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LeapRate has learned that Belgium’s regulator FSMA has taken the measure a step further and banned not just the advertising and marketing aspect, but also offering these products for sale to Belgian traders altogether.
Meaning, a total ban on leveraged financial products, binary options and some CFDs trading in Belgium for retail traders.
The ban includes products being offered by brokers regulated elsewhere in the EU (such as by the FCA in the UK or by CySEC in Cyprus), even when the licenses of those brokers is passported via MiFID to Belgium.
Both the French ad ban, and the Belgium advertising-and-trading ban, are apparently the result of increased complaints being made over the past year by retail traders in both countries to their respective country regulators. The complaints have centered on two main issues – aggressive marketing of leveraged products (especially by binary options brokers), and outright fraud, such as the inability of traders to withdraw money from their accounts at many brokers.
The Belgium ban comes into effect on August 18.
The ban is somewhat surprising, in that Belgium’s regulator is typically a follower, and not a leader, in financial market regulation. With a smaller country to regulate (Belgum has a population of about 11 million) and a much smaller budget and resource pool than larger financial regulators in Europe, the Belgian FSMA typically looks to decisions implemented by the FCA, the AMF, Germany’s BaFin and others in setting its own rules. However in the case of Forex it looks like the FSMA is taking a very aggressive lead role, possibly encouraged by the recent French Forex ad ban.
Dutch:
http://www.fsma.be/nl/Site/Repositor...8_banning.aspx
English:
http://www.fsma.be/en/Site/Repositor...8_banning.aspx
Interesting Article:
http://blog.darwinex.com/retail-fore...ned-in-europe/
Interesting Topics:
https://www.forexsignals.com/forum/f...-trading-forex
I was thinking to open a topic about this, We have lots of reply's talking about it in Viper's discussion and in the Offshore Company topic but I wanted to make a topic pure about this, After reading Darwinex article it looks like Belgium is only targeting the OTC and Market Makers and not the real Brokers that really put you're trading intro the market. Or am I rong ? They need to be able to show a real liquidity proof of the trade. Is this why some brokers are closing Belgium accounts and some not ?
Pepperstone, Ic Markets and Global prime are still accepting Belgium clients.
Axitrader and some others already closed accounts from Belgium Clients.
Meaning, a total ban on leveraged financial products, binary options and some CFDs trading in Belgium for retail traders.
The ban includes products being offered by brokers regulated elsewhere in the EU (such as by the FCA in the UK or by CySEC in Cyprus), even when the licenses of those brokers is passported via MiFID to Belgium.
Both the French ad ban, and the Belgium advertising-and-trading ban, are apparently the result of increased complaints being made over the past year by retail traders in both countries to their respective country regulators. The complaints have centered on two main issues – aggressive marketing of leveraged products (especially by binary options brokers), and outright fraud, such as the inability of traders to withdraw money from their accounts at many brokers.
The Belgium ban comes into effect on August 18.
The ban is somewhat surprising, in that Belgium’s regulator is typically a follower, and not a leader, in financial market regulation. With a smaller country to regulate (Belgum has a population of about 11 million) and a much smaller budget and resource pool than larger financial regulators in Europe, the Belgian FSMA typically looks to decisions implemented by the FCA, the AMF, Germany’s BaFin and others in setting its own rules. However in the case of Forex it looks like the FSMA is taking a very aggressive lead role, possibly encouraged by the recent French Forex ad ban.
Dutch:
http://www.fsma.be/nl/Site/Repositor...8_banning.aspx
English:
http://www.fsma.be/en/Site/Repositor...8_banning.aspx
Interesting Article:
http://blog.darwinex.com/retail-fore...ned-in-europe/
Interesting Topics:
https://www.forexsignals.com/forum/f...-trading-forex
I was thinking to open a topic about this, We have lots of reply's talking about it in Viper's discussion and in the Offshore Company topic but I wanted to make a topic pure about this, After reading Darwinex article it looks like Belgium is only targeting the OTC and Market Makers and not the real Brokers that really put you're trading intro the market. Or am I rong ? They need to be able to show a real liquidity proof of the trade. Is this why some brokers are closing Belgium accounts and some not ?
Pepperstone, Ic Markets and Global prime are still accepting Belgium clients.
Axitrader and some others already closed accounts from Belgium Clients.