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Screenshot of a breaking news alert e-mail from Q2 2017
Here is the press release (translated) from the Russian self-regulatory organization tasked with monitoring FX in mother Russia. Online trading company known as MMCIS Group was added to the black list of companies to avoid doing business with. They violated a number of maxims laid down by the organization…Members of TSRFIN can not use deceptive promotional tactics such as bonuses, which was violated and the firm was also promoting huge returns with little risk it says in the report. For those that do not know, TSRFIN seeks the establishment of regulations aimed at creating standards for market regulation in Russia while protecting the interests of traders and other financial market participants. Russian lawmakers are still figuring out sweeping new regulation which would legally standardize in greater depth retail FX for all of Russia.
SRO TSRFIN reports that in connection with numerous appeals of citizens and the inspection results of the Control Commission TSRFIN TSRFIN Council decided to include Forex MMCIS Group ( www.forex-mmcis.com , www.mmcis.ru ,www.forex-mmcis.ru , www . ru.forex-mmcis.com ) in the “black list” TSRFIN:
1.Obeschanie implausible and / or guaranteed return: The company offers investors a stable high yield without any risks (on average more than 10% per month, taking into account the reinvestment of more than 200% per annum), which is the source of “asset management” in the market Forex traders dealing center Forex MMCIS Group.
2. Presence of significant bonuses for attracting new customers: There is evidence of a variety of incentive programs Forex MMCIS Group, in particular, provide for payments as a percentage of monthly income to attract customers, and a certain percentage of income “customers attracted customers” (multi-level system of remuneration) .
3. Lack of objective guarantees disbursements: not objective guarantees (except promises of) payments claimed percent – successful “fiduciary” is not confirmed by objective data. Company’s business model does not possess a degree of transparency sufficient to recognize the possibility of payment of said interest otherwise than by previously raised funds clients.
4. Symptoms false ranking: Existence of a false position, in particular, by using the promotional concept of “asset management”, which in the Russian legislation does not provide for cash management as such. Contract offer presented on the Company’s website refers to the provisions of the Civil Code, however, among other things, regulates and programs “fiduciary” (contract for the provision of information, analytical data, signals and tournaments), in contradiction with the Civil Code that obviously complicates Claim action in the event of bankruptcy. There is no information about available licenses in the Russian Federation, providing fundraising activities to private clients and asset management.TSRFIN Parent Commission asks citizens when placing funds to be more attentive to the choice of companies.
Full list of companies that have indicated signs https://crfin.ru/ru/blacklist .