Update: The Tallinn Circuit Court issued an order to revoke the fine of the Financial Supervision Authority against Admiral Markets AS.
Admiral Markets AS, the Estonian entity of the Admiral Markets Group, has responded to the recent €32,000 fine imposed on it by the Estonian financial markets regulator. The brokerage is now considering to challenge the regulator’s order. The Estonian Financial Supervision and Resolution Authority slapped the penalty on the brokerage on Tuesday for its lack of transparency in changing the terms of financial instruments following the crash of crude oil prices in April 2020. According to the regulator, the brokerage did not give any prior notice to its clients and also the decision was not in their interest. However, Admiral Markets AS thinks the regulator did not consider all market-specific circumstances while imposing the penalty.
Clients' Interests Were Priority
Sergei Bogatenkov, CEO at Admiral Markets AS, believes that the broker acted in the best interest of its clients in changing the terms of the financial instrument, which ensured the continuation of trading services. “We have always been committed to ensuring that the interests of our customers around the world are protected,” Bogatenkov said in a statement. “In this situation, we stood up to reduce the potential impact on our customers.” “The goal of Admiral Markets is always to be a quality leader, to offer the best service and open communication with its customers and cooperation partners. We informed our customers early on of possible anomalies in the financial markets and asked them to be vigilant.” These statements rebut almost all the bases on which the Estonian regulator penalized the broker. However, the decision to challenge the regulator penalty order is yet to be finalized.
