Admiral Markets AS has a branch in the Czech Republic since 2012. On 11 May 2018, Admiral Markets AS decided to close its “Admiral Markets AS, organizační složka" branch starting from 11 June 2018.
On 21 May 2018, in accordance with the laws of the Czech Republic, the Estonian Financial Supervisory Authority prohibited the Czech branch of Admiral Markets AS the provision of any investment and ancillary services, due to failure to comply with the reporting obligations arising from the Securities Market Act. The respective decision was sent electronically to Admiral Markets AS on 22 May 2018. The precept will be published on the Estonian Financial Supervisory Authority website in the coming days.
Despite the closure of its Czech branch, Admiral Markets AS is still handling with the provision of the reports that were not previously presented. Admiral Markets AS will comply with the percept and will not provide investment services or ancillary services through its Czech branch.
"The decision of the Estonian Financial Supervisory Authority was unexpected considering all the circumstances, but did not affect the capitalisation and profitability of Admiral Markets AS. Since the beginning, the Czech branch has mainly provided supporting services to Admiral Markets AS and the branch itself has no customers. The interests of our clients from Admiral Markets AS branch in the Czech Republic are still protected, and our sister company Admiral Markets UK Ltd. helps us in providing quality on-site services”, said Sergei Bogatenkov — Chairman of the Management Board of Admiral Markets AS.
Further information:
Kira Evve
Communication Manager of Admiral Markets AS
kira.evve@admiralmarkets.com
+372 5560 8284