AMF warns against unregistered forex sites

Quebec’s Autorité des marchés financiers (AMF) is warning residents of that province about online solicitations for foreign currency speculation websites not registered with the regulator.

In particular, the AMF is warning against engaging www.forexcanus.com (operated by 6149154 Canada Inc.) and Gain Capital – Forex.com UK Limited, which solicits investors through www.forex.com.

These companies are not registered with the AMF as derivatives dealers or in any other capacity. Such solicitations and the nature of the products being proposed by these companies may be violations under the Derivatives Act or other laws administered by the AMF.

Advice from the AMF Currency and derivatives markets are complex and volatile, and are therefore for investors who have the knowledge, time and resources to track them. Investors who do not have the knowledge and time needed to trade in these markets could incur significant losses.

The AMF also reminds consumers about the importance of investigating before investing. They should ensure that the firms and individuals offering to act as intermediaries, including through the Internet, have the necessary approvals by checking the Register of firms and individuals authorized to practice on the AMF website or by calling the Information Centre.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial industry.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.