IRELAND: Central Bank of Ireland Press Release on the Revocation of the Licence of Baxter Financial Services Limited to Act as an Investment Firm under the MiFiD Regulations

Friday June 8 2012

Funds-Axis would like to draw your attention a recent press release issued by the Irish Central Bank announcing that they had revoke the licence of Baxter Financial Services Limited to act as an Investment Firm under MiFiD regulation. Baxter’s ability to continue to offer Spot FX Trading facilities which accounts for 99% of its business has not been affected.

The removal of the licence to act as an Investment Firm under MiFiD regulations by the Central Bank from Baxter arose as a result of concerns relating to Baxter’s compliance with capital requirements and historic corporate governance failures. Following an investigation, the Central Bank applied to the High Court, pursuant to regulation 22 of the MiFID Regulations, seeking an Order revoking Baxter’s authorisation to operate as an investment firm. Baxter has today consented to an Order being made in the High Court revoking its authorisation.  

Following revocation of its authorisation, Baxter continues to be subject to those provisions of the MiFID Regulations applicable to former authorised investment firms.

Full details of the press release as issued by the Central Bank of Ireland can be found at the following link:

Central Bank Revoke Baxter`s Licence to act as a MiFiD Investment Firm

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