FSC has started a procedure for license revocation against Global Markets Ltd.
The Financial Supervision Commission (FSC) has started a procedure for license revocation against the investment intermediary Global Markets Ltd. The reason for this step is systematic and continuous breaching of the Markets in Financial Instruments Law. FSC aims to ensure protection of the intermediary’s clients during the process, to settle down the relations with all the clients of Global Markets smoothly and to preserve the Bulgarian financial market integrity.
Since 2010 the FSC has undertaken a number of inquiries on Global Markets activities and as a consequence up to 120 acts for establishment of administrative violation were issued. The established violations concern:
- illegal activities with assets of the Global Markets’ clients including the use of customers’ money in concluding transactions on Global Markets’ own account;
- breach of the ground rules regulating the investment intermediary activities and duly constituted in the Markets in Financial Instruments Law and its implementing acts i.e., to work professionally in a prudent and fair manner in accordance with the best interest of its clients;
- non-compliance with the granted by the FSC license - Global Markets Ltd has made transactions on its own account being not allowed to undertake such investment activities.
In order Global Markets’ activities to comply with the requirements of the Law on Public Offering of Securities, Markets in Financial Instruments Law as well as all their implementing measures, 42 recommendations were handed out to Global Markets ltd.
The FSC collaborates with the Bulgarian authorities, incl. Prosecutor’s Office, State Agency for National Security, National Revenue Agency, etc. on the Global Markets Ltd case. Over the last year and a half the FSC is actively exchanging information regarding the above said investment intermediary with the relevant competent authorities in Denmark, Poland and Slovakia.