Ontario’s OSC warns against unauthorized Pandorx Ventures, previously CMS Ventures

Ontario’s OSC warns against unauthorized Pandorx Ventures, previously CMS Ventures

- in All News, Forex Brokers, Regulation, Warnings
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The Ontario Securities Commission (OSC) has included forex broker Pandorx Ventures, previously known as CMS Ventures, in its warning list since the company offers financial services without being registered in Ontario, a notice issued on the regulator’s website indicated on Thursday.

The company is offers trading in forex, contracts for difference (CFDs), gold, oils, commodities, indices, and stocks via the website www.cmstrader.com. cms ventureThe broker says it is registered in New Zealand, but the OSC cited  two London-based addresses for contact with Pandorx Ventures/CMS Ventures. Meanwhile, on its website the broker provides office addresses in London, Hong Kong, France, Cyprus, and Bahrain.

The broker, however, does not mention anything related to authorization or licensing in Ontario or any other market.

In Canada, the forex market in the different provinces is regulated locally and their jurisdictions may vary. The OSC is in charge of the capital markets in Ontario, Canada’s largest province by population. It keeps a register of all authorized entities and maintains a warning list with some companies that operate without being authorized to operate in the province, which currently consists of 200 entities and individuals in total.

A company’s inclusion in the warning list does not necessarily mean the OSC has made a finding on it. It means, however, that the company has been providing its services on the territory of Ontario withouth having the proper authorization. Another scenario where companies are entered into the OSC’s Warning List is when they offer securities without a prospectus, as the local regulation requires.

Source: OSC

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