EtoroClaim3-FCA regulations

30/11/2020

Dear Etoro, To Avi, Ira Morstyn, Simon Peters, Yoni Assia,

I`m making an official complaint no. 3, which I am calling

“3. Alleged VIOLATION of legal FCA, FSCA, CySEC regulations and requirements”

 which will be a base to a claim for personal and financial damages.

Reasons for this case should be well known for the above, but details and evidence can be submitted on request. Main headlines are:

A. Etoro PROBLEMS and consequences for me

3. VIOLATION of legal FCA,FSCA, CySEC regulations and requirements

1. to provide “detailed, clear, transparent, simple to read, error-less, financial reports with correct details of each transaction”.
   1. four areas of regulation are currently under review with suspicion of not compliance:

1. Markets in Financial Instruments Directive (MiFID)
2. European Market Infrastructure Regulation (EMIR)
3 Anti-Money Laundering (AML) and Terrorism Financing
4. OECD Common Reporting Standard (CRS)

c.   incomplete complaints procedures

While I`m drafting this, my lawyers are assessing how much your actions (mainly manipulating of account statements, late AML intervention, no due diligence procedures, no evidence of HMRC been notified of my trading for tax purposes and despite I reported that account statements are not clear to follow as there are mathematical errors and leverage or stop loss adjustment information is missing, and therefore cannot be used for Tax Purposes as true representation of profits/losses) have affected compliance with key CySEC regulations:

1. Markets in Financial Instruments Directive (MiFID)
2. European Market Infrastructure Regulation (EMIR)
3. Anti-Money Laundering (AML) and Terrorism Financing4. OECD Common Reporting Standard (CRS)

This complaint is part of series of complaints that supports my whole case. I reserve the right (and freedom of speech right to instruct other users) to also report this the CySEC and other applicable regulating bodies.

More description and explanation can be submitted later upon request.

B. REQUIRED ACTIONS FROM ETORO

1. Etoro to overhaul their financial reports and account statements to provide clear and comprehensive information, and where separate column is not practical, explain formulas used to derive the profit/losses or units purchased, as there is proof of major discrepancies found, putting users at loss (or rounding figures up/down to 10%), which Etoro is aware of and offer to sign a Waiver to not publish findings. See claim 2.

• Etoro to update their T&C and Policies and submit to CySEC for review to provide users with information about complaints that they are entitled to.

As a minimum, Etoro should mention that there are other forms/channels to complain against them. They make it look like Ombudsman is the only way, but they fail to inform that complaint can also be made directly to CySEC! If users knew about this, and I think they should, they would appeal in more cases. Should Etoro notify users of that possibility, Etoro would be more careful not to have a complaint that can be made to CySEC. I believe CySEC makes it clear than complaint procedures, and compensation fund, should available and thoroughly explained to users. That`s where Etoro seems to be failing again.

C. EVIDENCE

a, c and part b (work in progress), evidence available on request.

See also the Evidence and Gallery – work in progress.

D. CALCULATION OF FINANCIAL CONSEQUENCES.

See My Damages and Etoros Costs.

This complaint is part of series of complaints that supports my whole case, see Claim 10 for summary. I reserve the right (and freedom of speech right to advise other users) to also report this the CySEC and other applicable regulating bodies.

If you had similar problems, or agree with me, please leave a comment, or contact us.