ASIC found Saxo's TMDs for derivative products to be inappropriate, particularly concerning retail clients who use CFDs as a significant part of their investment portfolio, clients with investment timeframes of up to one year or up to three years, and specific instruments sought by retail clients for growth and income. CFDs are derivative contracts with…
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According to the Italian regulator, three of the companies are illegal financial intermediation websites and one is a website through which an offer of financial products is carried out in the absence of a prospectus. Consob has the authority to block websites offering illegal financial services at an internet service provider level. The regulator stated:…
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Michael Aagaard, Managing Director, GCEX, Denmark said: This is a major step forward for our business and we believe it will be a significant catalyst for growth in Europe. Brokers, fund managers, hedge funds and professional traders based in the EU will now have the peace of mind and reassurance of knowing that they are…
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CySEC stated in the official announcement: The loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of…
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The Cypriot watchdog stated: CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities. Earlier in March, CySEC added seven more companies to its warning list.
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The financial services platforms offer high-risk investment instruments such as forex instruments and contracts for differences(CFDs). SolidXM, in particular, is suspected of being a scam, as there is no information available about the company behind the platform on its website. Pelliron claims to be registered in Saint Vincent and the Grenadines but provides a UK…
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The Financial Conduct Authority (FCA) has approved the calculation of the three US dollar LIBOR settings by the ICE Benchmark Administration Limited (IBA), using "the relevant CME Term Secured Overnight Financing Rate (SOFR) Reference Rate plus the respective ISDA fixed spread adjustment." FCA’s Monday statement said that the overnight and 12-month US dollar LIBOR settings…
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The supervisory briefing states that regulated firms should be transparent and accurate in their marketing communication, disclosing all costs and charges related to their copy trading services. Offered products must prioritize the clients' best interests, and firms should ensure that traders whose trades are replicated have the requisite qualifications and expertise. ESMA and National Competent…
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ESMA said: As derivatives on fractions of shares are not corporate shares, firms should not use the term fractional shares when referring to these instruments. ESMA would deem such use of the term misleading and therefore in breach of MiFID II requirements. Companies offering these derivative products must provide full disclosure of all direct and…
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Retail brokerage operator F1Markets withdrew its licence in December last year and it was confirmed by CySEC earlier last month. 1Markets had several brokerage brands under its operation, such as Investous, 24CM, and EuroPrime, but its operations were not without controversy. The company faced multiple compliance lapses and enforcement actions. In August of last year,…
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