Bulgarian Regulator FSC Warns Against UTMarkets

The commission provides this warning after numerous reports and complaints were raised against the broker.

The financial markets watchdog in Bulgaria, the Financial Supervision Commission (FSC), today warned investors that UTMarkets and its subsidiaries are not entitled to provide investment services or conduct investment activity in the country due to the lack of regulatory permissions.

The FM London Summit is almost here. Register today!

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

The suspicious company can be found under the web address http://www.utmarkets.com, and it operates several brands including CFD Global Ltd, STP Marketing Ltd and T-Marketing Ltd, which are also providing financial services or products without a regulatory licence.

A brief review of the broker’s website reveals that UT Markets claims to offer ECN access to the forex market using various trading platforms including MetaTrader 4. However, the company didn’t claim any specific regulatory status in any jurisdictions. In addition, UT Markets clearly states on its website that it is not regulated or authorised by the FSC in Bulgaria, as well as the Financial Conduct Authority (FCA), and is therefore unable to accept UK customers.

Suggested articles

Safle’s CEO Abhimanyu Kashyap on Creating Frictionless ExperiencesGo to article >>

Investment services and activities in the Republic of Bulgaria may only be provided by companies licensed by the FSC under the terms of the Markets in Financial Instruments Act.

The commission provides this warning after numerous reports and complaints were raised and further explained that it is currently conducting an inspection of the activity carried out in Bulgaria by UT Markets and the companies related with its platform.

In order to protect investor interests, the regulator proceeds in its statement explaining that it didn’t impound any funds or block bank accounts belonging to UT Markets or persons associated with the company or its subsidiaries. As such, the inspection only aims to figure out if the inspected companies have been engaged in illegal activity and in no way prohibits the company from paying back the monies collected to damaged clients.

The FSC regularly conducts inspections of companies which have fallen under suspicion, and inspects information regarding conduct of investment activities and provision of investment services, as well as inspecting persons related to them.

Got a news tip? Let Us Know