Retail FX and CFDS Broker EC Markets have announced that the company has obtained a category of 5 subsidiaries for subsidiaries EC Markets Securities & Financial Promotion LLC from the Authority and SCA.
Class Five leave will allow the EP markets to participate in import and promotion activities in the UAE. (A full category 1 license would also allow the “OTC commercial broker and coins on the spot market”.).
EK markets have said that the Sca licensing process is classified among the most stringent in the world, requiring strong corporate governance frameworks, rigorous risk management processes, capital adequacy and proven integrity in leadership. EPA markets have undergone a thorough evaluation, backed by the legal expertise of the law firm Varnavas Playbell & Co. Llc.
“Ensuring SCA license is a strategic milestone for EC markets,” said Matt Smith, president and chief executive of EC Markets. “This approval reflects not only our commitment to the highest standards of compliance, but also our ambition to provide innovative, transparent and reliable financial services.
“The arrangement is not an obstacle, it is a foundation. SCA supervision allows us to operate in complete alignment with international standards, while providing our customers the confidence coming from strong supervision.”
EC Markets have long been the office of representatives in Dubai and has recently made several senior employees (in other locations), including former EC GEORGETES executive director as EC executive director.
About the purchases of EC
EC markets have authorized subsidiaries in London (regulated by FCA), Australia (ASIC) and South Africa (FSCA), UAE (SCA), as well as offshore entities in Seychelles and Mauritius. The team is mainly conducted by the United Kingdom, Cyprus and Dubai, led by the Managing Director of the Matt Smith team. Its markets are controlled by Chinese businessman Xiaoliang Lyu based in London.