Erscheinung:10.12.2020 | Topic Unauthorised business Waltika Partners LTD/imperial-finance.co: BaFin prohibits unauthorised proprietary trading
In a notice dated 11 November 2020, BaFin ordered Waltika Partners LTD, Saint Vincent and the Grenadines, to cease its cross-border proprietary trading activities immediately.
Waltika Partners LTD operates the Imperial Finance Group trading platform for contracts for differences (CFDs), currencies and shares. The platform can be accessed via the imperial-finance.co domain.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without having obtained authorisation from BaFin, as required under section 32 (1) of the KWG. It is therefore conducting unauthorised business activities.
By law, this order is immediately enforceable but not yet final.
