FSC suspended 6 Forex firms

We were informed that on 27 May 2010 Mauritius FSC has suspended global business license to 6 Forex firms, and the firms are:

1.  BASEL FINANCIAL INC.
2.  AEcnFX (Mauritius) Ltd.
3.  FXCOMPANY FINANCIAL GROUP LTD
4.  FXMarkets Ltd
5.  FXOpen Investments Inc.
6.  WORLD DERIVATIVES TRADERS LTD

The Global Business Licenses of the above companies are being suspended forthwith.

Notice is given that where the above companies also hold an Investment Dealer License or Investment Adviser License, these licenses are being suspended with immediate effect in accordance with Section 27(3) of the Financial Services Act.

Pursuant to Section 27(5) of the Financial Services Act, where a licence is suspended, the licensee shall cease to carry out the activity authorized by the license.

Furthermore, the Chief Executive of the Commission having reason to believe that the above companies are carrying or are likely to carry out activities that may cause serious prejudice to the reputation of Mauritius has, in accordance with Section 75(2) of the Financial Services Act, ordered an inquiry into the activities of the above companies.

In addition, the Chief Executive of the Commission has, in accordance with Section 44(1) of the Financial Services Act, ordered that an investigation be conducted into the business of the above companies.

Check the link bellow to read the press release

http://www.gov.mu/portal/sites/ncb/fsc/download/Communique_25May2010_2.pdf