2 March, AtoZForex, Amsterdam – Presently, the Autorité des Marchés and the French Prudential Supervisory Authority has issued the Emirates Pacific Group AMF public warning, along with a similar note on the firm’s subsidiary Silver Phoenix Investments. It has been over a month, since the French regulatory bodies has publicly listed an elaborate update of warning against 56 financial institutions. These entities are not authorized to conduct business officially and were instantly strongly advised to avoid doing business with.
Relating back to the case, the alleged institutions by the French regulatory bodies have registered offices in Dubai and Emirates Pacific Group’s core business activities involves offering professional and private investors the prospect to open offshore bank accounts. Aside, the firm offers substantial loans to their clients for the purpose of acquiring properties in Dubai.
Emirates Pacific Group AMF public warning
Remarkably, these loans were presented as free, under the denote of United Emirates Dirhams, whilst it included the deed of sale fees amounting up to 4.5% of a particular property price. In the case of the subsidiary, Silver Phoenix Investments offers investors to invest in gold, pearls, and diamonds, whilst claiming substantial financial returns and neglecting the risks involved.
Having clarified the business practices of the warned entities, it’s innate to review the case in more detail. Evidently, these conducted practices in France by the mentioned firms, fall under the constitute of bank transactions in accordance with the Monetary and Financial Code, which requires authorization from the French regulator body ACPR or from the European Central Bank. After the investigation of the AMF and ACPR, it was clear that Emirates Pacific Group and Silver Phoenix Investments did not apply for such authorization, discarding the firms to offer these bank transactions on the French Market. Notwithstanding, the Emirates Pacific Group AMF public warning got issued. Meanwhile, any investor is warned against the act of applying for such an offer. Since the offered loans are not covered by the French deposit guarantee.
Not listed in the ORIAS register of intermediaries
Moreover, it has been reported that both of the firms are not even listed in the register of intermediaries accounted by ORIAS, the official institute for the registry of banks and finance in France, allowing the warned firms to conduct none of the highlighted practices on the French market at all. With these given facts, it is no wonder that the Emirates Pacific Group AMF public warning was issued, along with a similar not to its subsidiary Silver Phoenix Investments.
Once again, the AMF and ACPR strongly advice to be cautious and only conduct investments with authorized entities that are listed on the following registries:
- Register of financial agents
- Financial investment advisor
- Participating investment advisor
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