Saxo Bank prepares to close its subsidiary’s doors in Turkey, the FCA postpones its plan to restrict OTC trading, as ESMA looks into similar aspects, and 24Option will soon be able to market its services in France again – read the best stories of the week.
AMF Lifts Ban on 24Option
On Monday, the French regulatory financial body Autorité des Marchés Financiers (AMF) reportedly decided to repeal its decision to ban 24Option. After almost ten months of being blacklisted, the binary options brokerage is now on the regulator’s good side, as it has been maintaining the required standards. The ban will be officially lifted on July 3, 2017.
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CySEC Declares Open Hunting Season on Affiliates
On Monday, the Cyprus Securities and Exchange Commission (CySEC) announced its new work plan, which will now target affiliates. Online trading companies will now have to keep a watchful eye on how affiliates target and recruit their clientele, ensuring that they only use appropriate marketing materials.
Saxo Bank Shuts Down its Subsidiary in Turkey
On Wednesday we reported that Saxo Capital Markets Menkul Değerler A/Ş, Saxo Bank’s Turkish subsidiary, has been scaling back on its operations as a preparation for its shutdown. This decision stems from Turkey introducing strict new regulations in February 2017, such as banning traders who attempt to open an account with less than $13,500.
TechFinancials Readies Itself for Israeli Binary Options Ban
On Thursday, binary options technology provider TechFinancials was said to be potentially following in the footsteps of Israeli binary options brokers. About a year ago, Israel banned the marketing of binary options to local clients. Recently, this country got into the process of banning marketing to traders living abroad. Consequently, numerous local brokerages have shut down their Israeli offices and call centers. The technology services firm may be facing a similar situation that will lead to the downsizing of its offices in Israel and moving positions offshore.
FCA Delays Installation of Regulations
On Thursday, the European Securities Markets Authority (ESMA) announced that it is exploring a regulation framework that will restrict the online trading industry as part of MiFID II regulations, which are due to take effect in January 2018. Following this move, the UK’s Financial Conduct Authority (FCA) decided to postpone the implementation of its own regulatory guidelines that were due later this year.