The Croatian Financial Services Supervisory Agency has issued an enforcement decision prohibiting Cooperative Glas poduzetnika 2.0 from further unauthorised intermediation in investing in financial instruments and from holding clients’ money without legally required safeguards. The decision also orders the cooperative to immediately stop the activities and return any uninvested funds. A supervisory inspection found that the cooperative collected investment orders from citizens, mostly retail investors, for investment in the foreign hedge fund ORCA BASON and forwarded them to Oraclum Capital LLC in the United States for execution, which Hanfa assessed as providing a regulated investment service without the necessary Croatian authorisations. Hanfa also found that investor money was held in the cooperative’s regular account without segregation from other funds and without the client money protection measures required by law, exposing clients to additional risk including potential attachment in the event of debt collection against the cooperative.

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