Breaking: FXPrimus Mauritius Investment Dealer License Suspended
- The regulator cited three provisions on which the broker has failed to comply with existing rules and regulations
The Mauritius regulated arm of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFDs brokerage FXPrimus has just announced that its license has been suspended. The Financial Services Commission (FSC) of Mauritius has decided to suspend the permit of FX Primus on three counts.
The regulator cited three counts on which it is suspending the license of FXPrimus. The first one is for failure to comply with unnamed specific provisions provided under the regulatory act in Mauritius, while the second and third counts are related to anti-money laundering compliance and the violation of unnamed licensing conditions which are attached to the company’s permit.
According to the regulatory framework, the company has to cease carrying out authorized activities under its licenses, but remains obligated to comply with regulations and to the directions of the FSC of Mauritius until the suspension of the licenses is cancelled.
An official statement issued by the company reads that, “FX Primus Ltd. Mauritius wishes to assure its loyal clients and partners that the Mauritius-based legal team is working to resolve any matters with the FSC, and is in ongoing mutual discussions in order to correct and reinstate the licence.”
The company also reiterated the tone of the regulator outlining its current status, “FX Primus Ltd. Mauritius is still subject to the Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term of a licensee and to the directions of the Commission until the license is reinstated. We are confident that the ongoing mutual discussions will resolve these matters, shortly.”
The Mauritius regulated arm of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and CFDs brokerage FXPrimus has just announced that its license has been suspended. The Financial Services Commission (FSC) of Mauritius has decided to suspend the permit of FX Primus on three counts.
The regulator cited three counts on which it is suspending the license of FXPrimus. The first one is for failure to comply with unnamed specific provisions provided under the regulatory act in Mauritius, while the second and third counts are related to anti-money laundering compliance and the violation of unnamed licensing conditions which are attached to the company’s permit.
According to the regulatory framework, the company has to cease carrying out authorized activities under its licenses, but remains obligated to comply with regulations and to the directions of the FSC of Mauritius until the suspension of the licenses is cancelled.
An official statement issued by the company reads that, “FX Primus Ltd. Mauritius wishes to assure its loyal clients and partners that the Mauritius-based legal team is working to resolve any matters with the FSC, and is in ongoing mutual discussions in order to correct and reinstate the licence.”
The company also reiterated the tone of the regulator outlining its current status, “FX Primus Ltd. Mauritius is still subject to the Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term of a licensee and to the directions of the Commission until the license is reinstated. We are confident that the ongoing mutual discussions will resolve these matters, shortly.”