According to the CNMV, ACY does not possess the necessary licenses to operate in Spain.
Finance Magnates contacted the broker for a comment.
A foreign
exchange and contracts for difference (CFD) broker that recently
celebrated its 13th anniversary has caught the attention of a European
regulator. Spain's market watchdog, the National Securities Market Commission
(CNMV), added the ACY Securities website to its warning list, claiming the
company lacks the licenses to provide investment services in the local market.
Australian Broker ACY
Securities Lands on CNMV Warning List after 13 Years in Business
On February
5th, the CNMV published an update to its warning list, something it does quite
frequently, adding twelve new entities. ACY Securities, a popular Australian
brokerage brand, was among a mix of unlicensed FX/CFD
brokers and cryptocurrency exchanges.
As Finance
Magnates reported, ACY recently marked its 13th anniversary and launched a
special trading contest for the occasion. While the company is licensed, the
Spanish regulator found potential irregularities.
According
to the broker's website, it operates through two companies. The first is ACY
Securities Pty Ltd, registered in Australia and regulated by the local
Australian Securities and Investments Commission (ASIC). Additionally, there is
ACY Capital Australia LLC, incorporated in Saint Vincent and the Grenadines.
However, it
should be noted that the Caribbean island nation does not license the FX/CFD
industry, and ASIC's license is insufficient to provide services to European
Union clients.
At the same
time, ACY Securities has versions of its website in at least several languages
of EU member states, including Spanish, French, Portuguese, Italian and German.
It can, therefore, be assumed that the broker wants to provide services
specifically to clients in these European countries.
Finance
Magnates reached
out to ACY for comment on the matter. At the time of publishing this article,
no response had yet been received, but the post will be updated if one becomes
available.
Spain Expands CFDs Restriction
While Spain
was among the European countries that implemented ESMA restrictions on CFD
trading in 2018, the local CNMV has decided to take a further step in 2023 by
introducing more stringent local regulations.
This
decision stems from the fact that the FX/CFD market continues to see 75% of
retail investors losing money. The rules introduced in the second half of July
prohibited the operation of sales agents, call centers, and software providers
who were influencing the industry's promotion and encouraging investors to
leverage their capital in the markets.
The
regulations forbid the sponsorship of events and organizations and the
utilization of public figures to promote CFDs. Nevertheless, this limitation
excludes sponsorship and brand promotions conducted by brokers who either do
not provide CFDs or for whom CFDs constitute only a minor portion of their
overall offerings and activities.
ESMA has
supported CNMV's initiative by describing it as "justified and
proportionate."
A foreign
exchange and contracts for difference (CFD) broker that recently
celebrated its 13th anniversary has caught the attention of a European
regulator. Spain's market watchdog, the National Securities Market Commission
(CNMV), added the ACY Securities website to its warning list, claiming the
company lacks the licenses to provide investment services in the local market.
Australian Broker ACY
Securities Lands on CNMV Warning List after 13 Years in Business
On February
5th, the CNMV published an update to its warning list, something it does quite
frequently, adding twelve new entities. ACY Securities, a popular Australian
brokerage brand, was among a mix of unlicensed FX/CFD
brokers and cryptocurrency exchanges.
As Finance
Magnates reported, ACY recently marked its 13th anniversary and launched a
special trading contest for the occasion. While the company is licensed, the
Spanish regulator found potential irregularities.
According
to the broker's website, it operates through two companies. The first is ACY
Securities Pty Ltd, registered in Australia and regulated by the local
Australian Securities and Investments Commission (ASIC). Additionally, there is
ACY Capital Australia LLC, incorporated in Saint Vincent and the Grenadines.
However, it
should be noted that the Caribbean island nation does not license the FX/CFD
industry, and ASIC's license is insufficient to provide services to European
Union clients.
At the same
time, ACY Securities has versions of its website in at least several languages
of EU member states, including Spanish, French, Portuguese, Italian and German.
It can, therefore, be assumed that the broker wants to provide services
specifically to clients in these European countries.
Finance
Magnates reached
out to ACY for comment on the matter. At the time of publishing this article,
no response had yet been received, but the post will be updated if one becomes
available.
Spain Expands CFDs Restriction
While Spain
was among the European countries that implemented ESMA restrictions on CFD
trading in 2018, the local CNMV has decided to take a further step in 2023 by
introducing more stringent local regulations.
This
decision stems from the fact that the FX/CFD market continues to see 75% of
retail investors losing money. The rules introduced in the second half of July
prohibited the operation of sales agents, call centers, and software providers
who were influencing the industry's promotion and encouraging investors to
leverage their capital in the markets.
The
regulations forbid the sponsorship of events and organizations and the
utilization of public figures to promote CFDs. Nevertheless, this limitation
excludes sponsorship and brand promotions conducted by brokers who either do
not provide CFDs or for whom CFDs constitute only a minor portion of their
overall offerings and activities.
ESMA has
supported CNMV's initiative by describing it as "justified and
proportionate."
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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