ACY Securities warned by Spanish regulator: licensing concerns raised. Brokerage under scrutiny for potential irregularities; updates pending.
ACY Securities warned by Spanish regulator: licensing concerns raised. Brokerage under scrutiny for potential irregularities; updates pending.
Spain’s CNMV closely monitors ACY Securities for licensing concerns. The Spanish regulator has added the ACY Securities website to its warning list, citing concerns about the company’s lack of licenses to offer investment services in the local market.
On February 5th, the CNMV updated its warning list, incorporating twelve new entities, including ACY Securities, into its roster of unlicensed FX/CFD brokers and cryptocurrency exchanges. Despite recently celebrating its 13th anniversary and hosting a special trading contest, ACY Securities is originally facing regulatory scrutiny.
While ACY Securities operates through two entities, namely ACY Securities Pty Ltd in Australia, regulated by the Australian Securities and Investments Commission (ASIC), and ACY Capital Australia LLC in Saint Vincent and the Grenadines, the latter’s jurisdiction does not license the FX/CFD industry. The ASIC license alone is deemed insufficient to cater to European Union clients.
Notably, ACY Securities has versions of its website available in multiple languages of EU member states, suggesting an intention to provide services to clients in these European countries.
Spain, having implemented ESMA restrictions on CFD trading in 2018, has taken a further step in 2023 by introducing stricter local regulations. This decision follows the trend of 75% of retail investors losing money in the FX/CFD market. The regulations, implemented in July, prohibit the operation of sales agents, call centers, and software providers, influencing industry promotion and encouraging investors to leverage their capital.
The rules also forbid sponsorship of events and organizations, as well as the use of public figures to promote CFDs. However, brokers not primarily offering CFDs or where CFDs constitute only a minor portion of their overall offerings receive exceptions. The initiative by CNMV has received support from ESMA, describing it as “justified and proportionate.”
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