CySEC Extends Falcon Brokers' License Suspension
- Forex broker banned from providing its services, obliged to return funds to clients
The Cyprus Securities and Exchange Commission (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) has extended the suspension of Falcon Brokers’ authorization, the authority announced on November 2.
Following this decision, and in accordance with the Investment Service and Activities and Regulated Markets Law, the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker cannot continue to offer any investment services
Falcon Must Close All Open Positions
In addition, CySEC said in its statement that the brokerage would have to close all open positions, both its own, and those in clients’ accounts, either on their maturity date or earlier, if a client so wishes. If clients want to take their profits or all their funds, Falcon Brokers is also obliged to release these.
There were suspicions that the broker violated client-fund handling rules
CySEC issued the initial suspension of authorization at the end of September, when it suspected that Falcon Brokers had violated the rules for handling client funds. As Finance Magnates reported then, no details were disclosed about the actual nature of the violation, but the rule in question, Section 18(2)(i), concerns the safeguarding of client funds and their use for the broker’s own account, which is prohibited without the express consent of the client.
The Cyprus Securities and Exchange Commission (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) has extended the suspension of Falcon Brokers’ authorization, the authority announced on November 2.
Following this decision, and in accordance with the Investment Service and Activities and Regulated Markets Law, the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker cannot continue to offer any investment services
Falcon Must Close All Open Positions
In addition, CySEC said in its statement that the brokerage would have to close all open positions, both its own, and those in clients’ accounts, either on their maturity date or earlier, if a client so wishes. If clients want to take their profits or all their funds, Falcon Brokers is also obliged to release these.
There were suspicions that the broker violated client-fund handling rules
CySEC issued the initial suspension of authorization at the end of September, when it suspected that Falcon Brokers had violated the rules for handling client funds. As Finance Magnates reported then, no details were disclosed about the actual nature of the violation, but the rule in question, Section 18(2)(i), concerns the safeguarding of client funds and their use for the broker’s own account, which is prohibited without the express consent of the client.