AMF Lifting 24Option Ban, Facilitating Services Offering in France
- The ban on 24Option in France will be lifted as early as July 3, 2017.
After nearly ten months of being banned from operating in France, 24Option will be having this measure lifted following the group’s efforts to comply with the domestic regulatory authorities. France’s Autorité des Marchés Financiers (AMF) announced that 24Option’s ban would be lifted as recently as July 3, as the group will now be able to once again provide investment services to French clients.
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The reversal follows after a clampdown last August, which saw 24Option (operating via CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term licensed Rodeler Limited) banned for not being able to comply with specific ‘professional obligations’. In particular, the discrepancy centered on Article 62 of MiFID regulations, or rather specific language dealing with the group's advertising practices. The ban was noteworthy as it was the first instance of a Cyprus-based company being denied access to any European market.
Bloomberg
Consequently, the AMF’s decision was ultimately made over two sentences of promotional text on 24Option’s French website, which had been deemed misleading – an additional complaint out of some 10,000 clients also factored into the decision, according to the Chairwoman of the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC), Demetra Kalogerou, who commented at the time of the ban.
The impasse between 24Option and the AMF appears to have always been surmountable. The binary options brokerage left the door open by issuing a pledge last year that it would be working with the regulator to solve the situation as soon as possible – a ban had been in place since August 1, 2016. Today’s announcement from the AMF indicated that 24Option has reconciled its advertising language to be in full compliance with French domestic law and MiFID regulations, which dictated the lifting of the ban.
Finance Magnates reached out to 24Option for additional comment but the company was not available at the time of publication.
After nearly ten months of being banned from operating in France, 24Option will be having this measure lifted following the group’s efforts to comply with the domestic regulatory authorities. France’s Autorité des Marchés Financiers (AMF) announced that 24Option’s ban would be lifted as recently as July 3, as the group will now be able to once again provide investment services to French clients.
The London Summit 2017 is coming, get involved!
The reversal follows after a clampdown last August, which saw 24Option (operating via CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term licensed Rodeler Limited) banned for not being able to comply with specific ‘professional obligations’. In particular, the discrepancy centered on Article 62 of MiFID regulations, or rather specific language dealing with the group's advertising practices. The ban was noteworthy as it was the first instance of a Cyprus-based company being denied access to any European market.
Bloomberg
Consequently, the AMF’s decision was ultimately made over two sentences of promotional text on 24Option’s French website, which had been deemed misleading – an additional complaint out of some 10,000 clients also factored into the decision, according to the Chairwoman of the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC), Demetra Kalogerou, who commented at the time of the ban.
The impasse between 24Option and the AMF appears to have always been surmountable. The binary options brokerage left the door open by issuing a pledge last year that it would be working with the regulator to solve the situation as soon as possible – a ban had been in place since August 1, 2016. Today’s announcement from the AMF indicated that 24Option has reconciled its advertising language to be in full compliance with French domestic law and MiFID regulations, which dictated the lifting of the ban.
Finance Magnates reached out to 24Option for additional comment but the company was not available at the time of publication.