MNB fines CFD Markets HUF 90 mln for unauthorized activity

Analysis

Image by Jessica Fejos

The National Bank of Hungary (MNB) has fined Hungarian company CFD Markets HUF 90 mln on charges of acting as a independent capital market agent for a Cyprus-based and a U.K. company without authorization and failing to report these activities to the regulator, the MNB said on its website today.

(Photo: Jessica Fejos)

MNB has established that Budapest-based CFD Markets acted as an investment services agent without authorization for the Cyprus-based Safecap Ltd. and the U.K.-based Go Markets U.K. (formerly: Vantage FX U.K.) – otherwise companies authorized to provide cross-border services.

The MNB has banned the company from conducting the unauthorized activity.

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