French Regulators Add More Brokers to Caution List

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 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 and binary options websites not authorized to carry out business in their jurisdiction.

The regulators have added the following brands:

- www.binarycent.com / Cent Projects Ltd / Finance Group Corp. - www.raceoption.com / Affort Projects SA / Finance Group Corp. - www.videforex.com / Affort Projects SA / Finance Group Corp.

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.

The French watchdog has made several notable clampdowns of late against a number of fraudulent trading schemes, and in addition to the periodic warnings, it has banned all electronic advertisement of forex and binary options in France. However, ultimately the onus is on investors to exercise due diligence before embarking on any activities, the AMF says.

Finance Magnates reported on the AMF when the regulator announced that 24Option’s ban would be lifted, as the group will now be able to once again provide investment services to French clients.

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. A list of authorized intermediaries in additional investor adviser categories can be accessed on orias.fr/search.