Atlantic Global Asset Management (AGAM) and Five Winds Asset Management: BaFin prohibits investment management activities

With notice of 21 August 2018, BaFin ordered Atlantic Global Asset Management (AGAM) and Five Winds Asset Management, Cape Verde, to cease their investment management activities immediately.

These companies offer “suitcases” or complete “portfolios” via the websites www.atlanticgam.es and www.fivewindsam.com and via a network of agents, some of which are domiciled in Germany. They claim that their investors share in the performance of these products. A clear investment strategy is not evident. The investors themselves do not make any decisions as to which financial instruments their money is invested in.

Atlantic Global Asset Management and Five Winds Asset Management therefore engage in investment management activities within the meaning of section 1 (1a) sentence 1 no. 11 of the German Banking Act(Kreditwesengesetz – KWG). However, they do not hold the authorisation required under section 32 (1) of the KWG. They are therefore conducting unauthorised business.

The notices are final.

Source: BaFin

BaFin orders Rothmann & Ginst to cease unauthorised investment broking and investment advice activities

On 3 September 2018, BaFin ordered Rothmann & Ginst to cease its investment broking and investment advice activities. The company’s offices are allegedly located in Luxembourg, London and New York.

The company operates the website www.rothmann-ginst.com, cold-calls German investors and offers to sell them specific financial instruments, such as shares. In addition, it advertises a range of services from tailored investment advice to customised strategies.

Anyone wishing to provide financial services in Germany commercially or on a scale which requires commercially organised business operations needs prior written authorisation from BaFin in accordance with section 32 (1) of the German Banking Act (Kreditwesengesetz – KWG). The company does not have such an authorisation.

The order is immediately enforceable but not yet final.

Source: BaFin

FXC Markets, Berlin: risk of confusion with the authorised company FXCM

A company called FXC Markets, which allegedly has its registered office in Berlin, claims that it has been authorised by BaFin, although this is not the case. FXC Markets uses the company details of FXCM (Forex Capital Markets Limited, Nürnberger Str. 13, 10789 Berlin, www.fxcm.de), giving the false impression that it is linked to FXCM.

Only FXCM is authorised to offer financial services in Germany. FXCM is a broker that has been authorised by the British Financial Conduct Authority (FCA) and has been notified to BaFin.

FXC Markets, however, has not been authorised by BaFin or the FCA. There is no link between the two companies.

Source: BaFin

BaFin orders Questra World Global S.L. to cease its support to Atlantic Global Asset Management’s cross-border investment management activities

In a notice dated 1 October 2018, BaFin ordered Questra World Global S.L., Madrid, Spain, to immediately cease activities through which the company is involved in Atlantic Global Asset Management’s unauthorised business.

Questra World Global S.L. provides services for the unauthorised company Atlantic Global Asset Management. These particularly involve the distribution and marketing of Atlantic Global Asset Management’s financial products.

BaFin has already ordered Atlantic Global Asset Management to cease its unauthorised cross-border activities.

The order is immediately enforceable but not yet final.

Source: BaFin