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Exclusive: CySEC Chair Invites Senior Broker Execs to a Secret Meeting
Apparently, they’re not being “invited” – they’re being summoned.
(And I guess the secret meeting is no longer a secret.)
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Well that might be interesting. Let’s hope that public information will follow after that meeting, so everyone can see the outcome. IMO the reputation of CySEC regulated brokers in general is often bad because of some exceptions – like the mentioned withdrawal issue of IronFX.
Anyways, let’s see what will happen.
On the subject of IronFX –
Exclusive: EU Institutions in Catch 22 Regarding IronFX Case
[U]Excerpt[/U]:
Finance Magnates has spoken to numerous customers of IronFX that assert that all of their withdrawal requests have been directed to <[email protected]>. After emails were sent to the address [no] appropriate reply has been received by several clients.
European Bureaucracy is Not Helping End Clients
The main issue with the legal cases that have been brought forward by clients of the company against European institutions is not the outcome. The most important part of the [saga] continues to be that Cypriot and EU’s institutions including the [B]CySEC and the Cyprus Financial Ombudsman Service as well as the ESMA and the European Ombudsman have provided zero assistance to the end clients.[/B]
(I added the bold type for emphasis.)
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I also read the full statement of the European Ombudsman: European Ombudsman
So the case with IronFX should be resolved soon eventually. And hopefully this will be used as example for any future issues in that regard, so that adequate (and faster) measures are taken.
Let’s wait until after 4th of April and see whether anything interesting will be reviewed.
Why I’m not surprised…This bureaucracy is slowly destroying all the hope of the scammed clients. This is ridiculous! The institutions are just not doing their job and I’m not sure why. The laws need to be more strict, more compensation funds must be established in cases like these otherwise this scheme will remain a pure robbery.
what about IQ options withdrawal process? is it speedy though?
Well it may be a regular meeting to discuss some regulatory decision. But for Forexmagnates its simply a handle to make a sensation and cause a swirling among traders.
So the secret meeting is over lol.
Forexmagnates are keeping it short: Exclusive: CySEC Head Prepares Industry Leaders for Material Changes | Finance Magnates
Here more detailed info: Live: CySec Chairman Demetra Kalogerou dresses down Cyprus’ Brokers
That statement is ignorant BS.
Thanks for posting the [I]FinanceFeeds[/I] article, eyedfondue.
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I read the full details of IronFX, Why I’m not surprised it increase trading strategy but I think The laws need to be more strict.