New Zealand’s FSPR deregisters forex broker QY Market Group

New Zealand’s FSPR deregisters forex broker QY Market Group

The Financial Service Providers Register (FSPR), a New Zealand registrar for investment companies, has deregistered forex broker QY Market Group, the FSPR said on Wednesday in a notice on its website.

The deregistration took place on 17 November, 2015. The FSPR did not specify its motives for delisting the broker.

The New Zealand financial regulatory body, the Financial Markets Authority (FMA), often delists from the FSPR companies that are not active in the New Zealand markets and that it finds inappropriate to keep in the register. One reason for removing companies is in cases where they try to improperly benefit from being associated with New Zealand regulatory bodies and misleadingly pretend to be regulated by them.

The FSPR must also deregister a company if it is no longer qualified to be registered or it has failed to notify the registrar of the name, business address, and membership number, as required. In addition, companies can be deregistered in case it does not provide financial services or if there is false or misleading representation.

The FSPR is a searchable online register of people, businesses, and organisations that offer financial services in New Zealand. It has been created by the government as part of a wider strategy to make the financial services sector more accountable and transparent. The creation of the registrar aims the provision of public access to information about financial service providers in New Zealand.

A company’s presence in the register, however, does not necessarily mean it is licensed and regulated in the country.

QY Market Group, also known as QYM, provides trading services of forex, precious metals, contracts for difference (CFDs), energy, and indices. It is headquartered in New Zealand. The broker focuses on the Asia-Pacific region, but also has its eye on leading global markets, such as those of Australia, the US, the UK, and China.

Source: FSPR

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