CMA obtained information about certain legal entities established in Montenegro whose main activity is the provision of investment services for which they do not have the permission of the CMA. As it is regulated by Montenegrin legislation (primarily by Capital Market law), it is possible and permitted to provide investment services only when the company is established as a joint stock company, acquires the appropriate licenses, pays the necessary fees, receives approval for each of the members who are in the ownership structure, etc. Contrary to the above, each of the companies which are suspected of acting opposite to the provisions of the CMA and Capital Market law was established as an limited liability company.
Bearing in mind everything previously mentioned, the CMA began with series of direct controls of companies that may be providing investment services without authorization. On the day 19th of July 2024, the CMA carried out a direct control of the premises located on the website of the company “FLAG MARKETS” D.O.O (LLC). This legal entity maintains a website with information about providing brokerage and trading services. During the performed control of the premises, the controllers of the CMA did not find any personnel or the premises, since the address given through the website turned out to be non-existent.