Turkey’s Capital Markets Board (CMB), the paramount financial regulatory and supervisory agency in the country has levied a fine for nearly $30k against Isik Menkul Degerler, according to a CMB statement.
Isik Menkul is a financial services provider, with a number of smaller subsidiaries, including IsikFX, its Turkish FX brokerage arm. The CMB has imposed a $30,670 (TRY89,628) fine against the Turkish company, after the regulator took legal action following a violation of its Principles of Investment Advisory Activity.
More specifically, the CMB took preventative steps that would otherwise allow brokers to give trade ideas, i.e. buy sell signals to clients. Consequently, the fine to Isik Menkul was imposed after it attempted to give trade signals to clients.
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Italian Regulator Warns on Two Brokers
Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has issued two warnings against two binary options brokers for soliciting clients without the proper authorization to do business.
The CONSOB found that Lau Global Services Corporation, nor its brand MXTrade, which operates under the website www.mxtrade.com is authorized to provide investment activities in Italy. Moreover, the regulator has also issued a statement and warning against Simple Trading Corporation Limited. The company operates under the website www.simpletradelimited.com and currently does not have the regulatory authorization to provide services in Italy as well, despite claims to the contrary on its website.