Everybody can file a Petition to the European Parliament, but not everybody is going to be invited to a public debate in Bruxelles. The European Parliament only deals with matters of general interest.
A Hungarian client filed a petition to the European Parliament in 2016. A similar petition was filed by an Italian client.
The Petitions were considered as admissible in accordance with the Rules of Procedures of the EU Parliament. The Petition Committee began its examination and decided to ask the European Commission to conduct a preliminary investigation of the various aspects of the problem.
After the preliminary investigation, the Petition Committee invited IronFx damaged clients to speak at the European Parliament in July 2017. The petitioners were represented by Mr. Kornel Balogh, who spoke in name of a large number of victims.
He illustrated how the company has been withholding his family savings for 2 years.
(BTW: this particular petitioner newly received a decision by CY Financial Ombudsman to be reimbursed his initial deposit, but IronFx has refused to pay until now.)
The European Securities and Markets Authority ESMA and the EU Commission were invited to the debate. It was the first time that they were forced to make a public statement on this issue, which relates to the severe lack of investor protection in an EU member state (Cyprus).
Highlight of the debate was the Chairman of the Petition Committee asking "Why is this sort of shady company still allowed to trade?"
During the debate, the ESMA admitted to have received complaints by 500 complainants from all over the EU and to have started, as "latest line of action" a bilateral correspondence with CySEC for further clarification about the Report of Cyprus General Auditor.
Please listen yourself
Part 1
Part 2
Part 3
Part 4
The European Parliament has no power to resolve clients' complaints. But this institution can force EU authorities (such as the ESMA and the EU Commission) to take action.
Since January 2018 the ESMA has intervention power.
The ESMA can ban financial instruments (such as binary options), or high leveraged products (such as retail forex). But they can also ban a financial activity, i.e. a company. Here is the statement of the ESMA: http://bit.ly/2Fgqyde
The Petitions are still open and online for supporters. There will be a new hearing .
Last but not least: the hearing before the European Parliament had not much coverage in the forex press. We have known that IronFx threatened journalists not to report about it or forced them to remove the article.
Only Finance Magnates did not remove this piece of news: https://www.financemagnates.com/forex/brokers/european-parliament-discuss-petition-ironfx-july-11/
A Hungarian client filed a petition to the European Parliament in 2016. A similar petition was filed by an Italian client.
The Petitions were considered as admissible in accordance with the Rules of Procedures of the EU Parliament. The Petition Committee began its examination and decided to ask the European Commission to conduct a preliminary investigation of the various aspects of the problem.
After the preliminary investigation, the Petition Committee invited IronFx damaged clients to speak at the European Parliament in July 2017. The petitioners were represented by Mr. Kornel Balogh, who spoke in name of a large number of victims.
He illustrated how the company has been withholding his family savings for 2 years.
(BTW: this particular petitioner newly received a decision by CY Financial Ombudsman to be reimbursed his initial deposit, but IronFx has refused to pay until now.)
The European Securities and Markets Authority ESMA and the EU Commission were invited to the debate. It was the first time that they were forced to make a public statement on this issue, which relates to the severe lack of investor protection in an EU member state (Cyprus).
Highlight of the debate was the Chairman of the Petition Committee asking "Why is this sort of shady company still allowed to trade?"
During the debate, the ESMA admitted to have received complaints by 500 complainants from all over the EU and to have started, as "latest line of action" a bilateral correspondence with CySEC for further clarification about the Report of Cyprus General Auditor.
Please listen yourself
Part 1
Part 2
Part 3
Part 4
The European Parliament has no power to resolve clients' complaints. But this institution can force EU authorities (such as the ESMA and the EU Commission) to take action.
Since January 2018 the ESMA has intervention power.
The ESMA can ban financial instruments (such as binary options), or high leveraged products (such as retail forex). But they can also ban a financial activity, i.e. a company. Here is the statement of the ESMA: http://bit.ly/2Fgqyde
The Petitions are still open and online for supporters. There will be a new hearing .
Last but not least: the hearing before the European Parliament had not much coverage in the forex press. We have known that IronFx threatened journalists not to report about it or forced them to remove the article.
Only Finance Magnates did not remove this piece of news: https://www.financemagnates.com/forex/brokers/european-parliament-discuss-petition-ironfx-july-11/