Bulgaria's Finance Watchdog Strips Global Markets of License

Business | July 1, 2014, Tuesday // 14:14| Views: | Comments: 0
  • Send to Kindle
Bulgaria: Bulgaria's Finance Watchdog Strips Global Markets of License

The Financial Supervision Commission has launched a procedure to cancel the license of investment broker Global Markets LTD, the watchdog says on its website.

Website Dnevnik.bg cites complaints "from Bulgaria and abroad" as a reason for the Commission's decision to open the procedure.

Global Markets obtained a permit to operate in 2008, but the watchdog says a number of violations were found after a thorough inspection in May which led the regulator to request that it stop attending new customers and officially announce its activity is to come to an end.

Some media reports suggest Global Markets could have been behind the surge of panic incited among customers of certain Bulgarian banks which prompted them to withdraw their savings last week, but no evidence has been found.

The Commission has not announced any relation between the suspension of license, which was triggered by earlier developments, and the probe it started last week into the bank rumors affair.

Business » Be a reporter: Write and send your article
Tags: Financial Supervision Commission, Global Markets LTD, license
Expats.bg All Are Welcome! Join Now!
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria