Forex Regulation News Archive - 2009 to 2014

FXPRIMUS Obtains CIF License from CySEC

30 Dec 2014, Nicosia, Cyprus - PRNewsWire - FXPRIMUS, the Mauritius based FX/CFD broker, announced today that their European entity, FX Primus Europe (CY) Ltd. has been granted a CIF License from CySEC (Cyprus Securities & Exchange Commission). FXPRIMUS is now able to provide the comfort and assurance to its customers they are trading with an EU-regulated broker that complies with MFID directives. . . .

Portugal's CMVM Issues Warning for Investors Concerning Nord Group Investment Inc.(NordFX)

22 Dec 2014, Lisbon, Portugal - Portugal CMVM - The Portuguese Securities Commission (CMVM) would like to alert all the recipients that Nord Group Investment Inc. (NordFX) (http://nordfx.com/ or http://pt. nordfx.com/) is not authorized under the Portuguese Securities Code (approved by Decree-Law No. 486/99 of 13 November and republished by Decree-Law No. 357-A/2007 of 31 October) to provide investment or ancillary services in Portugal.

ASIC Investigation Leads to Interactive Brokers Refunding $1.5 Million to Australian Customers

16 Dec 2014, Melbourne, Australia - ASIC Media Release - Following an investigation by ASIC, Interactive Brokers LLC (IB), a US-based online brokerage firm, will refund approximately $1. 5 million in fees and commission payments to its retail margin lending customers. The refunds will be made as part of an enforceable undertaking (EU) accepted by ASIC and follow an ASIC investigation which found that IB did not, during the period July . . .

NFA Fines New York Firm FXDirectDealer LLC $500,000 for Inadequate Anti-money Laundering Program and Failure to Supervise

10 Dec 2014, Chicago, IL, USA - NFA - National Futures Association (NFA) has ordered FXDirectDealer LLC (FXDD), an NFA Member and previously registered CFTC retail foreign exchange dealer located in New York City, to pay a $500,000 fine and operate solely as an NFA Member introducing broker (IB). The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint and settlement offer submitted by FXDD. FXDD has been the . . .

CFTC Orders IBFX, Inc. f/k/a Tradestation Forex, Inc. to Pay a $600,000 Penalty for Series of Minimum Net Capital Deficits, and a Failure to Supervise

10 Dec 2014, Washington, DC, USA - CFTC - The U. S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against IBFX, Inc. f/k/a Tradestation Forex, Inc. (IBFX), a Florida-based Retail Foreign Exchange Dealer (RFED), for violating CFTC Regulations by failing to meet the minimum net capital requirements on three separate occasions, failing to timely report one of the minimum net capital . . .

FXTM Establishes New Licenced Entity in Belize

3 Dec 2014, Belize - LeapRate - Cyprus-based retail FX firm Forex Time (FXTM) has today announced the establishment of a new licensed entity, FT Global Ltd, regulated by the IFSC of Belize, which will operate in conjunction with the company's CySec-regulated operations. FXTM is confident that the new entity will operate as an integral part of the company's global development. Priding itself in offering bespoke solutions and flexibility of . . .

ASIC Issues Warning About Unlicensed FX Dealer YoutradeFX

18 Nov 2014, Australia - ASIC Media Release - ASIC has today cautioned Australian investors against dealing with the company or group YoutradeFX for trading in margin foreign exchange (FX). ASIC advises that YoutradeFX is not regulated by ASIC, nor is it licensed to trade in margin FX in Australia, as has been stated by several websites that review and comment upon FX trading. The company previously known as Youtrade Capital . . .

Cypriot Regulator Approves Lucro Capital aka HiWayFX as an Authorised Provider of FX

6 Nov 2014, Nicosia, Cyprus - Finance Magnates - Brokers operating in the FX & CFD arena continue to choose Cyprus as their preferred destination for company set-up and authorisation. HiWayFX, a Lucro Capital brand, becomes the latest firm to gain approval as a CIF. Lucro Capital, a holding firm operating HiWayFX, received regulation under Cyprus' main financial watchdog, the Cyprus Securities and Exchange Commission (CySEC). The firm has become . . .

RoboForex Transfers Clients to New Operations in Belize

30 Oct 2014, Belize - LeapRate - RoboForex, a retail FX broker registered originally in New Zealand, has announced that it will transfer all of the clients of its RoboForex LP business to RoboTrade, its new subsidiary in Belize. The transfer will be automatic and will start on November 5, 2014. RoboForex LP has been registered as a Financial Services Provider (FSP) in New Zealand since October 2012, with the register still displaying that the . . .

FXCM to Pay $180,000 Penalty for Unregistered Trades to Canadian Provincial Regulators

27 Oct 2014, New Brunswick, Canada - Finance Magnates - The New Brunswick's Financial and Consumer Services Commission (FCNB) announced on Friday that its local Financial and Consumer Services Tribunal has approved a settlement agreement between Forex Capital Markets (NYSE: FXCM) the Manitoba Securities Commission and the FCNB, which requires FXCM to pay administrative penalties for non-compliance with the local securities laws. In Canada, the . . .

Malta Financial Services Authority (MFSA) Tightens FX Regulations; Bumps Capital Requirement up to 730,000 for a Category 2 License

21 Oct 2014, Attard, Malta - LeapRate - The Malta Financial Services Authority is hereby setting out its criteria regarding the licensing of entities that would like to offer online forex trading to retail clients in terms of the Investment Services Act, Cap. 370, following various factors that the Authority has come across in handling applications in this sector as well as various risk warnings issued at EU level alerting retail investors to the . . .

Plus500 Granted CySEC License to Provide Financial Services in Cyprus

14 Oct 2014, Nicosia, Cyprus - Finance Magnates - Listed multi-asset provider of financial derivatives, Plus500, has received authorization from CySEC to operate as a regulated investment firm, following the successful assistance by consultant Map S. Platis. The listed brokerage firm extends its European coverage through the newly granted licensed-entity, as it establishes a presence in Europe's second most popular hub for retail currency dealings.

ASIC Concerns See Pepperstone Exit the Japanese Market

13 Oct 2014, Australia - ASIC Media Release - Pepperstone Group Ltd (Pepperstone) has agreed to cease providing financial services in Japan following inquiries by ASIC that revealed they were not licensed by the Japanese Financial Services Agency. Pepperstone is an Australian corporation, which was licensed by ASIC on 4 February 2013, to carry on a financial services business to make a market, deal in and provide advice on a range of . . .

ADS Securities Launches UK FCA Registered Office with Rebranding of Pioneer Trader

6 Oct 2014, London, UK - Finance Magnates - Expanding its regulated presence in the UK, ADS Securities is opening a new London office. Formerly Pioneer Trader, the broker was acquired by ADS Group and rebranded as ADS Securities London. Based in Abu Dhabi, ADS Securities has announced the opening of a UK regulated London office. Previously operated as FCA licensed Pioneer Trader Limited, the London office is being rebranded as ADS Securities . . .

FXDirectDealer, LLC Ordered to Pay $600,000 Civil Monetary Penalty and to Comply with Three-Year Registration Ban as FCM or RFED

24 Sep 2014, Washington, DC, USA - CFTC - Firm's supervisory failures led to repeated and extended periods of undercapitalization. The U. S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against FXDirectDealer, LLC (FXDD), a CFTC-registered Retail Foreign Exchange Dealer (RFED) and Futures Commission Merchant (FCM) headquartered in New York, New York, for failing to meet the . . .

Invast Financial Services Pays $20,400 Penalty to ASIC for Making Misleading Representations

18 Sep 2014, Sydney, Australia - ASIC Media Release - Invast Financial Services Pty Ltd (Invast), an Australian financial services (AFS) licensee based in Sydney, has paid $20,400 in penalties after ASIC issued two infringement notices for alleged misleading representations. ASIC's concerns related to statements that appeared on the Invast website in May 2014 and in an email to prospective clients in April 2014. The . . .

Israel's ISA Introduces Regulation of Electronic Trading Platforms

15 Sep 2014, Jerusalem, Israel - LeapRate - Amit Steinman from S Horowitz & Co, one of the oldest and longest-established law firms in Israel wrote the following piece outlining new regulations for Israel. You can read in the piece many of the new regulations targeted towards the FX and binary industries. However, many of the protocols still seem ambiguous. LeapRate will be sure to follow up with any developments in all new regulations coming out . . .

ATC Brokers Ltd Launches FCA Registered FX Brokerage

14 Aug 2014, London, UK - LeapRate - Its robust technology will connect traders to a network of global banks, funds and financial institutions 24 hours a day, five days a week. ATC Brokers Ltd has officially announced the launch of an FCA registered brokerage that will serve the global FX industry from its headquarters in London. Established in the US as an introducing broker in 2005, ATC's new UK-based operation will launch in August, offering . . .

Canada's OSC Regulator Warns Against UFX Markets

31 Jul 2014, Ontario, Canada - LeapRate - The Ontario Securities Commission (OSC) has issued two recent warnings relating to online trading companies which are not licensed to operate in the Canadian province of Ontario. Canada's financial markets regulatory structure differs somewhat from that of the United States, insofar as each province has its own regulatory authority, whereas the activities of market participants in the United States are . . .

IronFX Opens Yet Another Office, Enters South Africa

21 Jul 2014, Sandton, South Africa - LeapRate - Retail FX broker IronFX Global, has announced the opening of yet another overseas office, this time in the Republic of South Africa, which is fully licensed by the Financial Services Board (FSB) as a Financial Services Provider (FSP). IronFX Global (South Africa) Pty Ltd is an integral part of the IronFX Global group, one of the largest online brokers in the world. Located in Johannesburg, with the . . .

FSC Mauritius Issues Investor Alert on UFX Markets

18 Jul 2014, Ebene, Mauritius - FSC Mauritius - The Bank of Mauritius (the 'Bank') and the Financial Services Commission Mauritius (the 'FSC Mauritius') hereby inform the public about an advertisement which appeared in L'Express. mu, an online newspaper, on 25 June 2014 under the heading 'AUGMENTEZ VOS REVENUS'. This advertisement appears to be soliciting the public to trade in securities with UFX Trade Limited ('UFXMarkets') through . . .

NFA Fines New York Firm Forex Capital Markets LLC $200,000 for Conducting Business with an Unregistered Entity and Failing to Submit Trade Data to NFA

18 Jul 2014, Chicago, IL, USA - NFA - National Futures Association (NFA) has ordered Forex Capital Markets LLC (FXCM), an NFA Member and Commodity Futures Trading Commission (CFTC) registered retail foreign exchange dealer located in New York City, to pay a $200,000 fine. NFA issued the fine to FXCM for conducting business with an unregistered entity that was required to be registered with the CFTC as a commodity pool operator (CPO) and an . . .

Admiral Markets Launches MTrading, Regulated by Belize IFSC, and Raises Leverage to 1:1000

9 Jul 2014, Belize - LeapRate - Retail FX firm Admiral Markets has shown a modicum of zeal to in its expansion recently, with the latest change concerning its business registered in the British Virgin Islands. Admiral Markets (BVI) has split its business in order to form two business units, one of which is MTrading, a new FX trading firm, licensed by the Belize International Financial Services Commission (IFSC). MTrading will focus on accruing . . .

CFTC Obtains a Permanent Injunction against Australian Firm Halifax Investment Services, Ltd.

25 Apr 2014, Washington, DC, USA - CFTC - Action is a result of CFTC's 2012 sweep against foreign currency firms for failure to register under the 2008 Farm Bill, the Dodd-Frank Act, and CFTC regulations. The U. S. Commodity Futures Trading Commission (CFTC) today announced that Judge James B. Zagel of the U. S. District Court for the Northern District of Illinois issued a Consent Order of Permanent Injunction that bars Australian firm Halifax . . .

Capital Market Services, LLC Ordered to Pay $275,000 Penalty to Settle CFTC Charges of Violating Minimum Financial Requirement Rules

7 Apr 2014, Washington, DC, USA - CFTC - The U. S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges that, between March 2009 and October 2012, Capital Market Services, LLC (CMS), a CFTC-registered Futures Commission Merchant (FCM) and former Retail Foreign Exchange Dealer (RFED) headquartered in New York, New York, failed to comply with minimum financial requirements for FCMs and RFEDs.

CFTC Enters into MoU with Five Canadian Regulatory Authorities

27 Mar 2014, Washington, DC, USA - LeapRate - US CFTC to collaborate with Canadian provincial regulators in order to enhance supervision of cross-border regulated entities. The United States is regarded among the vast majority of electronic trading companies from retail FX brokers to the long-established and steadfast institutional trading desks of Chicago as being the most stringent and well-organised jurisdiction when it comes to ensuring that . . .

US and Japan To Cooperate in Oversight of Regulated Brokers

10 Mar 2014, Tokyo, Japan - LeapRate - Today, leaders of the U. S. Commodity Futures Trading Commission (CFTC) and the Financial Services Agency of Japan (JFSA) signed a Memorandum of Cooperation (MOC) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Japan. This collaboration between two of the world's most prominent . . .

Amana Capital Receives FCA License and Opens its Office in London

3 Mar 2014, London, UK - Amana Capital - Amana Capital, the leading Middle Eastern financial services group that offers online trading services in international markets, has announced that its subsidiary, Amana Financial Services UK Ltd. (AFS UK), has been authorised by the Financial Conduct Authority (FCA) in the United Kingdom. AFS UK joins other regulated group entities in Lebanon, Cyprus and the United Arab Emirates. Amana . . .

The Financial Conduct Authority Fines FXCM UK 4 Million Pounds for Making Unfair Profits and Not Being Open With the FCA

26 Feb 2014, London, UK - FCA - The Financial Conduct Authority (FCA) has fined Forex Capital Markets Ltd and FXCM Securities Ltd ("FXCM UK") 4,000,000 pounds for allowing the US based FXCM Group to withhold profits worth approximately $10 million that should have been passed on to FXCM UK's clients.

ASIC Accepts Enforceable Undertaking from Online FX Broker Forex FS Operating Managed Discretionary Accounts

25 Feb 2014, Sydney, Australia - ASIC Media Release - ASIC has accepted an enforceable undertaking from online foreign exchange broker Forex Financial Services Pty Ltd (Forex FS). ASIC's investigation found that between March 2010 and October 2011, Forex FS offered an account known as an individually managed account (IMA) which was a managed discretionary account (MDA). Forex FS's Australian financial services (AFS) licence . . .

The Financial Commission is Pleased to Announce its Newest Member, RoboForex

14 Jan 2014, Hong Kong - Financial Commission Press Release - The Commission was formed to provide traders with an alternative to legal or regulatory proceedings for resolving Forex related disputes with broker members of the Financial Commission. Commenting on their membership, Financial Commission Chairman Peter Tatarnikov said, "We are proud to add RoboForex to our growing membership. We feel that RoboForex continues to make strides to . . .

Quebec AMF Cautions Investors About UFX Markets Solicitations

3 Dec 2013, Montreal, Quebec - Quebec Autorite des Marches Financiers - The Autorite des marches financiers (the AMF) is cautioning investors about solicitations promoting UFX Markets, a foreign currency trading platform operated by Reliantco Investments Limited, a company based in Cyprus that is not authorized to do business in Quebec. According to the information obtained by the AMF, Reliantco Investments Limited allegedly solicited . . .

Sucden Financial (HK) Granted Type 3 (Leveraged Foreign Exchange) Licence by SFC

29 Nov 2013, Hong Kong - Sucden Financial Press Release - Sucden Financial (HK) Limited has been granted a Type 3 (leveraged foreign exchange) licence by the Securities and Futures Commission (SFC) in Hong Kong. The new licence enables clients of Sucden Financial (HK) to trade FX directly with its brokerage desk or via one of its electronic trading systems, providing direct access to STP FX, with tight pricing and deep liquidity.

FXOpen Comes to the UK

19 Nov 2013, London, UK - Newswire - FXOpen is pleased to announce further expansion into the European financial market by opening a new office in London. The company's interests in Europe are now represented by FXOpen UK, offering its services within the strict regulatory framework. FXOpen UK is a trading name of FXOpen Ltd and is a part of FXOpen Group. In March 2013, FXOpen Ltd became authorised and regulated by the Financial Conduct . . .

South African FSB Reinstates ACM Gold's License After Questionable Suspension

31 Oct 2013, Pretoria, South Africa - Finance Magnates - Regulators around the world have made significant changes to their procedures surrounding FX over recent times, however in the case of South Africa's FSB, possible omission of procedures can still occur. In spite of the recent worldwide regulatory reforms which have extended highly detailed oversight criteria toward the retail and institutional FX industry sectors, evidently not all . . .

The Financial Commission is Pleased to Announce their Newest Member, MFX Broker

29 Oct 2013, Hong Kong - Financial Commission Press Release - The Financial Commission, the first dedicated Forex dispute resolution organization, is pleased to announce the newest member of their organization, MFX Broker. The Commission was formed to provide traders with an alternative to legal or regulatory proceedings for resolving Forex related disputes with broker members of the Financial Commission. Commenting on their membership in . . .

OSC INVESTOR ALERT: International Youtrade Investments MA Ltd. and You Trade Holdings Limited

24 Oct 2013, Toronto, Canada - Newswire - The Ontario Securities Commission (OSC) is cautioning Ontario investors about solicitations made by International Youtrade Investments MA Ltd. and You Trade Holdings Limited (YoutradeFX). YoutradeFX operates through the websites www.youtradefx.com and www.ytfxaffiliates.com. YoutradeFX solicits investors to open trading accounts to conduct electronic transactions on foreign exchange markets . . .

After 4XP Receives CySec Warning, Other EU Regulators to Follow?

3 Oct 2013, Nicosia, Cyprus - Finance Magnates - Cypriot financial regulator, CySec, has issued a warning to investors about Forex Place (4XP), stating that it isn't permitted to offer financial services in the country and has never been authorized by CySec. Cypriot financial regulator, CySec, has issued a warning to investors about Forex Place (4XP), stating that it isn't permitted to offer financial services in the country, and has never been . . .