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ASIC Files Lawsuit against eToro Over Its CFD Product
The Australian Securities and Investments Commission (ASIC) has taken a significant step in its regulatory oversight by commencing legal proceedings against eToro Aus Capital Limited (eToro), an online investment platform.
ASIC Allegations against eToro
A press release issued earlier today revealed that the case centers around eToro’s Contract for Difference (CFD) product and raises concerns about potential breaches of design and distribution obligations, as well as eToro’s license obligations to uphold standards of efficiency, honesty, and fairness.
At the core of the dispute lies the appropriateness of eToro’s chosen target market for its CFD product. ASIC’s allegations highlight a discrepancy between the perceived risks and volatility of the trading product and the breadth of eToro’s target audience. Notably, CFD trading is known for being high-risk, and statistics show that a significant portion of traders
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