iFOREX Brokerage, a financial service provider was given a suspension order mid July 2011 by the Hungarian Financial Supervisory Authority (FSA). It was also issued a fine of $100,000 for not having proper risk management for clients in place. Since then the iForex team had appealed against the decision and have been given a clear signal to resume full operation of Forex trading in the European Economic Area, following an important decision by the Budapest Metropolitan Court, which countered a previous ruling made by the HFSA. The court issued an injunction to block the execution of the decision of the HFSA which had previously suspended iFOREX’s license, until the petition filed by iFOREX against the HFSA’s decision is finally resolved by the court. iFOREX is preparing to recommence serving clients from within the European Economic Area in different European languages, including French, which can also be found at http://www.iforex.fr
The ruling from the Budapest court means that iFOREX can now resume conducting its business under its license, including accepting new clients and allowing the opening of new positions for existing clients.
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