News & Warnings

Agreed settlement - Rodeler Limited

Press release
News article
10/08/2016

The agreed settlement consists of a payment of EUR 140,000 and a publication by name on the website of the Financial Services and Markets Authority (FSMA).

Rodeler Limited is an investment firm governed by Cypriot law that is permitted to offer investment services in Belgium under the freedom to provide services. For a public offer of investment instruments in Belgium, however, a prospectus is required. The prospectus must contain full information about the type of investment instrument and about the issuer, and must also describe the risks associated with the investment. Moreover, all documents and advertising relating to a public offer of investment instruments in Belgium must be submitted for approval to the FSMA before they may be distributed.

The reason for the agreed settlement was that Rodeler Limited offered binary options, CFDs and forex products to the public in Belgium without the requisite prospectus. In addition, Rodeler Limited did not submit to the FSMA for approval any advertisement or other document relating to the said public offer.

In addition to the payment of EUR 140,000 and the publication of the agreed settlement by name, Rodeler will also contact all its Belgian clients to offer them the opportunity to terminate their contract at no cost and with reimbursement of the current balance due.

As part of its administrative sanctions policy, the FSMA can accept an agreed settlement if the party concerned cooperates with the investigation.

The full text of the agreed settlement can be consulted on the FSMA's website (available in French and Dutch only).

As from 18 August 2016, the distribution of products such as binary options and certain CFDs to Belgian consumers is prohibited (see FSMA press release of 8 August 2016).