The Capital Markets Authority (CMA) has suspended Trade Sense Limited for 90 days for failure to comply with various regulatory requirements.
- •The suspension, which took effect on Monday, follows the company’s regulatory breaches including noncompliance with governance, financial, Anti-Money Laundering and operational requirements.
- •Trade Sense Limited, which operates as a money manager, is licensed by the CMA to manage the online foreign exchange portfolio of individual or institutional investors for a fee.
- •According to the statement, CMA has been engaging the management of Trade Sense Limited since 2023 to address various regulatory breaches that had been identified.
“The suspension is due to the failure by Trade Sense Limited to comply with various regulatory requirements which undermines the duty to protect investors and foster market confidence,” said the CMA Chief Executive Officer, Wyckliffe Shamiah.
During the suspension, the CMA will review the situation to determine whether to lift the suspension or take additional regulatory or enforcement actions.
Money managers earn a few calculated as a percentage of assets under management, but are prohibited from receiving clients’ funds. Instead, they are only granted trading rights access to the funds deposited by the client directly to the client’s online trading account through the online foreign exchange broker.
