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Screenshot of a breaking news alert e-mail from Q2 2017
The Financial Services Commission (FSC) of Mauritius has earlier this week published a set of notices regarding retail Forex broker FXPRIMUS, including an announcement about the revocation of the company’s Investment Dealer (Currency Derivatives Segment) Licence, Investment Dealer (Full Service Dealer excluding Underwriting) Licence and Category 1 Global Business Licence.
The regulator said the licenses are revoked following their suspension in May 2015 and noted the broker breached:
- specific provisions provided under the FSA (Financial Services Act 2007);
- the Code on the Prevention of Money Laundering and Terrorist Financing;
- the licensing conditions attached to its licences.
The watchdog also issued a set of notices regarding FXPRIMUS employees.
- The above breaches happened during the tenure of Mr. Kaviraj Rookny as the Money Laundering Reporting Officer (MLRO) of the broker, so the regulator concluded that Mr. Kaviraj Rookny is not fit and proper to hold position as officer in a licensee of the FSC Mauritius. He has been disqualified from holding position as officer in any licensee of the FSC Mauritius for a period of two (2) years, with effect from March 25, 2016.
- Given that the breaches have been committed when Mr. Terry Thompson served as a director of FXPRIMUS, the regulator finds that Mr. Terry Thompson is not fit and proper to hold position as officer in a licensee of the FSC Mauritius. Mr. Terry Thompson has been disqualified from holding position as officer in any licensee of the FSC Mauritius for a period of five (5) years, with effect from 25 March 2016.
FXPRIMUS provided the following comment to LeapRate:
Concerning the present revocation by the FSC Mauritius of the already suspended license of the inactive Mauritius’ company (since May 2015), we would like to comment that:
The essence of this is no news as it has already been published last year;
Most importantly, this is of no effect, no relation and no interest whatsoever to our present clientele which is serviced by our long established and active EU licensed establishment at FXPRIMUS.com.
Concerning the present news on disqualification by the FSC Mauritius of officers who served past terms in the formerly active licensed company in Mauritius, we would like to comment that:
Each and all officers in charge of business have always maintained a culture of appreciation and respect for applicable regulations and regulators, and continue to do so. In this regard, the officers concerned will adhere to any and all decisions and requests of the relevant regulator and be at their disposal at all times for any possible clarifications that might be required.
FXPRIMUS.com is presently operated (since Apr 2015) solely by the EU regulated company FX PRIMUS EUROPE (CY) LTD licensed by the Cyprus Securities and Exchange Commission.