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ASIC launches civil proceedings against AGM Markets, cancels its license

Nov 09 2018
By
Jonathan Smith

 

The Australian Securities and Investments Commission (ASIC) announced it has cancelled the license of retail OTC derivative issuer AGM Markets, due to unethical conduct and unmanaged conflicts of interest. The Australian financial watchdog has also launched civil proceedings against the broker.

 

After it conducted an investigation on the company’s activity, ASIC listed eight reasons to cancel the license of AGM Markets Pty Ltd, the Australian arm of the brokerage. The first of these is that the broker was providing financial advice for securities and superannuation interests when it did not have the appropriate license to do so.

 

In addition, ASIC states that AGM Markets made misleading or deceptive representations to clients, engaged in unconscionable conduct, and did not ensure that the financial services covered by the license were provided efficiently and fairly. On top of this, the broker didn’t apply adequate measures to deal with and avoid conflicts of interest.

 

The Australian regulator also clarified that AGM Markets’ AFS license will continue till the end of the year, so that the broker maintains its membership of an external dispute resolution scheme and stays covered by adequate indemnity insurance until this time.

 

AGM Markets is a global financial services provider serving retail and institutional customers since 2011. It offers trading in forex, index & energy CFDs, as well as precious metals on the MetaTrader 4 platform. The broker holds a license from the Cyprus Securities and Exchange Commission (CySEC), which enables it to offer its services across Europe.

 

TAGS: ASIC  AGM Markets  license cancellation  Australia  regulation 
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