The regulator noted that the company has taken steps to address and remedy these breaches. The official announcement stated: AxiCorp has since demonstrated to the FMA that it has taken adequate steps to address the material breaches and that it has adequate systems, processes and resources in place to ensure compliance with the FMC Act…
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According to the official announcement, they are prohibited from the following activities: (i) entering into transactions in respect of any securities; (ii) processing any withdrawals or transfers of securities and/or cash on the instructions of any authorized person of the accounts or by any person acting on their behalf; (iii) disposing of or dealing with…
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The FCA warned: This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. Clone firm is a term the British financial authority uses for a company that uses details form an FCA-authorised firm in order to convince people that they are the real company. The UK watchdog…
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According to ASIC’s announcement, Caddick operated without an AFS licence between October 2012 and November 2020. This decision made by the court follows a three-day hearing held on 29 June 2021. There were criminal charges brought up in march against Caddick, however, they were withdrawn in order to enable civil proceedings in the Federal Court…
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The SEC stated in its official alert: These phone calls and voicemail messages are in no way connected to the SEC. If you receive a communication that appears to be from the SEC, do not provide any personal information unless you have verified that you are dealing with the SEC. The SEC does not seek…
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Only individuals or corporations who hold Australian Financial Services (AFS) licence can provide financial advice by law. Most finfluencers do not hold such licence and if they are found to be running a financial services business without being authorised representatives of an AFS licensee, they may be in breach of the Corporations Act 2001. And…
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The Cyprus regulator has decided to lift the suspension on 2 November, noting that the company has satisfied the compliance requirements under the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014. Depaho’s licence was initially suspended by CySEC in July this year. The suspension…
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However, the company is allowed to complete its own transactions or clients’ which occurred before the suspension, following client instructions. Depaho is also allowed to return funds and financial instruments, attributable to its clients. When CySEC initially suspended its licence,the regulator set a two-week deadline for Depaho to take actions to comply with the legal…
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The CFTC explained that in order to qualify for the award, a whistleblower who provided significant information to an investigation, must demonstrate a connection between their contribution and the regulator’s ability to successfully complete its investigation, and to either obtain a settlement or prevail in a litigated proceeding. The CFTC has determined that this whistleblower…
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Under the German Banking Act (Kreditwesengesetz – KWG), companies conducting banking business or provide financial services in Germany are required to have an authorisation. BaFin stated: BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the…
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