Forex Place Ltd - Public Statement No. 7 of 2013 (30 October 2013)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission warning that Forex Place Ltd, also trading as 4XP at www.4xp.com, is not and has never been licensed or regulated by the FSC and may be carrying on unauthorised financial services (investment) business. It is intended to alert the public, including any customers or creditors of the company, rather than to impose new rules on regulated entities.

• Background: The FSC previously investigated the company for carrying on unauthorised investment business in contravention of Section 4(1) of the Securities and Investments Business Act, 2010.
• Advisory Warning: Advisory Warning No. 21 of 2013 was issued on 14 June 2013 stating the company was never licensed to carry on investment business in or from the Territory.
• Cease and desist order: On 4 June 2013 the FSC ordered the company to cease and desist immediately from conducting investment business activities in or from the Territory and to provide evidence that it had done so.
• No protection for funds: The FSC notes it has not issued any order or taken any action to prevent the company from returning monies placed with it, meaning customers are not protected by any FSC-directed asset freeze.
• Legal basis: The statement is issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

This is a purely informational public warning notice; it does not create ongoing compliance obligations for licensees, but licensed entities and the public should be aware that dealings with this unlicensed operator carry regulatory risk.

Applies to

unlicensed entities carrying on investment business, members of the public, customers and creditors of Forex Place Ltd