Italy’s Consob blocks four more abusive websites LeapRate

July 21, 2023 BY Steffy Bogdanova

Italy's Consob blocks four more abusive websites

These companies offer high-risk investment instruments, including contracts for differences (CFDs) of forex and other asset classes. Consob has the authority to block websites offering illegal financial services at an internet service provider level. The regulator stated: The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons,…

July 14, 2023 BY Steffy Bogdanova

CySEC reacheds a €50K setttlement with Freedom Finance Europe for possible AML violations

CySEC assessed Freedom Finance Europe’s compliance during that period regarding procedures for client identification, due diligence. Furthermore, the financial markets regulator looked closely at the implementation of appropriate policies and controls for the detailed examination of each transaction and specifically particularly complex unusually large transaction or atypical patterns. The Cyprus watchdog announced that the company…

July 13, 2023 BY Steffy Bogdanova

SEC proposes changes to safeguard customers from potential broker-dealer failures

The US securities regulator explained that broker-dealers may encounter significant deposit obligations from time to time due to customer and PAB reserve calculations. SEC is suggesting that broker-dealers with a net cash balance of $250 million or more must perform daily calculations and promptly deposit the corresponding cash into the reserve account by the close…

July 05, 2023 BY Steffy Bogdanova

FCA announces consolidated tape to reduce costs and enhance trading data quality

To implement this initiative, the FCA intends to initiate a competitive tender process to select a single provider for the CT in the bond market. This plan is a crucial component of the Edinburgh reforms and is expected to be realized through collaboration with the government by 2024. Sarah Pritchard, executive director of markets and…

June 29, 2023 BY Steffy Bogdanova

Italy’s Consob blocks E-trade and Active Trades clone sites

The Consob has the authority to block websites offering illegal financial services at an internet service provider level. The regulator stated: Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer…

June 22, 2023 BY Steffy Bogdanova

ATFX boosts Middle East presence with Category Five license in UAE form SCA

CEO of ATFX Mena, Khaldoun Sharaiha added: The UAE's pioneering role in drafting regulations and driving industry development across various asset classes is a boon to the investors in the region and paves the way for forward-thinking firms to offer a secure and productive environment for such investors. ATFX has been actively pursuing licensing in…

June 02, 2023 BY Alan Sayer

ASIC Issues DDO Stop Order Against Mitrade Global

ASIC's concerns were raised by a retail investor questionnaire that Mitrade used as a key step for compliance with its obligations. The questionnaire gave prompts to a prospective retail investor to review any "unacceptable answer" that would indicate that the investor was not likely to be in the target market for the products. They said…

May 30, 2023 BY Steffy Bogdanova

ASIC extends financial adviser registration deadline

ASIC stated: The registration requirement is new. It is separate, and in addition to, the pre-existing requirements for an AFS licensee to appoint a relevant provider to the Financial Advisers Register after they have been authorised. Provisional Relevant Providers cannot be registered. The requirement for registration of financial advisers was introduced in 2021 in response…

May 26, 2023 BY Steffy Bogdanova

Italy’s Consob blocks Nadex clone and others

The latest websites offering financial services to be blocked are Prime Markets (primemarkets.co.com), Fintech Market (fintechmarket.consulting), Luxem Capital, Inc. (luxemcapital.com), and Nadex CFD Limited (nadexcfd.com). The Consob has the authority to block websites offering illegal financial services at an internet service provider level. The regulator stated: Consob draws investors' attention to the importance of adopting…

May 19, 2023 BY Steffy Bogdanova

CySEC warns against impersonators of representatives

The regulator further outlined that such in scams usually fraudsters claim to be officers or representatives of CySEC or real or fake authorities. The scammers usually claim to be CySEC officers or representatives or other real or fake bodies. The scammers usually approach investors via email which contains the name, address, official stamp and logo…

Category: Regulations