For Immediate Release
Manitoba and New Brunswick Regulators Settle with Forex Capital Markets
Winnipeg, MB (October 24, 2014) – The Manitoba Securities Commission (MSC) and the Financial and Consumer Services Commission of New Brunswick has settled with the U.S.-based Forex Capital Markets LLC and U.K.-based Forex Capital Markets Ltd. for allowing residents in both provinces to open self-directed brokerage accounts when neither company was registered to trade securities in Manitoba nor New Brunswick.
For this misconduct, FCXM US and FCXM UK have agreed to pay an administrative penalty of $180,000, comprising of a $158,000 payment to the MSC and $22,000 payment to the Financial and Consumer Services Tribunal of New Brunswick.
The Manitoba Securities Commission is a division of the Manitoba Financial Services Agency, a Special Operating Agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province. You may view the settlement agreement at http://www.msc.gov.mb.ca/legal_docs/orders/7005_forex.pdf.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Media Contact Information:
Manitoba Securities Commission