RoboForex Receives the License of the National Bank of the Republic of Belarus

RoboForex, an international financial company, has received a license from the National Bank of the Republic of Belarus. Its affiliated company was listed in the forex companies registry in accordance with the country’s current and local legislation.

To enter a new market, RoboForex and RoboMarkets joined their expertise and financial technology efforts to provide their clients with the best possible quality of services. After careful consideration, the Companies made a decision to use the RoboForex brand for offering their services in the region. The decision was motivated by RoboForex’s sound experience in the provision of financial services, wide brand awareness among CIS clients and the ability to provide competitive trading conditions corresponding to its clients’ needs.

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Over ninety-seven Forex trading instruments, Metals, Commodities, Indices, and CFDs on stocks will be available for the clients of the Company. Access to trading operations will be made through the MetaTrader 4 platform.

Andrei Dziarnovich, CEO RoboForex BY, is commenting on the event:

“Receiving the license of the National Bank of the Republic of Belarus is a very important step of our expansion in CIS countries. Our key priority is to lead the industry whilst providing quality services on global financial markets, attractive trading conditions, and reliable protection of our clients’ interests.”

RoboForex Group recognized by the most respected experts of the Financial Market while operating since 2009 through 2 world companies RoboForex with operation around the world and RoboMarkets Ltd that support countries if the EU and the EEA. The company serves numerous clients around 800,000, from 170 countries and brings support in 18 languages, with the focus to develop trading offering by innovative technology solutions and numerous modern tools for trading. You can read our full RoboForex review here.

CySEC fines CIF Goldenburg Group Ltd €170.000

Regulator CySEC

The Goldenburg Group, owners of TopForex brokerage firm, was fined of 170,000 euros by the Cyprus Securities and Exchange Commission (CySEC) recently. The company’s failure to meet compliance standards led to action by the regulator.

According to a statement released by the regulator, the Goldenburg Group failed to maintain adequate records of the services and transactions it provided to customers. The firm received 50,000 euros fine for this failing.

It also received two separate fines of 40,000 euros each for failing to meet regulatory guidelines on honest dealings with clients. One of the fines was not specific in its scope but referenced a broad piece of legislation that indicates that an investment firm should “act honestly, fairly and professionally in accordance with the best interests of its clients.” The other 40,000 euro fine, however, was more specific. CySEC’s statement indicates that this one was given to the firm as it misled clients via its marketing activities.

It added 30,000 euros fine for failing to ensure that third-party companies used by the broker were meeting compliance guidelines. A smaller 5,000 euros fine was put on the firm for failing to meet compliance standards regarding tied agents. The group received another 5,000 euro fine for failing to properly notify the regulator that it was planning to open a new office in a different jurisdiction.

RoboMarkets Becomes the Official Partner of BMW M Motorsport

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RoboMarkets, a foreign exchange (forex) broker licensed in Cyprus, has just announced that it has become  BMW M Motorsport’s official partner for the popular German touring car masters Deutsche Tourenwagen Masters (DTM).

During the upcoming season of the popular German touring car masters DTM (Deutsche Tourenwagen Masters),  the Swedish BMW works driver Joel Eriksson will compete to win in the brand new #47 BMW M4 DTM racing car, with prominent RoboMarkets brand appearance.

Jens Marquardt, Director of BMW M Motorsport comments:

“We are proud to be able to count on such a large number of strong partners in the coming DTM season. They all guarantee that we are able to produce works motorsport of the highest standard. On behalf of everyone at BMW Motorsport, I would like to thank them for that. It is also particularly important for me to mention that our partnerships generally go well beyond simply displaying partner logos. We are always interested in structuring the partnerships in such a way that they add real value for everyone involved. We are strong together.”

The 2019 DTM season consists of 18 races starting on May 4th in Hockenheim, Germany. The series then moves to Zolder (Belgium), Misano (Italy), Norisring (Germany), Assen (Netherlands), Brands Hatch (Great Britain), Lausitzring (Germany) and Nürburgring (Germany), and then returns to Hockenheim for the final race, which will be held on October 5-6.

RoboMarkets is an investment company with the CySEC license No. 191/13. RoboMarkets offers investment services in many European countries by providing traders, who work on the financial market, with access to its proprietary trading platforms. You can check our full review of RoboForex broker, one of the RoboMarkets’ brands.

ASIC Bans Two FX Fund Managers from providing financial services for 6 years

ASIC has banned Mr. Jeffrey Worboys and Mr. Matthew Barnett from providing financial services for six years following an ASIC investigation.

Mr. Worboys and Mr. Barnett were, until February 2018, joint chief executive officers of Australian Mutual Holdings Limited. This company is an Australian financial services licence holder and a responsible entity which operates a number of managed investment schemes, including previously managing the Courtenay House Capital Investment Fund. Mr. Worboys remains as the sole chief executive officer of Australian Mutual.

ASIC found that when establishing the Courtenay House Capital Investment Fund, Mr. Worboys and Mr. Barnett did not exercise the degree of care and diligence required and failed to act in the best interest of the members of the fund. This included a failure to ensure that the persons responsible for trading funds had the requisite qualifications and experience to manage a foreign exchange and derivatives fund.

According to the official notice, the regulator states the reasons why Mr. Jeffrey Worboys and Mr. Matthew Barnett were banned: they had not maintained the high standards expected of a financial services adviser; demonstrated a lack of integrity, judgment and professionalism;  could not be relied upon to discharge the duties and obligations imposed on a provider of financial services; and were not competent to provide a financial service, and were likely to contravene a financial services law.

The former CEOs of Australian Mutual are also linked with Halifax Investment Services Pty Ltd. According to LinkedIn, Jeffrey Worboys is the current CEO of Halifax Group, and Matthew Barnett is a director. In January, ASIC has suspended the Australian financial services (AFS) license held by Halifax Investment Services Pty Ltd (Halifax).

CFTC Charges Forex Trading Firms in $75 Million Fraud

The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in federal court in Florida against Sarasota area defendants Oasis International Group, Limited (OIG), and Oasis Management, LLC (OM). The defendants are charged with operating a $75 million foreign currency (“forex”) trading scheme involving over 700 U.S. participants and over $47 million misappropriated in order to return funds to certain participants.

Starting in 2011, according to the Complaint, the defendants fraudulently solicited and misappropriated money from over 700 U.S. residents for pooled investments in retail forex.  Between mid-April 2014 and the present, the defendants received approximately $75 million from pool participants for investment in two commodity pools—Oasis Global FX, Limited and Oasis Global FX, SA (collectively, the “Oasis Pools”)—that would purportedly trade in forex.  

On April 15, 2019, the Honorable Virginia Covington, U.S. District Court Judge for the Middle District of Florida, entered a restraining order freezing the assets of the defendants and the relief defendants and permitting the CFTC to inspect all relevant records of the defendants and the relief defendants.  The Court also appointed Burton W. Wiand as a temporary receiver to take control of the corporate defendants and relief defendants, as well as the assets of the individual defendants.

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Foreign Currency Trading (Forex) Fraud Advisory, which alerts customers to forex fraud and lists simple ways to spot forex scams.

The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and options markets.

AETOS Capital Group extends AFC Champions League partnership with Sydney FC

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Australian football team Sydney FC has announced that they would be strengthening their partnership with retail broker AETOS Capital. The broker has been working with the Australian football team since 2017.

AETOS and Sydney FC attended an exclusive interview from a number of influential sports media in China. Councillor Mike Thomas, Senior Vice President of AETOS Capital Group, paid a special visit to Shanghai to give support to Sydney FC. Sydney FC Head Coach Steve Corica and Vice Captain Alex Wilkinson also attended the event and were interviewed by the media.

Councillor Mike Thomas said: “We are driven to meet our social responsibilities. AETOS commenced its connection with football since the 2017 AFC Champions League. 2019 is the second year that we have been the principal AFC Champions League sponsor for Sydney FC. Through AETOS’ support and investment, we help to grow football in Australia and provide the best pre-match preparation for the players to participate in these international competitions.”

Sydney FC Head Coach Steve Corica said: “We are delighted that AETOS Capital Group extended AFC Champions League partnership with us in the 2019 season. Sydney FC always strives to be the best and to win recognition from football fans in the Asia Pacific. Shanghai SIPG is a good team, while we have prepared very well for tomorrow’s game. We are looking to score lots of goals to put us in a very good position to qualify from the group to the last 16 teams.”

In the interview, Sydney FC Head Coach Steve Corica presented the No. 8 jersey to Councillor Mike Thomas, in which his surname was printed on, to express their gratitude to AETOS for its support.

AETOS is a global provider of FX and CFDs that giving its clients access to a wide range of markets including forex, metals, energy, and indices while serving their clients through corporate headquarters in Sydney Australia and serving global presence through London, UK office and customer support office in China. You can read our full AETOS review here.

Han Tan joins FXTM team as Market Analyst

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Leading Forex broker FXTM has just announced that it has appointed Tan Chung Han (Han Tan) as a new Market Analyst of the FXTM Market Research team, with a focus on Southeast Asia (SEA).

As a new member of the FXTM Market Research team, Han will act as the voice and face for the FXTM brand within the Southeast Asia (SEA) region, providing regular market commentary on both local and international market news, and educational insights for all broker’s clients.

Welcoming Han to the company, Nicholas Defteras, Chief Executive Officer of FXTM, said:

“We are very pleased to welcome Han as the latest member of the FXTM family. Our company continues to grow at a rapid pace, as our brand expands its global footprint. The credible experience and profile of Han fulfils many core values of the FXTM brand and we look forward to the contribution of Han towards providing a client-centric approach with high-level market analysis and overall investment in client education. We have planned over 200 educational events globally this year, and Han will help execute some of our ambitious and ever-evolving educational offerings. We wish Han every success in his new role”.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) has been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

CySEC has reached a settlement with CIF Hoch Capital Ltd.

Regulator CySEC

The Cyprus Securities and Exchange Commission (CySEC) announces that it has reached a settlement with Cyprus Investment Firm Hoch Capital Ltd. This firm operates the brand iTrader. The firm has agreed to pay €200,000 related to a compliance investigation started by the regulator.

The iTrader has operated since 2012 and gained a reputation for success, leading to a stable base of worldwide users who make thousands of trades every month. The company headquarters in Cyprus, while holding internal lines of various countries for direct connection with their clients, the lines include Russia, Spain, Germany, France, UK, Italy, UAE, Norway and more. You can read our full iTrader review here.

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A settlement has been reached for possible violations of The Investment Services and Activities and Regulated Markets Law. More specifically, the investigation for which the settlement was reached, involved assessing the Company’s compliance with the general principles for the performance of investment activities and the general principles and information to clients.

CySEC notes that all amounts payable from settlement agreements are considered revenue of the Treasury of the Republic and do not constitute income of CySEC.

The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of Cyprus. It supervises and controls the operation of the Cyprus Stock Exchange, grants operation licenses to investment firms, including investment consultants, brokerage firms, and brokers, impose administrative sanctions and disciplinary penalties. You can read the detailed article about the Cyprus Securities and Exchange Commission here.

Forex broker FXTM gets a regulatory license in Mauritius

ForexTime FXTM review

Forex broker FXTM has recently announced that it got a license from the Financial Services Commission (FSC) in Mauritius. The FXTM brand is also regulated through the FCA, CySEC and the FSCA which are amongst the most stringently regulated financial authorities.

FXTM holds the continual offering of excellent trading conditions at the heart of its values and the company is thrilled that this development represents another milestone in its international growth strategy, while also emphasizing the brand’s commitment to operating to the highest regulatory standards.

The brand is focusing on building a wider international presence while maintaining the quality of service available on its platform. FXTM spokesperson has commented on the latest announcement: “Mauritius is fast becoming an internationally recognized financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products.”

International customers will now have the opportunity to receive services through Mauritius. Clients will continue to enjoy the same great service they have come to expect from FXTM.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.

FCA fines UBS AG £27.6 million for transaction reporting failures

FCA Regulator

UBS AG (UBS) has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

UBS has been found to have failed to ensure it provided complete and accurate information in relation to approximately 86.67 million reportable transactions. It also erroneously reported 49.1 million transactions to the FCA, which were not, in fact, reportable. Altogether, over a period of nine and a half years, UBS made 135.8 million errors in its transaction reporting, in violation of FCA rules.

The FCA also found that UBS failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting. These failings related to aspects of UBS’s change management processes, its maintenance of the reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.

UBS agreed to resolve the case and so qualified for a 30% discount in the overall penalty. Without this discount, the FCA would have imposed a financial penalty of £39,427,795.

FCA Executive Director of Enforcement and Market Oversight, Mark Steward, commented:

“Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom. If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden.”

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. You can read a detailed article about why traders should choose UK brokers.