BCSC Advisory Regarding Pegasus Global Trading Limited

Apr 23, 2020 | Compliance Updates, iComply Insights

BCSC (British Columbia Securities Commission) adds Pegasus Global Trading Ltd. to the province’s Investment Caution List

What Happened?

April 23, 2020: Pegasus Global Trading Ltd., which claims to be a UK-based online trading platform, was found to be advertising their services to the residents of British Columbia without the required licensing

Pegasus is neither registered to trade in, nor advise on, securities and derivatives in Canada. According to Canadian legislation, Pegasus’ activities were regulated and the firm has been added to the IOSCO warnings list.

Source: https://www.bcsc.bc.ca/Enforcement/Investment_Caution_List/Pegasus_Global_Trading_Ltd_/

Who Is Impacted?

Any Canadian citizen who may have utilized Pegasus Global for advisory or investment-related services. North American businesses engaged in similar business activities or direct business relationships with Pegasus.

Why This Matters?

The BCSC’s Investment Caution List helps Canadian investors identify if they are at risk of a total loss of capital–with no recourse for recovery–when dealing with unlicensed service providers operating outside Canada’s regulatory oversight.

What’s Next?

By adding Pegasus Global Ltd. to the Investment Caution List, the BCSC has sent a clear message that these unlawful practices of promoting an unlicensed business can result in public enforcement. Appearing on these lists will damage a companies reputation and create barriers to their growth.

learn more

Is your AML compliance too expensive, time-consuming, or ineffective?

iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience.

Request a demo today.

Implementing FATF Travel Rule Compliance
Implementing FATF Travel Rule Compliance

The Financial Action Task Force (FATF) Travel Rule is essential for preventing money laundering and terrorist financing. Implementing compliance with this rule requires a strategic approach to ensure all regulatory requirements...

Understanding the FATF Travel Rule
Understanding the FATF Travel Rule

The Financial Action Task Force (FATF) Travel Rule is a significant regulation in the global fight against money laundering and terrorist financing. It mandates that financial institutions share certain information about the...