Admiral Markets considers challenging Estonian regulator's fines decision

Photo: Wikifx

Admiral Markets AS, the Estonian entity of the Admiral Markets Group, has recently dealt with Estonian financial market regulators.

Responds with a fine of 32,000 euros. The company is currently considering challenging the regulator's order.

On Tuesday, the Estonian Financial Supervision and Resolution Authority imposed a fine on Admiral Markets AS because of the sharp drop in crude oil prices in April 2020.

Later, the company lacked transparency in changing the terms of financial instruments.

The regulator stated that the brokerage company did not notify clients in advance, and the decision was not in the interests of clients.

However, Admiral Markets AS believes that the regulator did not consider all the specific market conditions when imposing penalties.

Sergei Bogatenkov, CEO of Admiral Markets AS, believes that the company changed the terms of this financial instrument to ensure the transaction

The continuation of the service is in the best interests of the customer.

Bogatenkov said in a statement: "We have always been committed to ensuring that the interests of our global customers are protected." In this case

Next, we stand up to reduce the potential impact on customers.

These statements refute almost all the basis for penalizing the broker by the Estonian regulator.

Reprinted from Wikifx, the copyright all reserved by the original author.