Tag: Australian Forex regulation

May 11, 2016 BY Maria Nikolova

Australian FX broker Ikon implements measures to rectify client trust accounts, improve disclosure

Concerns raised by the Australian Securities & Investments Commission (ASIC) have led to retail over-the-counter (OTC) derivative issuer Ikon (Australia) Pty Ltd (Ikon) to implement measures to rectify client trust accounts and improve disclosure. The company has agreed to separate client money held in compliance with its obligations under the Corporations Act, from money held…

Read more
March 30, 2016 BY Maria Nikolova

Retail Forex remains area of focus for ASIC

Australian Securities & Investments Commission (ASIC) today published its enforcement report for the period July 1, 2015 to December 31, 2015, outlining key results of its enforcement activities and areas of focus for the future. Retail margin Forex trading, as well as poor organisational culture in the financial services industry, are amid the key focus…

Read more
March 10, 2016 BY Maria Nikolova

FXAsia updates disclosure in response to ASIC concerns

The Australian Securities & Investments Commission (ASIC) today announced that FXAsia Pty Ltd (FXAsia) has taken steps to update disclosure on its website (https://www.fxasia.com/) after the regulator voiced its concerns regarding the scope of the company's authorization and the claims on its website. The updates will inform visitors of the corporate website that FXAsia cannot currently…

Read more
March 08, 2016 BY Maria Nikolova

ASIC warns against Market City International and Brokers500

The Australian Securities and Investments Commission (ASIC) today issued a warning against Market City International SRL (Market City International), trading as BROKERS500 through the website www.brokers500.com. BROKERS500 presents itself as a leading online trading broker specialising in stocks, commodities, CFDs and currencies. The website claims (see image below) that Market City International holds an Australian…

Read more
December 22, 2015 BY Maria Nikolova

ASIC issues warning about false claims on www.usgforex.com

The Australian Securities & Investments Commission (ASIC) is keeping up with its strict monitoring of the retail OTC derivative sector, including margin Forex, CFDs and binary options. The regulator today published a warning regarding false claims on www.usgforex.com. In particular, the watchdog is concerned that the company operating the website is falsely claiming to be…

Read more
November 18, 2015 BY Maria Nikolova

ASIC forces Boca FX to remove misleading statements about Australian authorization

The Australian Securities & Investments Commission (ASIC) today announced that it has ordered Boca Global Financial Group Pty Ltd, aka Boca FX to remove misleading statements from its website regarding its Australian authorization. Following ASIC concerns, the company has agreed to remove statements on its website https://www.bocafx.com.au/ suggesting Boca is ASIC regulated or authorised to…

Read more
October 30, 2015 BY Maria Nikolova

ASIC annual report confirms strict approach to retail FX sector

Australian Securities & Investments Commission (ASIC) has just tabled its Annual Report for the fiscal year to June 30, 2015, with the document providing further evidence of the rigid approach the Australian regulator has adopted regarding the retail OTC derivatives sector (read, retail Forex). The watchdog notes that it has increased its focus on ‘rogue’…

Read more