The Investment Industry Regulatory Organization of Canada (IIROC) formally initiated the investigation into Fortrade Canada Limited‘s conduct in August 2021. Following an application made with a notice on November 9, 2022, in Toronto, Ontario, a Hearing Panel IIROC granted a temporary order in the matter of Fortrade Canada Limited. FinTelegram has been reporting about the ForTrade activities over the last two years!
ForTrade Canada
Essentially, the Temporary Order prohibits ForTrade Canada the soliciting new clients or receiving new funds from existing clients. In addition, ForTrade Canada is required to conduct monthly reporting, including the full monetoring of communications from its call center employees. This included audio recordings of all telephone calls and all other forms of communication with its clients during the previous month.
ForTrade Key Data
| Brand | Fortrade Group |
| Related brands | Forex Time, FXTM, ForTrade, TorexFX, FX Trade Premium, GloryFT (disputed) Alpari (disputed) |
| Related domains | www.alpari.com, www.alpari.org, www.alpari-broker.ru, www.alpari.im (ForTrade denies Alpari connections) www.fxtm.com, www.fortrade.com, https://pro.fortrade.com, www.forextime.com, www.torexfx.com https://gloryft.com (disputed) |
| Related legal entities | Fortrade Cyprus Ltd (Cyprus), Fortrade Limited (UK), Fort Securities Israel Limited (Israel), Fort Securities Australia Pty. Ltd (Australia), ForTrade Canada Limited (Canada), FT Invest Ltd (Seychelles), , FT Global Services Ltd, Exinity Ltd (Mauritius), Exinity UK Ltd (UK), LLC “Fort Securities BLR” (Belarus) Alpari Limited (Russia), Alpari Limited (SVG), Alpari Evrasia LLC (Belarus), and counting |
| Jurisdictions | UK, Cyprus, Belarus, Russia, Israel, Seychelles, Mauritius, Canada, |
| Regulatory regimes | FCA, CySEC, FSA Seychelles, FSC Mauritius, Bank of Russia, National Bank of Belarus |
| Warnings/Investigations | CNMV, FCA, BaFin, IIROC |
The Temporary Order
The Hearing Panel ordered:
- that Fortrade, by its agents, employees, directors, or otherwise, shall not make recommendations to clients or prospective clients in connection with trading in securities or contacting any person to solicit or recommend trading with Fortrade and shall comply with the requirements applicable to an “order execution only account.”
- that Fortrade shall not open any new client accounts.
- that Fortrade shall not seek the deposit of additional funds into existing client accounts except that Fortrade may contact clients who have a margin deficiency to inform them of a such margin deficiency.
- that Fortrade shall provide to IIROC Enforcement Staff monthly, within seven days of the last day of the previous month, audio recordings of all telephone calls with its clients during the previous month.
- that Fortrade shall provide to IIROC Enforcement Staff monthly, within seven days of the last day of the previous month, an audit trail of its monitoring of telephone calls and any other form of client communications, which audit trail shall include the number of communications sampled, the time, date and type of the communication, the name of the Fortrade representative, the name of the client, and any queries or other measures taken as a result of the monitoring.
- that this Temporary Order shall remain in effect until the conclusion of the hearing on the merits or until further order of a hearing panel.
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