Problem Documentary about IronFx

[Cash_Cow]

The rules Cysec operates under permit a maximum fine of €350,000. Many people are waiting to see the first rulings from the Cyprus Financial Ombudsman on complaints. That will give some idea about how deep the corruption runs.

Freddie is planning a second video. It's going to be an hour long and promises interviews with inside sources. He's looking for crowdfunding...

https://www.generosity.com/community-fundraising/ironfx-exposed

Well done! Glad some light is being shed on all this shady behavior. I would be so upset if I were a client of Ironfx. Imagine having your trading funds frozen and then stolen while the owners of Ironfx enjoy the good life...

 

[Pharaoh]

I hope IronFx clients all kick in a few dollars soon. I'd love to see a bigger, better documentary on this.

 

[Pharaoh]

Hello IronFx victims! Are any of you seeing this?

 

[TheLoser]

Seeing what?

 

[oscarra]

…. what about the compensation fund, had they ever payed a single cent to victims, this seems a well keeped secret as well

https://www.esma.europa.eu/sites/default/files/library/esma20-95-590_annual_report_2016.pdf

In 2016, we highlighted the regulatory action taken against several investment firms, in one Member State, where ESMA has coordinated a number of national regulators’ activities relating to high-risk speculative products offered to retail clients across the EU. Protecting investors is one of our core objectives, and the growth in the sale of these high-risk products – such as contracts for difference (CFDs), binary options and rolling spot forex – has been a source of consumer detriment and we have sought to raise awareness by warning investors about these products.
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Protecting EU consumers from speculative financial products ESMA has carried out extensive work in the area of CFD or binary options. ESMA’s recent focus has been on promoting common supervisory approaches and practices across Europe in relation to the provision of CFDs, binary options and other speculative products to retail clients, as this is an area in which many competent authorities have serious concerns about the protection of investors and where there is a considerable degree of cross-border activity Throughout 2016, ESMA published questions and answers (Q&As) on the provision of CFDs and other speculative products to retail clients. The purpose of these Q&As is to enhance supervisory convergence in the application of MiFID I and its implementing measures on key topics that are relevant when such speculative products are sold to retail investors. The Q&As specifically referred to issues concerning systems, platforms and software used by such firms in providing services to clients. Since mid-2015, ESMA has been coordinating the activities of a group comprising a number of host National Competent Authorities (NCAs) and the Cyprus Securities and Exchange Commission (CySEC), in its capacity as home NCA. The work of this group has focused on issues arising in relation to a number of Cyprus-based investment firms offering CFDs, binary options and other speculative products that are operating throughout Europe on a cross-border basis.

The group has therefore been operating as a forum for mutual cooperation between the members. In the context of its supervisory action plan, CySEC has so far imposed administrative fines or reached settlement agreements with a number of investment firms that are active in this sector of the market. CySEC has also issued a number of regulatory circulars to all Cyprus investment firms addressing some of the issues it has identified. CySEC’s supervisory and regulatory work is ongoing. CySEC’s actions include fines on, or settlement agreements with, eight firms - Depaho, Reliantco, IronFX Global, WGM Services, Pegase Capital, Rodeler, Banc de Binary and Ouroboros Derivatives Trading - totalling EUR 2,072,000. It has also suspended the license of Pegase Capital. CySEC’s work is ongoing in this area. Since sid-2016, ESMA has collected information from NCAs to assess the impact of the measure adopted by CySEC on detriment of these firms’ clients across the EU and should be able to conclude its monitoring in 2017. On the policy and consumer side, ESMA has adopted a number of Q&As to clarify how existing requirements should be implemented – authorisation, conflicts of interest, marketing, assessment of appropriateness – and has published a warning to raise investors’ attention on the risks of these products. ESMA is determined to ensure that retail investors receive the same level of protection independent of the location of the firm providing the services. This is an essential condition for safeguarding the free movement of services in the EU

………..sure sounds wonderfull, time to take a deeper look into this EU organisation.....

 

[FmrBrokerExecutive]

What's so amazing about IronFX is they recently got a Middle East family office to invest HUGE in their firm.

I have no idea why a FO would want to invest in a brokerage like this instead of start a fresh brand with qualified professionals somewhere like the UK, or even in a Cyprus/Belize type jurisdiction with more favorable business regulations.

http://www.financemagnates.com/fore...100m-investment-middle-eastern-family-office/

 

[oscarra]

The Wall Street Journal was reporting that Cyprus-based Retail Forex broker IronFX is already in the advanced stages of going public in the US early next year, in an IPO which could value the company at about $800 million.


....lets rather see what’s the matter with ESMA, monitoring criminals might just not be sufficient…..