ASIC Seeks Interim Injunctions Against Forex Capital Trading
- At present, the company’s sole director is prohibited from leaving Australia until the 25th of March.
The Australian Securities and Investments Commission (ASIC) announced this Thursday that it has appeared before the Federal Court in Melbourne as part of its investigation into Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Capital Trading Pty Ltd, an over-the-counter derivatives issuer.
According to the statement, ASIC first obtained ex parte interim orders in the Federal Court against Forex Capital Trading on the 12th of March 2019. These interim orders restrained the company from removing their assets from Australia as well as of disposing of their property and freezing monies in its bank account.
This also prevented the sole director of the company, Shlomi Yoshai, from leaving Australia. Following on from this, on the 18th and 19th of March, ASIC went back to court, seeking an extension of the interim orders.
However, the court declined the extension of the freezing orders. Instead, it made orders to prevent Yoshai from leaving Australia until 5:00 pm on March 25 this year. Furthermore, the court also restrained Forex Capital Trading from transferring any property, including Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term, overseas.
Forex Capital Trading otherwise referred to as ForexCT, is a provider of foreign exchange (forex) and contracts for difference (CFD) trading through its mobile and web platforms. Comparing the Australian Business Number (ABN) listed on ASIC, plus the name of the company, the trading provider operates through the website https://www.forexct.com.au/.
ASIC Cracks Down on Market Misconduct
In today’s statement from ASIC, the financial regulator has not provided any context for its ongoing investigation into ForexCT. Instead, the regulator states that it is seeking interim orders against the company “as part of its action to protect investor funds.”
In recent years, ASIC has been cracking down on misconduct in the retail trading segment and obtaining an Australian Financial Services (AFS) license, has become increasingly harder.
As Finance Magnates recently reported, the Australian watchdog issued its first retail broker license in two years to Fortrade, a company which already holds several regulatory permits, including one from the UK’s Financial Conduct Authority (FCA), Belarus, and now Australia.
The matter between ASIC and ForexCT will next be before the court on May 20 this year.
The Australian Securities and Investments Commission (ASIC) announced this Thursday that it has appeared before the Federal Court in Melbourne as part of its investigation into Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Capital Trading Pty Ltd, an over-the-counter derivatives issuer.
According to the statement, ASIC first obtained ex parte interim orders in the Federal Court against Forex Capital Trading on the 12th of March 2019. These interim orders restrained the company from removing their assets from Australia as well as of disposing of their property and freezing monies in its bank account.
This also prevented the sole director of the company, Shlomi Yoshai, from leaving Australia. Following on from this, on the 18th and 19th of March, ASIC went back to court, seeking an extension of the interim orders.
However, the court declined the extension of the freezing orders. Instead, it made orders to prevent Yoshai from leaving Australia until 5:00 pm on March 25 this year. Furthermore, the court also restrained Forex Capital Trading from transferring any property, including Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term, overseas.
Forex Capital Trading otherwise referred to as ForexCT, is a provider of foreign exchange (forex) and contracts for difference (CFD) trading through its mobile and web platforms. Comparing the Australian Business Number (ABN) listed on ASIC, plus the name of the company, the trading provider operates through the website https://www.forexct.com.au/.
ASIC Cracks Down on Market Misconduct
In today’s statement from ASIC, the financial regulator has not provided any context for its ongoing investigation into ForexCT. Instead, the regulator states that it is seeking interim orders against the company “as part of its action to protect investor funds.”
In recent years, ASIC has been cracking down on misconduct in the retail trading segment and obtaining an Australian Financial Services (AFS) license, has become increasingly harder.
As Finance Magnates recently reported, the Australian watchdog issued its first retail broker license in two years to Fortrade, a company which already holds several regulatory permits, including one from the UK’s Financial Conduct Authority (FCA), Belarus, and now Australia.
The matter between ASIC and ForexCT will next be before the court on May 20 this year.