AFM first flagged concerns towards the end of last year surrounding fears that retail investors are not thoroughly protected against the aforementioned derivative products. It additionally cited an official survey from regulators which found that around 68% of turbo investors in retail end up losing their money, the survey finding an average loss of around…
Read more
The Australian watchdog found that Martin was involved Union Standard’s failures to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly. It was also found that Martin affected Union Standard’s failure to ensure TradeFred and EuropeFX complied with financial services laws. ASIC discovered that Martin did not implement or…
Read more
The FCA has expressed serious concerns regarding the sales and marketing practices of the EverFX Group. The regulator found the company used misleading financial promotions, failed to inform consumers about the nature and risks of CFDs, applied pressure to invest additional funds, instructed clients on which trades to make, and failed to allow customers to…
Read more
The announcement said: Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage in credit activities or fails to meet its legal obligations. This includes its obligations to lodge financial statements, auditor’s…
Read more
Referring to the Corporations Act 2001, ASIC also alleges that the aforementioned bonus payments were a breach of the prohibition of conflicted remuneration. This is said because the bonuses could, on obvious grounds, be an influencing factor in the financial product advice given by the advisors. The bonuses could have similarly influenced the choice of…
Read more
Stocks Forex AF Limited obtained its CIF license in 2015. The company offered forex and CFDs trading services in the Spanish-speaking region. The CySEC withdrew the company’s CIF license on 10 May and announced it yesterday. Earlier this week the regulator withdrew the CIF license of Rodeler Ltd, operator of the forex and CFDs broker…
Read more
The UK regulator said that the changes were mainly technological but that has not affected the way firms provide data and data items and relevant forms have not changed as a result of the move. Because of RegData’s flexible technology, the platform allows issues to be fixed quickly and to make ongoing improvements to user…
Read more
24Options's operation was also banned by other regulators. Rodeler was also banned in the UK by the Financial Conduct Authority in June 2020 for using fake endorsements from celebrities on social media and webpages to attract consumers. The French regulator AMF banned Rodeler Limited from providing services to both new and existing clients in France…
Read more
Chief of the SEC Enforcement Division’s Complex Financial Instruments Unit, Daniel Michael, said: Index providers like S&P DJI play a crucial role in the financial markets. When index providers license their indices for the issuance of securities, as S&P DJI did here, they must ensure that the disclosure of critical features of their products as…
Read more
CySEC further explained that as part of the settlement, the regulator assessed the Board’s compliance for the period July 2018 – March 2020, regarding governance arrangements. CySEC said in the announcement: 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…
Read more