You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: Wednesday has come around once again, and with that comes the feature that we’ve been having the last couple of Wednesdays, and we will continue to have as often as possible.
Yes, unfortunately, with Trident Global – and there’s a Mr Richard Clark involved –I’m not even sure if that’s a real name, but that’s what the investigation is about. Just to put some perspective to this, this is an ongoing investigation. We haven’t made findings yet. We’ve not reached the end of our investigation. We haven’t imposed sanctions yet. So those things are yet to come after the investigated parties have had a proper opportunity to reply.
You don’t know his experience, or skills, or training, or qualifications or anything, and that often leads to really poor outcomes. If you are merely showing the trades to the copy traders and you are saying, ‘This is what we are trading in’, then you’re giving financial advice. It doesn’t matter which way you go; you need a licence, and doing it without a licence is a contravention.
If you just want to sell insurance, or you just want to do intermediary services, then you require an FSP licence as you refer to, a Category One. It’s not such a difficult licence to get, but we of course still look at your abilities, your financial soundness, if you are fit and proper and so forth.
JIMMY MOYAHA: And we’ve run through some of those companies, Gerhard, over the last couple of weeks as well, highlighting the importance of that. Gerhard, I want to quickly just clarify on the advisory licence, the Category One Advisory Licence.
We are certainly looking at entities and individuals doing that, and it will, it will lead to enforcement.
Source: Digital Coin News (digitalcoinnews.net)
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