Exclusive: MultiBank Group Scores Unprecedented Victory Against Hong Kong SFC
2018-3-7 | Blog
5th March 2018, Hong Kong—
Exclusive Report from Finance Magnates
MultiBank Group has scored a major victory against the Hong Kong financial regulator, the Securities and Futures Commission (SFC). The firm’s solicitors have managed to successfully force the regulator to cancel an alert that it issued against the firm in February. The Hong Kong Court gave a priority hearing the go-ahead, resulting in action by the Hong Kong regulator, which cancelled the alert 4 hours prior to the official hearing on the matter.
According to court documents seen by Finance Magnates, the Senior Counsel and Clyde & Co issued an urgent application before the High Court of Hong Kong. The solicitors of MultiBank Group sought an order to restrain the SFC from putting the MultiBank Group on its alert list.
A Speedy Resolution
The Hong Kong Court gave the go-ahead for priority handling for the filing and listed the application to be heard in the High Court of Hong Kong at 3pm on Friday 2nd March 2018. After the action, on Friday morning, the SFC had an urgent meeting and backed away from the warning that the regulator had hastily issued.
Just 4 hours before the hearing, Clyde & Co received a telephone call from the SFC confirming that the SFC has terminated and removed the alert against MultiBank Group.
In his submissions to the court, the senior council of MultiBank Group, Gerard McCoy SC, outlined: “The level of public condemnation, in this case, is on a completely different scale. The insinuation is that the company is somehow fraudulent or a scam. The news of such an Alert spreads within days to the investing public worldwide.”
“At issue in the application is the procedural unfairness of the Securities and Futures Commission (“SFC”) when it placed the Applicant company on the “Alert List” of its website without communicating or notifying the Applicant in any shape or form before its placement on the “Alert List”, thereby denying it any opportunity to respond to whatever reasons the SFC may have for placing it on the List,” McCoy continued.
The case represents an unprecedented victory for MultiBank Group, as it is a very rare occurrence that any financial regulator worldwide takes such a swift action in rectifying a misunderstanding.
Speaking with Finance Magnates McCoy shared that in his 35 years of practice, he has never seen the SFC capitulate and back down. In fact, he stated that it has never backed down before.
Group Chairman Statement
Commenting to Finance Magnates, the Chairman of MultiBank Group, Naser Taher, said: “The Group and MEX are delighted that any negative inferences, arising from the SFC Alert, have been removed voluntarily by the SFC, and without the need for formal Court Orders. The Group and MEX emphasize and confirm that, in Hong Kong and in many jurisdictions across the world, the Group and MEX are compliant with regulatory regimes; the Group and MEX meet all regulatory requirements, including its licensing obligations; and the Group and MEX are fully compliant with the law.”
“The Group and MEX are professionally aggrieved that the SFC incorrectly placed them on the Alert List – without any notice, warning or opportunity to address the negative impact of the Alert.
The regulators have substantial powers and they should not misuse them. On the one hand, when a financial institution like MultiBank Group is harmed by the regulators misleading the public (as is the case is here), however, the financial institution has no recourse against the regulators because of the immunity they are granted by the governments,” Mr. Taher elaborated.
Introducing Broker Services
MultiBank is recognized worldwide for its Introducing Broker service with a network of over 30,000 Introducing Brokers many of whom have partnered with MultiBank since 2005. We value our Introducing Brokers and offer them the highest levels of personalized customer care which allows them to expand their business. Our IB products and services include, but are not limited to, industry leading commission and rebate returns, customized account opening applications, full IB account panel enabling the monitoring of rebates and account movements, a wide range of trading instruments, analysis and technology tools (including MAM and PAMM accounts).
- Best pricing on all products
- Full IB Back office including traceable IB banners and links
- Unbeatable IB conditions offering the maximum commission and rebate returns on transactions
- Support from a Global Support Team offering first class, professional and multilingual 24 hour service
- Full set of marketing materials including brochures, calendars, educational materials and account opening documents
You can fund your trading account instantly using a variety of secure payment options. All our client funds are held in separate bank accounts with the world’s top tier one banks. Please click “Find Out More” for details of the various deposit methods.
MultiBank provides you with easy and instant access to your money. To withdraw funds from your account simply submit your withdrawal request online using the MyMEX account area. Alternatively, please send us an email to firstname.lastname@example.org from the email address associated with your account and our Customer Support Department will assist you with your withdrawal request.
Our group is heavily regulated worldwide by the Australian Securities and Investment Commission (“ASIC”) of Australia, the Federal Financial Supervisory Authority (“BaFin”) of Germany, the Financial Services Commission (“FSC”) of the BVI, the Cayman Islands Monetary Authority ("CIMA")and the others. MultiBank has offices in Sydney, Los Angeles, Vienna, Frankfurt, Madrid, Cyprus, British Virgin Islands, Cayman Islands, Shang Hai, Beijing, Tianjin, Shanghai, Hangzhou and Ho Chi Minh City.
- MEX Australia Pty Ltd is regulated by ASIC
License number 416279
- MEX Asset Management GmbH is regulated by BaFin
License number HRB 73406
- MultiBank FX International regulated by FSC
License number SIBA/L/14/1068
- MEX Wealth Management is regulated by CIMA
License number HS-320499
Security of Funds
MultiBank continues to provide clients with the highest level of security of funds through various funds protection and custodial programs. Our companies are regulated globally, and we uphold the strictest regulatory requirements.
- MultiBank is a globally regulated financial derivatives provider, and ensures the highest level of funds security for its clients
- Clients’ funds are held in segregated accounts under top tier banks such as Barclays, Lloyds or NAB Bank
- Settlement facility offered to institutional customers, brokers and banks to increase level of funds security
- Trading credit lines and custodial account services available to all clients
MultiBank provides award-winning technology solutions which allow customers to manage their business and trade with ease and full control.
MultiBank is a pioneer in the financial technology arena by being one of the first companies to launch a Forex Exchange in China, and by developing and owning all its software and trading systems. We have been consistently recognized as one of the world’s fastest growing FinTech firms that operates an Exchange trading model
- Customized technology solutions based on personal trading requirements
- 24/7 real-time market news, technical analysis and fundamental analysis
- Direct access to interbank prices along with stable and fast order execution
MultiBank's Franchise Program allows established Introducing Brokers to open offices under the ‘MultiBank’ brand name, introduce their company as part of MultiBank Exchange Group and enjoy exclusivity in the use of MultiBank’s products and brands in their region.
The Franchise Program provides partners with the perfect opportunity to expand their business while enjoying a wide ranging of exclusive benefits including expenses and revenue sharing, marketing support and higher rebate schedules.
MultiBank Franchise Program Benefits:
- PL & expense sharing agreements
- Immediate recognition across the industry
- Full access to all trading and Back Office data
- Represent MultiBank exclusively in your region
- Comprehensive marketing and technical support
MultiBank offers its valued Customers direct trading access to banks and exchanges through its advanced trading platforms.Open a trading account with one of our regulated companies to trade a variety of instruments including foreign exchange, metals and CFDs
We offer a wide range of powerful trading technologies that give you direct market access to Banks, ECN’s and exchanges.Open a free $100,000 Demo Account and test our cutting edge trading platforms offering foreign exchange, metals and CFDs.
MultiBank offers individuals, introducing brokers, institutions and banks cutting edge ECN exchange execution, stable platforms and unbeatable pricing in the ﬁeld of online ﬁnancial trading in products, including but not limited to, Foreign Exchange, Metals (Gold & Silver), Contracts for differences (CFDs), Stock CFDs .
- State-of-the-art trading platforms
- Enjoy ECN liquidity with direct access to 18 major banks and liquidity providers globally
- Instant and stable nano-second execution
- 5 levels of market depth
Improve your trading strategy and make better decisions by utilizing MultiBank’s wide array of trading tools, including MAM & PAMM accounts, VPS, Expert Advisors (EAs) & APIs. Keep up with the latest market news, updates and analysis.
- MAM & PAMM Accounts
- Scalping Policy
- Expert Advisors
- Economic Calendar
- Market News