Oman’s financial regulator has cancelled the local license of retail brokerage group CFI Financial.
The Financial Services Authority (FSA) announced the decision on Sunday but said that the license was revoked on September 18th.
CFI acquired its license in Oman at the end of 2023 as part of a wider effort that the group has made globally to expand its regulatory footprint.
The FSA said that CFI had breached regulations by marketing non-Omani securities, without having the regulatory approval to do so.
The regulator also said the brokerage group had failed to adhere to anti-money laundering and anti-terrorism financing regulations.
Oman has emerged as another big market for brokers in the Middle East.
With the United Arab Emirates very saturated and Saudi in a gray area, Kuwait, Bahrain, Qatar, and Oman have all been targeted more by brokers over the past couple of years.
However, most firms have not received a local license and operate using IB networks and other reverse solicitation methods.
