Bulgarian Regulator FSC Warns Against UTMarkets

The financial markets watchdog in Bulgaria, the Financial Supervision Commission (FSC), today warned investors that UTMarkets and its subsidiaries are not entitled to provide investment services or conduct investment activity in the country due to the lack of regulatory permissions.

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The suspicious company can be found under the web address https://www.utmarkets.com, and it operates several brands including CFD Global Ltd, STP Marketing Ltd and T-Marketing Ltd, which are also providing financial services or products without a regulatory licence.

A brief review of the broker’s website reveals that UT Markets claims to offer ECN access to the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term market using various trading platforms including MetaTrader 4. However, the company didn’t claim any specific regulatory status in any jurisdictions. In addition, UT Markets clearly states on its website that it is not regulated or authorised by the FSC in Bulgaria, as well as the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), and is therefore unable to accept UK customers.

Investment services and activities in the Republic of Bulgaria may only be provided by companies licensed by the FSC under the terms of the Markets in Financial Instruments Act.

The commission provides this warning after numerous reports and complaints were raised and further explained that it is currently conducting an inspection of the activity carried out in Bulgaria by UT Markets and the companies related with its platform.

In order to protect investor interests, the regulator proceeds in its statement explaining that it didn’t impound any funds or block bank accounts belonging to UT Markets or persons associated with the company or its subsidiaries. As such, the inspection only aims to figure out if the inspected companies have been engaged in illegal activity and in no way prohibits the company from paying back the monies collected to damaged clients.

The FSC regularly conducts inspections of companies which have fallen under suspicion, and inspects information regarding conduct of investment activities and provision of investment services, as well as inspecting persons related to them.