Belize’s IFSC Warns Public that Premier FX is not Authorised
- Previously, Belize was known as an offshore destination for brokers that want to meet fewer and softer criteria.
The International Financial Services Commission of Belize (IFSC) issued yesterday a warning against another entity purporting to be registered in the country. The Belize watchdog warned that a company calling itself ‘Premier Point Marker’ is not licensed by IFSC or any other competent authority in the country to conduct any trading business, according to an official IFSC press release.
According to the Belize’s watchdog, all persons concerned should exercise extreme caution and take note, as the aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities licence.
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It is not yet clear how many clients may have been affected by the firm. This is therefore a warning sign of other potentially fabricated aspects of its business with regard to credibility.
A brief review of Premier FX website reveals that the broker offers its clients several trading products including 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 and CFDs, as well as stock indices and commodities.
Finance Magnates reported on Belize’s financial services regulator back in February when the IFSC unfolded its plans to begin the enforcement of new capital requirements for registered derivatives brokers. The step comes nearly 14 months since the issuance of the ‘Licensing Amendment Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term’ in late 2015.
The commission said in a circular to stakeholders that all companies holding a license for trading in financial and commodity-based derivative instruments and other securities or license for trading in foreign exchange must provide evidence of statutory capital increase of up to 500,000 US dollars.
The increase concerns brokers of forex, options, futures, contracts for differences (CFDs), shares, stocks and interest rates. Prior to the hike, the minimum required capital was $100,000.
The International Financial Services Commission of Belize (IFSC) issued yesterday a warning against another entity purporting to be registered in the country. The Belize watchdog warned that a company calling itself ‘Premier Point Marker’ is not licensed by IFSC or any other competent authority in the country to conduct any trading business, according to an official IFSC press release.
According to the Belize’s watchdog, all persons concerned should exercise extreme caution and take note, as the aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities licence.
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It is not yet clear how many clients may have been affected by the firm. This is therefore a warning sign of other potentially fabricated aspects of its business with regard to credibility.
A brief review of Premier FX website reveals that the broker offers its clients several trading products including 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 and CFDs, as well as stock indices and commodities.
Finance Magnates reported on Belize’s financial services regulator back in February when the IFSC unfolded its plans to begin the enforcement of new capital requirements for registered derivatives brokers. The step comes nearly 14 months since the issuance of the ‘Licensing Amendment Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term’ in late 2015.
The commission said in a circular to stakeholders that all companies holding a license for trading in financial and commodity-based derivative instruments and other securities or license for trading in foreign exchange must provide evidence of statutory capital increase of up to 500,000 US dollars.
The increase concerns brokers of forex, options, futures, contracts for differences (CFDs), shares, stocks and interest rates. Prior to the hike, the minimum required capital was $100,000.