The dual regulatory structure in France overseeing the local financial markets via the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) has once again warned the public of Forex websites not authorized to carry out business in its jurisdiction.
The regulators have added the following brands to its list of dubious firms:
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- www.admiralmarketsltd.com / Admiral Markets Global Solutions Ltd
- www.fm-fx.com / FM Marketing Ltd
- www.goprofinance.com / GoProBank
- www.trade-24.com / Trade24 Global Ltd
The AMF said that the full list of unauthorized sites is available on the regulator’s website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.
France’s watchdog has made several notable clampdowns of late against a number of fraudulent trading schemes, and in addition to the periodic warnings it announced back in January that all electronic advertisement of forex and binary options in France will be banned. However, ultimately the onus is on investors to exercise their due diligence before embarking on any activities, the AMF says.
A Clone of Admiral Markets
The watchdog’s warning also unmasks another fraudulent entity, bringing to light a possible clone which pretends to be Admiral Markets.
Although not blatantly claiming to be regulated, it is clear from visiting the clone firm's website, www.admiralmarketsltd.com, that it is indeed attempting to mislead investors that it is offering a legal product through using the details of an authorised firm operating under the name Admiral Markets (UK) Ltd.
The original company is a well-established entity that has been serving its clients for several years and is licensed by the UK Financial Conduct Authority (FCA Register No. 595450) to offer a comprehensive set of financial services. Admiral Markets (UK) Ltd is also approved to provide cross border services across the EU / EEA under European passport rights.
Finally, the AMF recommends that traders seeking to invest in France do so only with financial institutions authorized to do business in the country. The AMF also warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against responding to offers from any broker on the published lists.
Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr, and a list of authorized intermediaries in additional investor advisor categories can be accessed on orias.fr/search.
