Norex Trade Advisors and Fortress Global Markets added to ICL
BCSC staff recently added Norex Trading Advisors and Fortress Global Markets to the Investment Caution List (ICL) after becoming aware of the two websites.
On its website, Norex Trading Advisors offers a trading platform for trading foreign exchange (Forex) contracts and options, contracts for a difference on stocks, and precious metals. According to account opening documentation on the Norex Trading Advisors’ website, the accounts are opened with Fortress Global Markets Sarl.
On July 8, 2013, the Financial Services Commission of Gibraltar (FSC) issued a warning about Fortress Global Markets , saying it is not regulated by the FSC. The warning stated that Fortress Global Markets is not licensed to carry on investment or any other financial services business from Gibraltar. It also said that Gibraltar’s Register of Companies has no record of any company by that name.
Canadian residents are able to open trading accounts through Norex Trading Advisors’ website. Norex Trading Partners and Fortress Global Markets are not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge British Columbians to exercise caution when dealing with firms that are not registered to trade or advise in B.C. If you are approached by a person or company that is not registered in B.C. to trade in, or advise on, securities and exchange contracts, or if you need help understanding the results of the National Registration Search, please contact us at 1-800-373-6393 or e-mail [email protected].
IOSCO Investor Alerts
The International Organization of Securities Commissions (IOSCO) hosts an investor alert portal on its website. Securities Regulators from around the world post alerts and warnings about firms that have come to their attention. The portal displays alerts and warnings from the past two months, but you can search the database for older posts.
If you receive a solicitation via phone or e-mail from a financial services company that claims to have an office outside of Canada, you may want to consult the IOSCO portal. You should also contact BCSC Inquiries to tell us about the solicitation.