Forex Regulation News Archive - Jul to Dec 2015

EQMarkets (Infinity Trade) Joins the Financial Commission

31 Dec 2015, Hong Kong - Finance Magnates - According to the company's website (available only in Russian at the moment), it offers the MT4 platform as well as copy and social trading. The Financial Commission, an independent provider of compliance solutions and self-regulatory frameworks for international forex, cryptocurrency, binary options and CFD brokers, has announced its newest member broker ?QMarkets , operated by the firm Infinity Trade LTD.

Capital Markets Board Blocks Access to MXTrade's Turkish Website

29 Dec 2015, Ankara, Turkey - LeapRate - After getting regulatory warnings in Italy and Cyprus earlier this year, Forex broker MXTrade has locked horns with Turkey's vigilant financial regulator the Capital Markets Board (CMB). In its latest bulletin, which was out on Monday, December 28, 2015, the regulator announced sanctions against the brokerage. The regulator said it had conducted an investigation into the activities of the company, with the . . .

Financial Commission Announces NPBFX as Latest Member Firm

24 Dec 2015, Hong Kong - Financial Commission Press Release - FinaCom PLC, a neutral mediator serving the online foreign exchange and binary options industry, announces today its newest member firm NPBFX. NPBFX is an international forex broker registered in Belize and regulated by International Financial Services Commission, the company operates in partnership with an A level rated Russian bank Nefteprombank, which provides services . . .

High Court Upholds Deregistration of Pakistani Owned FX Firm Excelsior Markets

18 Dec 2015, Auckland, New Zealand - NBR - The High Court in Auckland has upheld the deregistration of Pakistani-owned foreign exchange firm Excelsior Markets, agreeing that the company didn't operate in New Zealand, and if it kept its registration, that could mislead people into thinking it was regulated by local law. Justice Gerald Nation today dismissed Excelsior's appeal to overturn its removal from the Financial Services Provider Register.

France's AMF Publishes Warning against IFX4U and Others

17 Dec 2015, Paris, France - Autorite de Controle Prudentiel et de Resolution - The Autorite des marches financiers and the Autorite de controle prudentiel et de resolution warn the public against the activities of several websites and entities proposing forex investments without being authorised to do so. The ACPR and the AMF are publishing a list of new websites and entities offering investments on the unregulated foreign exchange (Forex) . . .

IronFX Corrects Disclosure about Australian Regulation and Counterparty Arrangements

17 Dec 2015, Australia - ASIC Media Release - Following concerns raised by ASIC, retail OTC derivative issuer, IronFX Global Australia Pty Ltd (IronFX Australia) has taken steps to remove references from an associated website and a disclosure document that suggested certain financial services were regulated by ASIC, when this was not the case. ASIC was concerned that statements published on the website of IronFX Australia's parent . . .

Alpari Applies for Russian Forex Dealer License

16 Dec 2015, Moscow, Russia - LeapRate - Alpari has joined the string the Forex companies applying for a Russian Forex dealer license. On Tuesday, December 15th, Alpari Forex submitted the necessary documents with the Bank of Russia. The company, whose own funds exceed RUB 100 million, a pre-condition to get a Forex dealer license in Russia, aims to obtain the necessary authorization in the beginning of the first quarter of 2016. Alpari has . . .

Cyprus Regulated Group Capital Index Granted New UK Licence

15 Dec 2015, London, UK - Finance Magnates - The British Financial Conduct Authority (FCA) gave Capital Index (UK) Ltd an authorised and regulated status. Capital Index (UK) Ltd, an online brokerage founded in January 2014, announced today that it has been granted authorised status by the UK's Financial Conduct Authority (FCA) to provide regulated products and services. The group has operations in the UK, Australia, South Africa and Cyprus and was . . .

Bank of Russia Grants First Forex Dealer License to FINAM Forex

15 Dec 2015, Moscow, Russia - LeapRate - The Bank of Russia today announced the award of the first ever Forex dealer license in Russia, with the recipient being FINAM Forex, the company which first applied for the coveted authorization about a month ago. Given that the regulator has up to 60 days to review the applications for Forex dealer licenses, we can safely say that it acted rather swiftly. FINAM Forex is now officially the first regulated . . .

Italy's Consob Warns against Unauthorized Forex Broker StoxMarket

14 Dec 2015, Rome, Italy - LeapRate - Italy's financial markets regulator Consob has been quite active in issuing warnings against unauthorized Forex and binary options brokers targeting Italian investors. The latest addition to the Warning List is StoxMarket, operating though https://www.stoxmarket.com. The company is offering a variety of online trading services, including Forex trading on MT4. Its contact page provides addresses of two . . .

NFA Imposes New Reporting Requirements On U.S Forex Dealers

10 Dec 2015, Chicago, IL, USA - Finance Magnates - The American National Futures Association (NFA) has announced today upcoming changes to forex dealer member (FDM) reporting requirements to assist in its monitoring. Starting January 2016 the NFA mandates FDMs to report additional information in the daily Forex Financial Report (FFR) and to add new line items to the supplementary information section of the monthly filing.

TeleTrade Applies for Russian Forex Dealer License

10 Dec 2015, Moscow, Russia - LeapRate - Retail Forex broker TeleTrade has joined the line of companies applying for a Russian Forex dealer license. The company announced on Wednesday that it has filed the necessary documents and that it hopes to get the license sometime in the first quarter of 2016. The Bank of Russia has 60 business days to review the application. Under the newborn Russian Forex law, companies willing to obtain licenses as . . .

New Hong Kong SFC Regulations to Allow Investors to Claim Damages over Unsuitable Products

8 Dec 2015, Hong Kong - LeapRate - Hong Kong's Securities and Futures Commission (SFC) is implementing changes to the Code of Conduct for companies it regulates, with the changes to affect Forex brokers too. The new rules will oblige companies to insert an additional clause in client agreements. This clause will allow investors to claim damages if the intermediary is selling or recommending a financial product that is not reasonably suitable for . . .

Money Square Japan Joins Japan Securities Dealers Association

8 Dec 2015, Tokyo, Japan - JF Today - Money Square Holdings' subsidiary, Money Square Japan announced that the broker joined Japan Securities Dealers Association on December 7, 2015. With its management philosophy of "Challenge & Standard, Money Square Japan has offered their services that create a far-sighted standard of financial products from the dawn of Forex industry in Japan and proposed FX as asset management not a money game. For the . . .

Forex Club Applies for Russian Forex Dealer License

8 Dec 2015, Moscow, Russia - LeapRate - Retail Forex and CFD broker Forex Club today announced that it has submitted an application to obtain a license as a Russian Forex dealer the official designation for a company providing Forex trading services in Russia. The company said it filed the necessary papers with the Central Bank of Russia on Monday, December 7th. Forex Club becomes the second Forex broker in Russia to apply for the coveted . . .

Russia's KROUFR Adds FX Firm Rinkost Markets to "Black List"

4 Dec 2015, Russia - LeapRate - Russia's Commission for the regulation of relations in the financial market (KROUFR) has updated its "Black List" of investment firms that customers should be wary of. The latest addition to the "Black List" is Rinkost Markets, a Forex and binary options broker, targeting mainly Russian clientele via http://www.rinkost. ru. KROUFR is including the company in the "Black List" because of complaints by the broker's . . .

Falcon Brokers CIF License Suspension Extended by CySEC

4 Dec 2015, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - Following previous announcements dated 24 September 2015 and 2 November 2015,the Cyprus Securities and Exchange Commission, following a decision in the meetingdated 30 November 2015, announces that the authorisation of the Cyprus InvestmentFirm 'Falcon Brokers Ltd', with number 128/10, continuous to be suspended, pursuantto section 26(4)(b) of the Investment Services . . .

IFSC Warning on TradingBanks

2 Dec 2015, Belmopan, Belize - AtoZ Forex - The International Financial Services Commission of Belize (IFSC) has been active lately, especially in the area of fishing out dubious firms. The latest of such firms to be discovered by the regulator is "TradingBanks". The Belizean regulator discovered that TradingBanks falsely claimed affiliation to a subsidiary of an IFSC licensed firm, prompting the IFSC warning on TradingBanks. After this . . .

CySEC Fines Reliantco Investments Ltd (UFX Markets) 123.000 Euros for Non-compliance

27 Nov 2015, 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 September 29, 2015, decided to impose a total administrative fine of 123. 000 on the CIF Reliantco Investments Ltd ('the Company) for noncompliance with the following legislation: 1. the Investment Services and Activities and Regulated . . .

CySEC Fines Depaho Ltd (fxgm.com, gtcm.com) 233k Following a Myriad of Compliance Shortcomings

27 Nov 2015, 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 October 12, 2015, decided to impose a total administrative fine of 233. 000 to the CIF Depaho Ltd ('the Company') for non-compliance with the following legislation: 1. the Investment Services and Activities and Regulated Markets Law of . . .

IronFX Settles to Pay CySEC 335,000 Euros

27 Nov 2015, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission (the 'CySEC'), following its announcement of 6/8/2015, would like to note the following: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable suspicion that a . . .

Broker and Asset Manager Matador Prime Gets MiFID License in Bulgaria

20 Nov 2015, Bulgaria - Finance Magnates - Could the small Balkan state become a new hub for locating foreign exchange and CFDs brokers? It is a rarity that we hear about a brokerage getting registered and regulated in a country outside of the typical European regulatory destinations. We frequently hear about a new broker getting regulated by the U. K. Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) or the . . .

ASIC Forces Boca FX to Remove Misleading Statements about Australian Authorization

18 Nov 2015, Australia - LeapRate - The Australian Securities & Investments Commission (ASIC) today announced that it has ordered Boca Global Financial Group Pty Ltd, aka Boca FX to remove misleading statements from its website regarding its Australian authorization. Following ASIC concerns, the company has agreed to remove statements on its website https://www.bocafx.com. au/ suggesting Boca is ASIC regulated or authorised to provide financial . . .

FINAM Becomes First Company to Apply for Russian Forex Dealer License

17 Nov 2015, Moscow, Russia - LeapRate - FINAM Forex, part of the FINAM Group of Companies, has announced that it has submitted the relevant documents for obtaining a Russian Forex dealer license. The documents have been filed with the Bank of Russia, which is responsible for the regulation of Russia's FX industry. The review of FINAM's application will take up to 60 business days. Hence, in case the Bank of Russia approves the application, the . . .

Formax Removes False Statements About the Suspension of its Subsidiary's Licence

16 Nov 2015, Australia - ASIC Media Release - Following concerns raised by ASIC, Formax International Market Limited (Formax) has removed a previously published media release from its group website that falsely claimed its wholly owned subsidiary, Australian Capital Markets Advisory Services Pty Ltd ACN 150 530 331 (ACMAS), had its Australian financial services licence (AFSL) suspended as part of a normal practice that occurs whenever an . . .

Belize's Financial Regulator Warns Against NewTradeFX

16 Nov 2015, Belmopan, Belize - LeapRate - The International Financial Services Commission of Belize (IFSC) on Friday published a warning against Forex and CFD broker Financial Strategy Holdings Ltd. , operating as New Trade FX (NewTradeFX) via newtradefx.com. The regulator wishes to inform investors that the business entity in question is not licensed by the International Financial Services Commission or any other competent authority in Belize . . .

ASIC Regulated Retail Forex Provider Ingot Brokers Rectifies its Cash Reserve Shortfall to Meet Legal Requirements

12 Nov 2015, Sydney, Australia - ASIC Media Release - Following ASIC's concerns Ingot Brokers (Australia) Pty Ltd (Ingot) has rectified its 'cash and cash equivalents' arrangements to comply with its financial resource requirements. ASIC found Ingot was in breach of the financial requirements of its Australian financial services licence (AFSL) as a result of inappropriately including funds held as collateral against derivative contracts . . .

ASIC Forex Broker XForex(Online Capital Markets) Hit with $30,000 Fine for Deceptive Marketing

3 Nov 2015, Sydney, Australia - ASIC Media Release - O. C. M. Online Capital Markets Pty Ltd (OCM) has paid $30,600 in penalties after ASIC issued three infringement notices for false or misleading online advertising. Each infringement notice imposed a penalty of $10,200. The advertisements and e-mails promoted OCM's margin foreign exchange trading platform. Foreign exchange derivatives and contracts for difference are among the . . .

CySEC Launches Fast-Track Authorization Procedure

2 Nov 2015, Nicosia, Cyprus - Finance Magnates - Alternative investment funds and undertakings for collective investments are among those eligible for the speedy examining of applications. The Cyprus Securities and Exchange Commission (CySEC) is introducing a new fast-track procedure for the examination of authorization applications for a number of legal entities. These include entities that have already submitted applications in accordance with . . .

FXCM Fined by France's AMF

29 Oct 2015, Paris, France - AtoZ Forex - Following up on earlier reports about FXCM's issues with the The Autorite des Marches Financiers (AMF), the French financial regulators have now levied a fine upon the broker for violations of codes of conduct, after a hearing was held about a week back. It was discovered by the AMF that between 2009 and 2011, FXCM housed three money managers. Who were at the time unauthorised to carry out activities of . . .

Russia to Officially Enact FX Broker License Regime in January 2016

28 Oct 2015, Moscow, Russia - Finance Magnates - The new law will come into full force on the 1st of January, stipulating leverage limitations along with tax advantages. Starting from January 1st, 2016, all forex brokers operating in Russia will be required to get licensed. After years of delays, the forex regulation law which was passed about a year ago is finally about to get implemented with the first phase having already started on October . . .

FxPro Announces South Africa FSB Licence

27 Oct 2015, Pretoria, South Africa - PRNewsWire UK - FxPro Financial Services Limited ('FxPro') is pleased to announce that it has acquired authorisation by the South Africa Financial Services Board ('FSB') to operate as a Financial Service Provider ('FSP'; licence no. 45052). The newly granted authorisation gives FxPro the opportunity to expand its operations on a significant scale and to reach new customers with its award-winning services.

NFA Imposes New Cybersecurity Regulations

25 Oct 2015, Chicago, IL, USA - Finance Magnates - The newly approved information protection program includes several measures meant to prevent identity theft and hacking. Financial firms around the world are facing tougher and tougher challenges from determined and sophisticated cyber criminals. Only this month we have learned about a security breach at FXCM, data theft at Scottrade and a crippling DDos attack against IC Markets.

X Global Markets Warning by Japan's FSA

23 Oct 2015, Tokyo, Japan - AtoZ Forex - The Kanto Financial Bureau, Japan's financial services agency has released a warning against X GLOBAL Markets Ltd, a firm which the regulators discovered to be performing Financial Instruments Business, etc without the due registration with the authorities. This warning comes as X GLOBAL Markets Ltd is in clear violation of the overall supervision guidelines II-1-1 of the Financial instruments business of . . .

FCA Warns About Unauthorized Sunbird FX

23 Oct 2015, London, UK - AtoZ Forex - Over the last week, the Financial Conduct Authority has just issued a warning on the financial firm SMP Forex. The broker targeted UK investors without a valid license of the FCA. Now a week later, the UK regulator has again published a warning, issuing the case against Sunbird FX c/o Spring Empire Solutions Limited. A similar case to SMP Forex, the red flagged firm Sunbird FX is also not authorized to . . .

Italy's Consob Warns against TradingBanks

19 Oct 2015, Rome, Italy - LeapRate - Italy's financial markets watchdog Consob has lately been amid the most active regulators in terms of publishing warnings against investment companies that are not authorized to target Italian residents but nevertheless do so. The latest additions to the list of such unauthorized companies are: Groupe Markets Ltd; Fxcb Limited; Capital Markets limited; Fxcb Capital Markets Limited; My Leads 24 Ltd; My . . .

ACM Gold has its FSB South Africa License Reinstated

13 Oct 2015, Pretoria, South Africa - LeapRate - LeapRate has learned that ACM Gold, one of South Africa's leading retail forex brokers, has had its license reinstated by South African financial regulator, the Financial Services Board (FSB). LeapRate was first to report that ACM had its FSB license suspended to 'provisionally withdrawn' by South African financial regulator the Financial Services Board (FSB) back on August 5.

Japanese Regulator Warns Regarding Australian FX Broker FXTG

13 Oct 2015, Tokyo, Japan - LeapRate - Japan's Financial Services Agency (FSA) has earlier today updated its list of businesses offering derivatives trading services without registration in Japan. Amid the latest entries is FX broker Forex TG Pty Ltd (FXTG). The company is licensed and regulated by the Australian Securities and Investments Commission (ASIC), but the Japanese regulator finds this insufficient to permit targeting of Japanese investors.

Italy's Consob Adds Trade24 and Other FX, Binary Options Brokers to Warning List

12 Oct 2015, Rome, Italy - LeapRate - Italy's financial markets regulator Consob has earlier today published a set of warnings regarding unregulated investment services providers. The latest series of warnings target: Baxton Services Ltd (www.ubroker.com), Trade 24 Investment Ltd and Trade 24 Services Ltd (www.trade-24.com); Global Trading Solutions (www.globaltradingsolutions. net), as well as Oxford Markets (www.oxfordmarkets.com). Amid these, . . .

TradeKing Drops MB Trading's Dealer License, Left Only as an IB

12 Oct 2015, Charlotte, NC, USA - Finance Magnates - This is another step in the consolidation of the American market as MB Trading is dropping its RFED license. California-based multi-asset broker MB Trading has notified its clients today that the company will be consolidating its forex trading operations under TradeKing Forex. The Florida-based TradeKing Group acquired all of its former rival's assets back in August. At the time of the takeover, . . .