The International Financial Services Commission of Belize (IFSC) issued yesterday a warning against another entity purporting to be registered in the country. The Belize watchdog warned that a company calling itself ‘Premier Point Marker’ is not licensed by IFSC or any other competent authority in the country to conduct any trading business, according to an official IFSC press release.
According to the Belize’s watchdog, all persons concerned should exercise extreme caution and take note, as the aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities licence.
It is not yet clear how many clients may have been affected by the firm. This is therefore a warning sign of other potentially fabricated aspects of its business with regard to credibility.
A brief review of Premier FX website reveals that the broker offers its clients several trading products including forex and CFDs, as well as stock indices and commodities.
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Finance Magnates reported on Belize’s financial services regulator back in February when the IFSC unfolded its plans to begin the enforcement of new capital requirements for registered derivatives brokers. The step comes nearly 14 months since the issuance of the ‘Licensing Amendment Regulation’ in late 2015.
The commission said in a circular to stakeholders that all companies holding a license for trading in financial and commodity-based derivative instruments and other securities or license for trading in foreign exchange must provide evidence of statutory capital increase of up to 500,000 US dollars.
The increase concerns brokers of forex, options, futures, contracts for differences (CFDs), shares, stocks and interest rates. Prior to the hike, the minimum required capital was $100,000.