FINMA, the Swiss Financial Market Supervisory Authority, has updated its blacklist of companies that are illegally conducting financial services and targeting Swiss residents.
The newly listed company is an asset management provider named liquid-fx GmbH. The Swiss authority located the company address via its website http://liquid-fx.net which reveals that the firm offers several ‘unclear’ financial services including managed accounts, online trading platforms and asset management plans.
Stocks to Watch This Week – Expedia Group, IncGo to article >>
Although the financial watchdog didn’t provide specific details, the inclusion of liquid-fx means that it is not officially registered in Switzerland and was thus not authorized to offer its trading services to Swiss traders. Interestingly, liquid-fx displays the UFX Markets logo, citing the CySEC-regulated broker as its ‘licensed partner’ without giving further details about the nature of this partnership.
Finance Magnates reported last week on FINMA when the authority signed a Memorandum of Understanding (MOU) with the Securities and Futures Commission (SFC) on Switzerland-Hong Kong Mutual Recognition of Funds and Asset Managers. The MoU will enable eligible Swiss and Hong Kong public funds to be distributed in each other’s markets through a streamlined vetting process.