Category: Regulations

FMA
October 14, 2021 BY Steffy Bogdanova

FMA censures Jarden Securities for DI license violations

According to the FMA, the breaches occurred between September 2015 and July 2020. Jarden, formerly NZ Capital Securities, acquired OMF in 2019. The company self-reported to regulator in September 2020. During the period of the violations, the FMA found that OMF transferred its own money into the trust account meant to hold derivative investor money…

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BaFin warns about the paradigm shift following Brexit
October 14, 2021 BY Steffy Bogdanova

BaFin to get "more bite" in new supervision reforms

Mark Branson said in his first conference since taking the new position: But for me, this is only the beginning of BaFin's long-term development. It will take time before we reach our objectives in all areas. Among the new measures taken this year to deliver on strengthening BaFin’s powers, task forces to oversee companies with…

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October 13, 2021 BY Steffy Bogdanova

New Zealand regulator FMA issues guidance on advertising financial products

Liam Mason, FMA General Counsel, said: Advertising can significantly influence people’s investment decision making, so it’s critical that firms’ marketing materials don’t mislead or confuse consumers. The FMA noted in its announcement that the format of some ads is limited like banners on social media platforms and webpages. The regulator expects firms to ensure ‘click…

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ASIC, AFS licence
September 27, 2021 BY Steffy Bogdanova

ASIC cancels Pure Strategy’s AFS licence

The cancellation of Pure Strategy's licence will take effect in 12 months. During this period, the company will maintain its membership of the Australian Financial Complaints Authority and its obligation to hold professional indemnity insurance cover. Pure Strategy’s AFS licence was initially obtained in 2011. An external administrator has been appointed to the company this…

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ASIC
September 23, 2021 BY Steffy Bogdanova

ASIC announces ban on unsolicited sale of financial products

ASIC Deputy Chair Karen Chester commented: These changes put in place fairness protections, so consumers are not sold products they don’t want or don’t need. The restrictions mean consumer needs will be central to how firms offer products. Chester continued: The new hawking prohibition addresses long held concerns about poor consumer outcomes from unsolicited sales…

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finra
August 16, 2021 BY Steffy Bogdanova

FINRA releases warning about phishing email scam

Because the domains show some similarities to the official FINRA domain, it could easily confuse some people. This is especially true if they are relatively new to the company or are not particularly tech literate. FINRA has made it clear that it is important to provide training to employees to ensure that they are aware…

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CySEC
August 13, 2021 BY Steffy Bogdanova

CySEC warns against imposter website in India

CySECr also pointed out that all the announcements on the imposter website are only until October 2020 and the real CySEC website has announcements up until this month, August 2021. CySEC urged the public to be very careful and ensure they are using the official website, especially when payments for exams or other purposes through…

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August 05, 2021 BY Steffy Bogdanova

FCA stops BDSwiss from offering CFDs to UK customers

The UK watchdog also discovered concerning details about BDSwiss’ sales and marketing practices such as use of misleading financial promotions, unrealistic claims about returns, failing to present clearly nature of the financial instruments being marketed and failing to describe the risks involved in trading CFDs. The regulator said that the company often contacted customers directly…

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CySEC
July 29, 2021 BY Steffy Bogdanova

CySEC extends license suspension of FXGM operator, Depaho

During the suspension, Depaho is not allowed to conduct investment activities and provide investment services or advertise itself as a provider of such services. CySEC noted that the company is allowed to complete its own transactions and clients’ transaction which are before it, following client instructions and “return all funds and financial instruments which are…

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