CySEC suspends TriumphFX shareholders' rights over management issues.
The regulator mentions warnings against the broker in Malaysia and Singapore.
The Cyprus
Securities and Exchange Commission (CySEC) has announced enforcement measures
against local investment firm Triumph Int. (Cyprus) Ltd, the operator of the TriumphFX
trading brand, due to concerns over the influence of its sole indirect
shareholder, Chong Chun Hseung.
CySEC Takes Action against
TriumphFX Operator
In a
statement released on 21 December, CySEC said it has suspended Hseung's voting rights, exercised through the firm's direct shareholder CCH Triumph
Cyprus Trust. The regulator has also prohibited Triumph's executive directors, Christoforos Christoforou and Joel Prakash Benedict, from performing management duties for two years.
These
actions are linked to TriumphFX and other associated companies being named on
investor alert lists by regulators in Singapore and Malaysia. According to
CySEC, Hseung's influence over Triumph is seen as detrimental to
the sound and prudent management of the firm.
The
measures will come into effect after two months and remain until Triumph FX and
related entities are removed from the investor alert lists in the foreign
jurisdictions. The company can seek a judicial review of CySEC's
ruling.
Interestingly,
TriumphFX has been on the Singaporean MAS warning list for over two years,
specifically since 4 August 2021. It was added to the Malaysian regulatory
commission's list even earlier, in 2020.
CySEC said
its decision aims to address the situation and protect investors. The regulator
has powers under local legislation to take such enforcement actions when it
deems management issues, or shareholder influence are undermining licensed
investment firms.
Also this
week, CySEC informed it is searching for experts specializing in identifying
potential regulatory violations. The regulator has posted a new public tender,
seeking two experts in the undertaking, valued at €240,000.
Justification for CySEC’s Enforcement
Measures
Although
the English document from CySEC did not provide additional details, the original
Greek statement outlined the factors considered when determining enforcement actions against Triumph. The
regulator views the influence of shareholders as a potentially serious issue that could undermine
investment firms, and local legislation provides authorities the power to
address such situations.
Suspending Hseung's voting rights as the ultimate beneficial owner removes his
decision-making ability over the company. Prohibiting the executive directors
he appointed from management duties similarly limits his influence over
operations. CySEC sees
these measures as effectively targeting the problematic shareholder influence while allowing Triumph the time to address the outstanding
investor warnings.
The
two-month implementation timeframe allows the firm to
seek removal from the Singapore and Malaysia alert lists. In essence, CySEC has deliberately targeted mechanisms through which Hseung
exercises control to incentivize the resolution of these alerts. The agency states that this approach safeguards sound governance and prudent management of the regulated entity.
The Cyprus
Securities and Exchange Commission (CySEC) has announced enforcement measures
against local investment firm Triumph Int. (Cyprus) Ltd, the operator of the TriumphFX
trading brand, due to concerns over the influence of its sole indirect
shareholder, Chong Chun Hseung.
CySEC Takes Action against
TriumphFX Operator
In a
statement released on 21 December, CySEC said it has suspended Hseung's voting rights, exercised through the firm's direct shareholder CCH Triumph
Cyprus Trust. The regulator has also prohibited Triumph's executive directors, Christoforos Christoforou and Joel Prakash Benedict, from performing management duties for two years.
These
actions are linked to TriumphFX and other associated companies being named on
investor alert lists by regulators in Singapore and Malaysia. According to
CySEC, Hseung's influence over Triumph is seen as detrimental to
the sound and prudent management of the firm.
The
measures will come into effect after two months and remain until Triumph FX and
related entities are removed from the investor alert lists in the foreign
jurisdictions. The company can seek a judicial review of CySEC's
ruling.
Interestingly,
TriumphFX has been on the Singaporean MAS warning list for over two years,
specifically since 4 August 2021. It was added to the Malaysian regulatory
commission's list even earlier, in 2020.
CySEC said
its decision aims to address the situation and protect investors. The regulator
has powers under local legislation to take such enforcement actions when it
deems management issues, or shareholder influence are undermining licensed
investment firms.
Also this
week, CySEC informed it is searching for experts specializing in identifying
potential regulatory violations. The regulator has posted a new public tender,
seeking two experts in the undertaking, valued at €240,000.
Justification for CySEC’s Enforcement
Measures
Although
the English document from CySEC did not provide additional details, the original
Greek statement outlined the factors considered when determining enforcement actions against Triumph. The
regulator views the influence of shareholders as a potentially serious issue that could undermine
investment firms, and local legislation provides authorities the power to
address such situations.
Suspending Hseung's voting rights as the ultimate beneficial owner removes his
decision-making ability over the company. Prohibiting the executive directors
he appointed from management duties similarly limits his influence over
operations. CySEC sees
these measures as effectively targeting the problematic shareholder influence while allowing Triumph the time to address the outstanding
investor warnings.
The
two-month implementation timeframe allows the firm to
seek removal from the Singapore and Malaysia alert lists. In essence, CySEC has deliberately targeted mechanisms through which Hseung
exercises control to incentivize the resolution of these alerts. The agency states that this approach safeguards sound governance and prudent management of the regulated entity.
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.
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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
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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
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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
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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
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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
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Register now to secure your spot: https://bit.ly/3JbUpCK
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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
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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.
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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.
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