The Autorite des Marches Financiers (AMF), the financial regulatory authority of France, issued on Thursday a warning notice against five investment service providers which have not been authorized to operate in the country.
The regulator has found the companies ActivMarkets (www.activmarkets.com), Market City Inter. (www.brokers500.com), CVC (www.cvcgroups.com), International Capital Markets PTY (www.icmarkets.com), and RGV Media (www.zarforex.com) offer forex trading services to local citizens without holding the required licenses.
Investment companies are not allowed to operate or target citizens in France without authorization. They need to have a license from the relevant authoritis in France or any other EU member state.
The AMF keeps a register with all brokers licensed to provide its services in France and to target French citizens.
The French regulator has added a total of 84 websites of entities that operate on the local forex market without authorization to do so, and has a separate list with more than 250 websites of unauthorized binary options dealers.
In addition, it keeps a register with all brokers licensed to provide its services in France and to target French citizens.
IC Markets is regulated by the Australian Securities and Investments Commission (ASIC). It is headquartered in Sydney and provides forex and contracts for difference (CFDs) trading services for individual traders, money managers and institutional customers.
Market City is also licensed by ASIC. The remaining three brokers have not provided any licensing details on their websites.