Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added Zurich Prime to its list of companies not to do business with, according to a regulatory statement.
OSC has updated its blacklist of companies that are illegally conducting financial services targeting provincial residents to add U-Nex Global Ltd operating as Zurich Prime, and doing business through its website www.zurichprime.com. The firm is not registered in Ontario to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.
A brief review of the broker’s websites reveals that it offers trading facilities on a wide range of financial instruments, ranging from foreign exchange, forex options, to contracts for difference (CFDs) on stocks. However, Zurich Prime didn’t claim a specific regulatory status in any jurisdiction.
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The warning follows a similar case highlighted by the OSC last month in which Nemesis Capital Limited, operating as AlfaTrade, was added to its list of unregulated investment providers.
In its capacity as one of Canada’s provincial regulators, the OSC seeks to protect investors while promoting fair and efficient capital markets throughout the province. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.