23 October, AtoZForex.com, Lagos – The Kanto Financial Bureau, Japan’s financial services agency has released a warning against X GLOBAL Markets Ltd, a firm which the regulators discovered to be performing Financial Instruments Business, etc without the due registration with the authorities.
X Global Markets warning
This warning comes as X GLOBAL Markets Ltd is in clear violation of the overall supervision guidelines II-1-1 of the Financial instruments business of the region. Therefore making the firm ineligible to operate legally on the region.
As stated by the regulators, the firm’s details are as follows:
Name: X GLOBAL Markets Ltd
Address: 162, Fragklinou Rousvelt, 1st Floor 3045 Limassol Cyprus
Violation: Through the Internet, as it had done the solicitation of OTC derivatives trading.
Guidelines for fund related operations
In a recent report, the Japanese regulator also addressed the matter of those who operate fund related businesses in Japan.
The report clarified that among persons who manage such interests in a collective investment scheme (''funds''), foreign corporations or individual foreign residents who engage in this kind of businesses are required to register or file with each Local Finance Bureau that has jurisdiction over the location of their offices in Japan, or with the Kanto Local Finance Bureau when no office is maintained in Japan. This affects:
- Public or private offering
- Investment of assets contributed by investors (restricted to investments mainly in the form of rights on securities or derivative contracts based on the analysis of the value of financial instruments, the value of options or the changes in financial indexes).
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