Bulgarian Financial Watchdog Opens Procedure To Revoke Global Markets Brokerage Licence

Bulgarian Financial Watchdog Opens Procedure To Revoke Global Markets Brokerage Licence

Bulgaria's financial regulator has opened a procedure to revoke the licence of local investment intermediary Global Markets, the regulator said on Tuesday.
No further details were provided in the notice published on the regulator's website.
According to local news portal dnevnik.bg, the investment intermediary is suspected of having sent hundreds of emails containing false claims about the state of certain financial institutions, instigating a bank run in the country last week. 
In a statement published on its website, the State Agency for National Security said that an unnamed licensed investment intermediary has built a network of affiliated companies for marketing services through which last week it sent hundreds of emails to physical and juristic persons claiming that several local banks are facing bankruptcy.
In a separate statement, the Sofia prosecuting magistracy said on Monday it has opened pretrial proceedings against the brokerage's co-owner for disseminating  false information regarding certain Bulgarian banks.
On Friday, the Bulgarian central bank said that there is an organised attack carried out through rumours and ill-intentioned statements against local banks, First Investment Bank [BUL:5F4] in particular, which jeopardizes the stability of the country's banking system. As a result of the bank run, Fibank said clients withdrew over 800 million levs ($560 million/409 million euro) in total on Friday alone.

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