The US National Futures Association (NFA) announced on Tuesday it has permanently expelled the US branch of the forex broker IBFX. The self-regulatory organization also ordered IBFX to withdraw from acting as a principal of an NFA member.
The Association’s Business Conduct Committee (BCC) took the decision after a complaint from November 2015 that IBFX has failed to maintain the minimum adjusted net capital requirements and to implement an adequate risk management program. It has thus violated the NFA membership conditions. Furthermore, the NFA has found that the broker has not maintained complete and accurate books and records and did not properly supervise its operations.
The NFA decision comes less than a day after the US Commodity Futures Trading Commission (CFTC) announced it will fine IBXF $1 million for failing to meet the capital requirements for a brief period in January and February 2015, not reporting the matter to the regulator and several other violations of the regulations.
Source: smnweekly.com/2016/03/15/us-national-futures-association-expels-ibfx/
The Association’s Business Conduct Committee (BCC) took the decision after a complaint from November 2015 that IBFX has failed to maintain the minimum adjusted net capital requirements and to implement an adequate risk management program. It has thus violated the NFA membership conditions. Furthermore, the NFA has found that the broker has not maintained complete and accurate books and records and did not properly supervise its operations.
The NFA decision comes less than a day after the US Commodity Futures Trading Commission (CFTC) announced it will fine IBXF $1 million for failing to meet the capital requirements for a brief period in January and February 2015, not reporting the matter to the regulator and several other violations of the regulations.
Source: smnweekly.com/2016/03/15/us-national-futures-association-expels-ibfx/
