Erscheinung:14.07.2021 | Topic Unauthorised business timarkets.com trading platform: BaFin prohibits unauthorised portfolio management
In its notice dated 10 June 2021, BaFin ordered Beradora Ltd., Saint Vincent and the Grenadines, as the operator of the timarkets.com trading platform, to immediately cease its unauthorised portfolio management activities.
German customers can open trading accounts on the timarkets.com platform and use them to trade in currencies and shares, etc. Employees of Beradora Ltd. make investment decisions for their customers on their own authority.
The company is therefore providing portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. Beradora Ltd. does not hold authorisation from BaFin as required under section 32 (1) of the KWG and is thus conducting unauthorised business.
A business address in St. Vincent and the Grenadines is given on the company’s website. According to information available to BaFin, the company also appears to have a registered office in Great Britain. When advertising for its products and services to potential investors, the company claims to be registered/licensed by the Markets Financial Authority (MFA) and the IRBEM.
