. Stanislav . . .


Indian Police Crack Down on XDirect in Mumbai for Illicit Trading

20 Jan 2016, Vadodara, India - Finance Magnates - XDirect is registered in Mauritius though the company failed to procure a license to provide FX services following an investigation. Indian police in Vadodara have clamped down . . .


Turkish Regulator Reduces Leverage for Small Accounts

14 Jan 2016, Ankara, Turkey - Finance Magnates - Turkey's CMB has abruptly imposed a series of margin changes for all small accounts in the country. Turkish brokers and market participants were abruptly greeted with a new . . .


Italy's Consob Issues Warning Against ZAR FX

11 Jan 2016, Rome, Italy - LeapRate - Italy's financial markets regulator Consob has started the new year by publishing one more warning against a Forex company. The regulator today issued a warning against Forex firm Zar FX.


FINRA 2016 Regulatory Focus on Firm Culture

6 Jan 2016, Switzerland - AtoZ Forex - A new year always comes accompanied by new resolutions; well, the finance industry is no different in this aspect! An article previously mentioning a new law in Australia was only the . . .


New Australian Law May Harm Small FX Firms

6 Jan 2016, Australia - AtoZ Forex - After the reported ASIC gains of regulatory power over AFSL, back in October last year. It has been recently circulating the news in Australia that more financial regulatory changes are underway.