Aggregated News From Investment Management Regulators

Silverdale Holdings Ltd/ Platform Topinvestus: BaFin orders the cessation of proprietary trading

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In a notice dated 11 May 2020, BaFin ordered Silverdale Holdings Ltd, Kingstown, St. Vincent and the Grenadines, to cease its proprietary trading immediately.

On its trading platform, www.topinvestus.com the company offers German customers financial contracts for differences (CFDs) based on underlying assets such commodities, indices, stocks and currencies.

The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 1 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without the authorisation required under section 32 (1) of the KWG. It is therefore conducting unauthorised trading.

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