By Sums on Wednesday,
ASIC warning BocaFX broker.
The Australian Securities and Exchange Commission ASIC forces remove misleading statements to Boca FX about Australian authorization. The BocaFX brokerage firm claims on www.bocafx.com.au that it is licensed by ASIC in Australia to provide financial services.
ASIC warning BocaFX broker that the Australian Securities & Investments Commission (ASIC) has announce an ordered to Boca Global Financial Group Pty Ltd known as Boca FX for remove misleading statements of its web site regarding the authorization of Australia. Earlier, Boca worked as an authorized representative of the company called Finsa Pty Limited. This appointment lasted from January 23, 2015 and September 29, 2015. Even within that period Boca still has no authority to carry out some of the financial services in Australia advertised on their website. As an authorized representative, Boca had limited powers. It could only be authorized to provide a particular financial service “on behalf of” a licensee, and that not in his own name.
ASIC Commissioner Cathie Armour said about ASIC warning BocaFX broker :
‘This is another example of an entity in the retail margin FX industry misrepresenting it is regulated by ASIC.’
‘Industry participants need to be clear on the limitations of using a corporate authorized representative business model. Authorized representatives that purport to issue financial products on their own behalf will expose themselves to regulatory action for unlicensed conduct.’
The action against Boca FX, ASIC approach emphasizes pursuant AFSL in retail OTC derivative, including Forex margin, CFDs and binary options. Just a couple of days ago the watchdog of Australia said Formax was forced to remove false statements about the suspension of the license of its subsidiary.