Belgium FSMA Boiler Room Alert was issued just yesterday. The regulator warns investors against six firms with no registration operating in Belgium.
8 June, AtoZForex – The Financial Services and Markets Authority (FSMA) of Belgium has published an alert for the investors’ community. The regulator states in the warning that there is a number of ‘boiler rooms’ operating in Belgium that are currently targeting investors. The watchdog warned about six companies that have no registration in the country.
Belgium FSMA Boiler Room Alert
Specifically, the firms appear to be investment firms or credit institutions in Belgium. The regulator stresses that there are entities have no registration to offer investment services in or from the country.
A boiler room is a type of fraud that involves the entities contacting of customers in an unsolicited manner. Moreover, these firms usually contact clients by telephone, making offers on rather vague shares or exotic financial products.
The regulator warns that these companies are also pretending to be genuine firms. They are presenting the professional website and the forms to fill out. However, FSMA cautions that the firms have no authority to deal such products or solicit these trades or transactions. The Belgium regulator names the following six firms in the official warning:
- Charles van Deursen
- CTI China Renaissance (CTICR)/XW Technology Hong Kong Limited
- Toronto Sumitomo Trading International (TST International)
- Toshikatsu Group
- TST International
- Woori Bridgewater Brokerage
FSMA warned against Boiler Rooms previously
This warning comes just after the previous April Belgium FSMA Boiler Room Warning. That time, the regulator has issued a list of unauthorized and unregulated brokers that are offering financial and investment services in Belgium.
The entities comprising the last warning list of FSMA were companies offering binary options, Forex products, CFDs, and other derivatives. The recent list mainly includes a number of boiler rooms. However, the Belgian watchdog has already warned in the last warning about the growing number of boiler rooms. This shows that financial regulator has been quite active in terms of regulating and safeguarding the markets. According to the FSMA, the companies seem to be operating unlawfully in the country.
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