Breaking: FXPrimus Mauritius Investment Dealer License Suspended
The regulator cited three provisions on which the broker has failed to comply with existing rules and regulations
Victor Golovtchenko
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Regulation
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Retail FX )
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2015-05-28T20:23:16+00:00
2015-05-28T20:23:16+00:00
The Mauritius regulated arm of foreign exchange and CFDs brokerage FXPrimus has just announced that its license has been suspended. The Financial Services Commission (FSC) of Mauritius has decided to suspend the permit of FX Primus on three counts.
The regulator cited three counts on which it is suspending the license of FXPrimus. The first one is for failure to comply with unnamed specific provisions provided under the regulatory act in Mauritius, while the second and third counts are related to anti-money laundering compliance and the violation of unnamed licensing conditions which are attached to the company’s permit.
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According to the regulatory framework, the company has to cease carrying out authorized activities under its licenses, but remains obligated to comply with regulations and to the directions of the FSC of Mauritius until the suspension of the licenses is cancelled.
An official statement issued by the company reads that, “FX Primus Ltd. Mauritius wishes to assure its loyal clients and partners that the Mauritius-based legal team is working to resolve any matters with the FSC, and is in ongoing mutual discussions in order to correct and reinstate the licence.”
The company also reiterated the tone of the regulator outlining its current status, “FX Primus Ltd. Mauritius is still subject to the obligations of a licensee and to the directions of the Commission until the license is reinstated. We are confident that the ongoing mutual discussions will resolve these matters, shortly.”
So they lied about their relationship with ASIC, and now this. I can understand now why people would want to avoid retail.
So they lied about their relationship with ASIC, and now this. I can understand now why people would want to avoid retail.
Thought they had a fully oversubscribed IPO in Australia. What a bucket shop, bad enough to even lose the prestigious Mauritius licence.
Thought they had a fully oversubscribed IPO in Australia. What a bucket shop, bad enough to even lose the prestigious Mauritius licence.
LOL. Dead broker walking.
Our Institutional Editor Adil Siddiqui will be there.
Our Institutional Editor Adil Siddiqui will be there.
LOL. Dead broker walking.
I think this is the usual route now, say you are going to have a huge IPO, then release some very bad news about your business!
@Keith – At the moment there have been no successful attempts by any overseas broker to establish as a domestic company in China. There are many implications in doing so. In our forthcoming report on China, which will be published around the end of March this year, a concise account of how to operate in China and what the means of doing so are will be a major part of the report. I am happy to email you when it is published in order that you may order it from us.
@Keith – At the moment there have been no successful attempts by any overseas broker to establish as a domestic company in China. There are many implications in doing so. In our forthcoming report on China, which will be published around the end of March this year, a concise account of how to operate in China and what the means of doing so are will be a major part of the report. I am happy to email you when it is published in order that you may order it from us.
I think this is the usual route now, say you are going to have a huge IPO, then release some very bad news about your business!