The CNMV, Spain’s securities markets watchdog, has updated its warning list to include foreign exchange broker, Trading Forex. The latest addition follows the inclusion earlier this month of another unregistered firm, Tiger Asset Management, as part of the watchdog’s attempts to curtail the activities of unauthorised financial services entities soliciting their services to the public.
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Finance Magnates attempted to visit the website in question but it was evident that the company’s account had been suspended, therefore no further details are currently available. We also found no evidence of regulation by any other jurisdiction.
In the CNMV’s statement today, the watchdog pointed out that Trading Forex is not authorised to provide the investment services detailed in the Securities Markets Law, which includes investment advice or the provision of auxiliary services including transactions on foreign currency.
The CNMV’s role is to inform investors that investing through non-authorised companies implies a high risk of suffering capital losses since they operate outside the controls of supervisory authorities. Its latest warning against Trading Forex warns the public not to deal with this firm as it is not authorised to offer investment services, including forex, in Spain.