Another significant development in the My Forex Funds Regulatory Case. As we all are aware, My Forex Funds is currently facing regulatory issues in Ontario, Canada, and the USA. But the current scenario revolves around Ontario. The Ontario Securities Commission’s Staff brought an application before the Capital Markets Tribunal to extend a temporary order initially issued on August 29, 2023. This set in motion a postponement of the originally scheduled hearing.
The hearing, which was supposed to take place on September 13, 2023. It was adjourned by mutual consent to October 30, 2023. In a new twist, Traders Global Group Inc. and Muhammad Murtuza Kazmi have submitted a written request to further adjourn the hearing of the application.
My Forex Funds Regulatory Case
The latest development indicates that all parties involved have agreed to an order that extends the Temporary Order and reschedules the application hearing. According to the official order:
- The temporary Order is extended until January 26, 2024.
- The hearing of the application is now set for January 25, 2024, at 10:00 a.m. It is to be held at the Capital Markets Tribunal, located at 20 Queen Street West, 17th Floor, Toronto, Ontario. It is noteworthy that the date and time may be subject to change if mutually agreed upon by the parties and set by the Governance & Tribunal Secretariat.
This development suggests that the regulatory challenges confronting My Forex Funds are far from over. Moreover, these potentially hold significant implications for the Prop trading industry. Traders have to keep a close watch on this situation as it continues to evolve. It remains to be seen how these developments will impact the firm and the broader Proprietary market. This also makes it a critical situation for industry leaders and traders to monitor closely in the coming months.
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