The Capital Markets Authority (CMA) has announced the suspension of the money manager license issued to Trade Sense Limited for 90 days.
In a statement on March 4, CMA Chief Executive Officer (CEO) Wyckliffe Shamiah said the suspension was due to the failure to comply with various regulatory requirements.
“The suspension is due to the failure by Trade Sense Limited to comply with various regulatory requirements which undermines the duty to protect investors and foster market confidence”, Shamiah said.
During business day suspensions, the CMA will conduct reviews, as necessary, to determine whether the suspension will increase or whether additional restrictions or enforcement measures should be taken.
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A money manager is a company approved by a CMA based on the management of the online passing of an individual or institutional investor’s online Visens portfolio in exchange for fees based on the proportion of managed assets.
However, money managers are prohibited from receiving customer funds, and they only allow commercial access to funds paid directly by the customer to the customer’s online retail account.
Trade Sense Limited is a Kenyan investment company that offers investors opportunities to invest in securities separate from the traditional securities offered. The company specializes in managing foreign exchange trade to use the global currency market to provide profitable diversification.
Separate customer accounts are used to maintain customer funds for transparency and security.
Forex brokers are regulated by the CMA. Customers can take a lot of control over their assets and use a variety of resources around the clock to keep an eye on round-the-clock activities.
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The company has over eight years of experience and uses trading systems to benefit from the inefficiencies of global currency markets.
