The Capital Markets Board (CMB) of Turkey is widely known as one of the most rigid regulators for the Forex industry. Although the retail Forex industry in Turkey is growing, it also remains under the tight lid of the watchdog.
The CMB has just published a news bulletin, detailing its recent actions, with one of them concerning investment services provider Isik Menkul Degerler, parent of retail Forex broker IsikFX.
The regulator has imposed an administrative fine of TRY 89,628 ($30,656) on Isik Menkul Degerler for breaching investment laws. In particular, the company breached the clauses related to provision of investment advice.
In the face of the tight control exercised by the CMB, it seems that the interest in the Turkish financial market is far from waning. At least, the number of licenses applications that the watchdog receives and approves on a regular basis points to the fact that this market is lucrative.
To view the official announcement by CMB, click here.