Category: Regulations

CySEC
June 09, 2021 BY Steffy Bogdanova

CySEC withdraws Bogofinance Capital Markets’s (FXJet) ICF membership

The move follows CySEC’s decision to withdraw the Cyprus Investment Firm (CIF) licence of BogoFinance Capital Markets. BogoFinance Capital Markets is a subsidiary of Lebanon-based broker BogoFinance, established in 2006 by local entrepreneur Joseph Boghos. The company obtained its CIF licence in 2017 when it entered the EU market and then rebranded as FXJet. Other…

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European Securities and Markets Authority Regulation
June 09, 2021 BY Steffy Bogdanova

Dutch regulator plans to restrict turbos backed by ESMA

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…

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ASIC
June 01, 2021 BY Steffy Bogdanova

ASIC bans Union Standard director John Martin for 10 years

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…

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May 26, 2021 BY Steffy Bogdanova

FCA stops EverFX from offering CFDs to UK investors

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…

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ASIC
May 24, 2021 BY Steffy Bogdanova

ASIC cancels Direct My Wealth Pty’s lincence

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…

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CySEC
May 19, 2021 BY Steffy Bogdanova

CySEC withdraws CIF license Rodeler, operator of 24Option

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…

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SEC
May 18, 2021 BY Steffy Bogdanova

SEC announces end to S&P DJI investigation following $9m settlement

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…

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