MFF Temporary Order Extended- What happens now?

We all have our eyes on the current MFF Scenario. In a significant development in the ongoing MFF regulatory proceedings, the Ontario Securities Commission has extended a temporary order against Traders Global Group Inc. and Muhammad Murtuza Kazmi. Capital Markets Tribunal in File No. 2023-21 made this decision. James Douglas is serving as the chair of the panel.

My Forex Funds (MFF) Temporary Order Extended

The temporary order, initially dated August 29, 2023, has now been extended until 4:30 pm on October 31, 2023. Additionally, the hearing of the application, which was originally scheduled for September 13, 2023, has been adjourned. It is rescheduled for October 30, 2023, at 10:00 a.m. This hearing will be through videoconference unless otherwise agreed upon by the involved parties and set by the Governance & Tribunal Secretariat.

Moreover, the regulatory action stems from an application brought by the Staff of the Ontario Securities Commission, raising concerns related to Traders Global Group Inc. and Muhammad Murtuza Kazmi. The decision to extend the temporary order indicates ongoing scrutiny and regulatory oversight of their activities in the Forex market.

This development will likely have significant implications for the individuals and entities involved as the regulatory authorities continue their investigation and assessment of the situation. Traders Global Group Inc. and Muhammad Murtuza Kazmi will need to adhere to the terms of the extended temporary order as they prepare for the upcoming hearing in October.

The Prop industry is closely monitoring these proceedings. This is going to impact the regulatory landscape and the operations of Prop-related businesses in the Ontario region. Further updates will be provided as the situation unfolds.

About My Forex Funds Regulatory Issues

In a startling turn of events, My Forex Funds finds itself trapped in regulatory issues. The Canadian provincial securities regulators and their counterparts in the United States have issued freeze orders. They have freezed the firm’s trading activities and access to its bank accounts.

For more details about the issue, click here.