Regulation

Financial Robotics Ordered By CFTC to Pay $3 mln for ‘Risk Free’ Forex Fraud

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Mark E. Rice and his company Financial Robotics get another fine, however chances are slim that these hefty fines will be ever paid back since Mr Rice has already to pay $1.5 million from a January 2014 order.
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Bank of Russia to Exempt Forex Accounts from Tax Rebates on Investments

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The Russian Central Bank plans to exempt funds in accounts trading on the foreign exchange market from tax rebates introduced with investment accounts that Russians will be able to open from the beginning of 2015.
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China’s Forex Regulator Not Worried about “Hot Money” Capital Outflows, Monitors U.S Policy

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The head of the department of international payments at SAFE explained that the decline in reserves was caused by the USD appreciation, which reduced the dollar value of the reserves held in other currencies.
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FMA Urges Jackpot-Seeking Retail Investors to Avoid ‘Big Win’ Scams

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The FMA implores investors to restrain their profit expectations and avoid falling for financial scams. But is it realistic to expect unprepared and unaware novice investors to avoid becoming fixated with profits?
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Regulatory Authorities Nearing FX Manipulation Charges, Fines Approaching $41B?

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Following a yearlong investigation by a number of global regulators alleging FX manipulation by many of the world’s leading banks, the potential costs associated with fines are starting to be weighed.
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FX Fixing Scandal Continues its Misery – Rabobank Puts 2 More Traders on Leave

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Two FX traders have been placed on leave at Rabobank, Gary Andrews and Chris Twort have been named in an investigation. Mr Andrews is believed to have left the bank, according to his Linkedin profile.
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Two English Channel Islands Join Forces to Attract Brokers With Dual Gambling/Financial Licence

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The gambling regulator of Alderney and the financial regulator of the neighboring Guernsey will cooperate to establish the islands as a joint Binary Options, CFDs and Spread Betting jurisdiction.
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MFSA Tightens Financial Licensing Rules and Raises Capital Requirement

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Effective October 20th, all new foreign exchange brokers must adhere to a €730,000 initial minimum capital requirement in Malta alongside a range of other conditions designed to toughen financial regulation.
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Two Former Rabobank Employees Charged for Libor Rates Manipulation

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US Department of Justice has charged two former traders at Dutch bank, Rabobank. The two were found guilty of their role in the manipulation of Libor rates, a total of six former workers at the bank have been charged.
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South Korea’s Financial Regulator Intensifies Monitoring of Forex Trading

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In yet another example of the FX market coming under more scrutiny from regulators globally, Forex Magnates reports on South Korea’s plans to make Forex brokers more transparent and traders more accountable.
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