CMC Markets Not Impacted by Central Bank of Ireland Inspections |
After inspecting CFD and spread betting providers, the Central Bank of Ireland published a report in which it states that some providers are not in compliance with the EU’s Markets in Financial Instruments Directive (MiFID).
According to the Bank, some CFD and spread betting providers fail to adequately inform users on the risks financial spread betting carries. There is a lack of information collected by providers on its clients’ knowledge and experience with financial instruments; there is no assessment of appropriateness of the instruments to each client; marketing material is often misleading; and risk disclosures are not sufficient.
In respect to this assessment, CMC Markets Ireland decided to voluntarily issue a statement last Thursday saying that the company “was not one of the four firms inspected, and, as such, is not the subject of its [Central Bank of Ireland] following up of the compliance issues identified or of potential enforcement action”.
Declan Bourke, CMC Country Manager, added “CMC Markets Ireland welcomes efforts to ensure appropriate compliance in this marketplace and is fully committed to offering the best possible service to our customers here in Ireland and to meeting our regulatory obligations”.
