Hong Kong’s SFC warns against unauthorized Forex broker CMIS Trader

Hong Kong’s Securities and Futures Commission (SFC) has updated its Alert List, which includes the names of investment companies that are not authorized to target Hong Kong investors but have been identified to do so.

The latest addition to the Alert List is CMIS Global Limited / CMIS Trader, a company offering a range of Forex services via www.fxcmisc.com.

The watchdog notes that the broker says its address is the following: Suite 2602-3, BEA Tower (APM), 418 Kwun Tong Road, Kwun Tong, Kowloon, but is not located there.

The entity is not authorized to offer investment services in Hong Kong, the SFC says. It also adds that unlicensed entities often use names similar to legitimate companies to confuse investors. Cases of so-called “business cloning” are frequent in Hong Kong. To mention one recent example: in September this year, the SFC identified and warned against two clones of major bank and financial services provider Wells Fargo & Co (NYSE:WFC).

To view the full Alert List, click here.

Read Also: