The Financial Services and Markets Authority (FSMA) warns the public against the activities of Shtern Group, a company that offers forex products and CFD’s without complying with Belgian financial legislation.
Shtern Group is not allowed to provide banking and/or investment services in or from Belgium.
Furthermore, since 18 August 2016, no investment firm (authorized or not) is permitted to distribute actively, within the territory of Belgium, binary options or certain other derivative instruments. Specifically, the instruments concerned are derivatives whose maturity is less than one hour and/or that directly or indirectly use leverage (including forex derivatives and CFDs).
The FSMA therefore strongly advises against responding to any offer of financial services made by Shtern Group and against transferring money to any account number it might mention.
The FSMA also reminds the public that in the vast majority of cases, persons who invest in firms that do not hold the requisite authorization never recover the sums invested. These are cases of investment fraud.
Shtern Group uses the website www.shterngroup.com and the following contact details:
The terms and conditions on the website www.shterngroup.com also make reference to European Soft Ltd (UK), a company allegedly based in the United Kingdom (Suite 1, 5 Percy Street, Fitzrovia, London, United Kingdom, W1T 1DG).
Would you like to enquire more generally as to whether a transaction being proposed complies with the financial legislation? Please use the search function on the FSMA website. You can also contact the FSMA directly via the consumer contact form.