The Financial Conduct Authority (FCA) in the UK is one of the most reputable regulatory watchdogs in the world for regulating forex brokers and other financial entities. Forex traders would prefer to open trading accounts from FCA regulated forex brokers because of the watchdog’s stringent regulatory laws, protection of client funds and companies insolvency compensation rules etc. After Brexit comes into force, FCA license is only available for UK traders, not for EU clients. Forex companies must get a EU passport if they want to reach EU clients.
Swiss Financial Market Supervisory Authority (FINMA) is the most respected regulatory organization in Europe that has managed to reinforce a significant amount of trust among wealthy forex traders and investors from all over the world. FINMA has been granted exclusive powers by the Swiss Government to act as a regulatory watchdog for different types of financial firms that include stock exchanges, stock brokers, forex brokers, banks, insurance companies, securities dealers, fund managers, and any other kind of entity that deals in the financial markets. FINMA’s regulatory framework is designed in such a way that only established and mainstream forex brokers can offer brokerage services under the FINMA license. Therefore, FINMA forex brokers are required by law to be registered as banks, which require a higher amount of operating capital and more restrictions on how they function in the markets. FINMA regulated brokers are also expected to follow the best practices in brokerage services that are devoid of any manipulation or fraudulent practices.
The US regulatory framework is deemed as one of the world’s strictest. US residents and citizens are only permitted to operate with CTFC and NFA regulated foreign exchange brokerages. Firms and individuals, who do not possess the relevant NFA and CTFC regulation, are not allowed to solicit or approach US citizens. This is why many websites (this site included) feature a warning to US visitors, alerting them of the fact that the sites content is not directed towards US residents. The National Futures Association(NFA) is the industrywide, self-regulatory organization for the U.S. derivatives industry, providing innovative and effective regulatory programs. The NFA also works with the Commodity Futures Trading Commission (CFTC). NFA strives every day to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.
Forex trading has been very popular in Japan for a long time, but the market remains almost impenetrable to foreign brokers for the tight regulation. Moreover, leverage restrictions are significantly tighter than some of the other major territories. Financial Services Agency(FSA), set up in 2000, is a Japanese government agency and an integrated financial regulator responsible for overseeing banking, securities and exchange, and insurance sectors in order to ensure the stability of the financial system of Japan. The FSA also oversees the Securities and Exchange Surveillance Commission, as well as the Certified Public Accountants and Auditing Oversight Board. The site of FSA provides information about various laws and regulations, measures, regulated institutions, and topical information. In addition, the site also provides annual reports, announcements, and FAQs related to the financial industry.
Founded in July 1998, the Australian Securities & Investments Commission(ASIC) is now positioned as the national corporate regulator supervising Australia’s corporations, markets, and financial services in accordance with the Australian Securities and Investments Commission Act 2001. ASIC's role is to regulate company and financial services including banks, credit unions and mortgage and finance brokers, and enforce laws to protect Australian consumers, investors and creditors in a bid to create a fair and equitable financial market. To be able to operate in Australia or offer financial services to Australians, brokers are required to hold a valid Australian Financial Services (AFS) licence. The most important reason why a multitude of leading forex brokers choose ASIC as their regulatory agency is that it works to protect their interests. Moreover, the brokers also want to make use of the highly lucrative Australian market. ASIC has become one of the most competent broker regulation standards worldwide. It has quite strict requirements, including risk limitation, bonus prohibition, and consumer enlightenment. However, in recent times ASIC has become the subject of criticism by consumers, consumer advocates and public officials over its inaction and inefficiencies in protecting consumers from large financial instiutions.
Hong Kong is an established international financial market, where a number of residents are looking to forex trading as a form of investment. Regulated forex brokers in Hong Kong are monitored by the Securities And Futures Commission(SFC), which was created in 1989 in response to the stock market crash of 1987. SFC is an independent statutory body responsible for the securities and futures markets in Hong Kong. It is funded by licensing fees and transaction levies. Its main responsibilities of which cover the supervision of the above said markets, the promoting of a healthy trading environment, customer protection and the showcasing of Hong Kong as an attractive financial market and centre within China.
The Financial Markets Authority (FMA) is the New Zealand government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets. We also regulate securities exchanges, financial advisers and brokers, auditors, trustees and issuers - including issuers of KiwiSaver and superannuation schemes. New Zealand is a country with a strong economy and legal regulations. Opening a forex brokerage company in New Zealand requires large funds and clear legality. All forex brokers operating in this English common law user countries must be registered in Financial Markets Authority (FMA) regulator.
The Monetary Authority of Singapore (MAS) is a regulator for regulating the financial industry in Singapore,which include MAS-regulated brokers. MAS is a highly regarded regulator that has contributed to turning Singapore into one of the most reputable jurisdictions for forex trading in Asia, after having seen strong growth in its financial sector over the past few decades. However, MAS also has a number of other functions, including acting as the country’s central bank. Other responsibilities include managing statutes in relation to insurance, banking, securities, money, currency issuance, along with the financial sector in general.
Commissione Nazionale per le Società e la Borsa (CONSOB; Italian Companies and Exchange Commission) is the government authority of Italy responsible for regulating the Italian securities market. CONSOB was founded in 1974. Italy is an EU member state, and CONSOB's financial regulations and operations comply with the European MiFID financial harmonization law.
Germany has a higher tax structure and a relatively tougher barrier for entry. The financial regulatory body of the country is the Federal Financial Supervisory Authority (BaFin). Germany is the largest economy in Europe and a cornerstone of the European financial markets, which means that those who want to market to the German audience would be wise to try to seek a BaFin licence. BaFin works with its regulated brokers and financial companies to ensure that they have the best business environment for continued success in the industry. BaFin is committed to the welfare of both companies as well as individual investors, thereby creating a harmony between the two different forces in the market. BaFin is also not free from controversies, as the organization was seen to conceal large-scale financial fraud without taking necessary steps during the early days of its inception. However, as of now, BaFin has rectified its operational procedures and is considered to be among the best regulatory agencies in the retail Forex trading industry.
The Central Bank of Ireland (Irish: Banc Ceannais na hÉireann) is Ireland's central bank, and as such part of the European System of Central Banks (ESCB). It is the country's financial services regulator for most categories of financial firms, including forex brokers. CBI has strict regulations for forex brokers. The requirements of negative balance protections and leverages are applied, following the guidelines from the European Securities and Markets Authority (ESMA). To be noted, many forex brokers in Ireland are not approved by the CBI and holds licenses from other EU regulators.
The regulatory authority in Estonia is left to Finantsinspektsioon, otherwise known as the Estonian Financial Supervision Authority(EFSA). EFSA, founded in 2001, is the financial regulator responsible for the regulation of financial markets in Estonia. It oversees banking, insurance, and securities markets, aiming to create a stable environment for the financial sector, as well as protect consumers, clients, and investors. EFSA is funded by the supervision and procedure fees paid by the subjects of financial supervision. It is part of the European Single Supervisory Mechanism since 2014.
Canada is not a popular venue for non-resident Forex traders due to its tough regulatory regime and very small number of Forex brokers. Forex brokers in Canada are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Notably, IIROC is a non-profit, national self-regulatory organization which is established through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) on June 1, 2008. The role of IIROC is to oversee all investment dealers and trading activity on debt and equity marketplaces in Canada. The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and registered representatives, such as advisors. However, it has often been criticized by investor advocates as ineffective.
The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory watchdog of Cyprus. CySEC came into the Forex scene as early as 2001. Cyprus joined the European Union in 2004, and as an EU member state, CySEC's financial regulations and operations comply with the European MiFID financial harmonization law. Cyprus is one of the most attractive regions in Europe to set up a forex company, due to its advantageous fiscal and tax structure. CySEC regulated brokers have elicited a mixed response from the Forex markets, and as far as retail traders are concerned, you either love them or you hate them. The country witnessed an exponential growth in the number of Forex brokers and soon became a breeding ground for scams and financial malpractices that ultimately diminished the country’s efficiency in dealing with broker irregularities. The CySEC was also notorious for letting companies off with no penalties or simple warnings, even for larger financial crimes, as the country did not want to alienate its investors from shutting down shop and taking their business elsewhere. The lack of a strict regulatory regime did affect the CySEC in advertising its potential as a credible regulatory authority.ty.
Bulgaria Financial Supervision Commission (FSC) was established on March 1st, 2003 under the Financial Supervision Commission Act. It is an institution that is independent from the executive authority and reports its activity to the National Assembly of the Republic of Bulgaria. FSC is a specialized government body for regulation and control over different segments of the financial system – capital market, insurance market, health insurance market, pension insurance market. FSC regulates CFDs. Bulgaria is an EU member state, and FSC's financial regulations and operations comply with the European MiFID financial harmonization law. The primary mission of the institution is to assist through legal, administrative and informational means for the maintenance of stability and transparency on the non-banking financial sector, and to ensure the protection of the consumers of financial services and products.
The Dutch Authority for the Financial Markets (AFM) has been responsible for supervising the operation of the financial markets since 1 March 2002. This means that AFM supervises the conduct of the entire financial market sector: savings, investment, insurance, loans, pensions, capital markets, asset management, accountancy and financial reporting. AFM takes national measures mirroring ESMA’s product intervention measures: AFM will prohibit Binary Options and restrict the marketing, distribution or sale of CFDs to retail investors.These measures are applicable to investment firms based in The Netherlands as well as to investment firms from another EU member state active in The Netherlands trough a branch or by means of the European pass porting regime. AFM is committed to promoting fair and transparent financial markets. As an independent market conduct authority, it contributes to a sustainable financial system and prosperity in the Netherlands.
The National Securities Market Commission (Spanish: Comisión Nacional del Mercado de Valores) (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of Economy. CNMV is responsible for the oversight and regulation of the capital markets sector of the Spanish financial services industry. The site contains information on the markets, listed companies, and investment firms. This resource is available in Spanish with a limited English translation. Spain is an EU member state, and CNMV's financial regulations and operations comply with the European MiFID financial harmonization law.
Dubai is the capital of the Emirate of Dubai and has become a global city and business hub for the Middle East. In 2004, a special economic zone is located in the city known as the Dubai International Financial Centre (DIFC). Then a financial regulatory agency of the zone called the Dubai Financial Services Authority (DFSA) came into existence. Notably, the jurisdiction of DFSA covers only the territory of the Dubai International Financial Centre, providing a regulatory environment of international standards. The DFSA's regulatory mandate includes asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange, and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) requirements applicable in the DIFC. Dubai only allows DFSA Forex brokers to conduct financial activities in the entire UAE. However, Dubai does offer an opportunity for investors to set up a business in DIFC for providing services to a global audience. Therefore, it is possible for brokers to set up their brokerage in Dubai without being regulated by the DFSA. In such an instance, investors are not protected by any regulatory laws or supervisions that are usually available with DFSA regulated broker. Consequently, several investors had faced problems with Dubai-based brokers and were victims of numerous frauds and financial scams. It should be mentioned that the problem only exists with non-regulated brokers, as all DFSA regulated Forex brokers do not indulge in any scams due to regulatory backlash from the DFSA and authorities.
The Financial Authority (Autorité des Marchés Financiers, AMF) and the Prudential Authority (Autorité de Contrôle Prudentiel et de Résolution, ACPR) are the primary financial regulators in France. In its capacity as the stock market regulator, the AMF is responsible for the supervision of financial markets and investment firms. The ACPR, an independent administrative authority under the central bank, the Banque de France, supervises the banking and insurance sectors. France is an EU member state, and financial regulations and operations in France comply with the European MiFID financial harmonization law.
Malta is an ideal destination for businesses to expand presence and is considered to be a promising financial center in Europe. The Malta Financial Services Authority (MFSA) is an autonomous financial regulator overseeing the financial industry in Malta since 2002. It boasts a reputation of well-developed infrastructure and framework, as well as for the sophistication of its financial market. The MFSA supervises the financial behavior of all the licensed Forex Brokerage Firms, Credit institutions, Insurance and Pension Companies, Financial Advisors, Banks, Stock Exchange, and all the related firms that play a role in the entire Maltese Market. Investor protection is the primary concern for MFSA, and the agency has created several departments to help consumers report any cases of financial abuses or broker scams.
The Polish Financial Supervision Authority (PFSA) is the financial regulatory authority for Poland. The PFSA was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006. The PFSA supervises the banking, capital, insurance and pension sectors, payment institutions and payment service offices, electronic money institutions and credit unions. It monitors brokerage services on the OTC derivatives market provided by investment firms to clients. The purpose of supervision of the financial market is to ensure its proper functioning, stability, security and transparency, confidence in the financial market, and to ensure that the interests of market participants are protected.
The Financial and Capital Market Commission of Republic of Latvia (FKTK) commences its activities in 2001. FKTK is an autonomous public institution, which carries out the supervision of Latvian banks, credit unions, insurance companies and insurance brokerage companies, participants of financial instruments market, as well as private pension funds, payment institutions and electronic money institutions. FKTK supervises provision of currency exchange (FOREX) services, which are not performed for commercial purposes and have following characteristics – an initial security deposit in advance of a transaction is required, expected transaction settlements are net cash settlements, the investor’s financial results depend on the currency exchange rate fluctuations. FKTK ensures enhancing stability, competitiveness and development of the financial and capital markets as well as protection of the interests of investors, depositors and insured persons. Its mission is to take care for the public interests by regulating and monitoring the functioning of the financial and capital markets, by protecting the interests of investors, depositors and the insured persons, including financial literacy, the development and stability of the financial and capital markets.
The Danish FSA, also known as the Finanstilsynet, is the regulatory agency for the supervision and licensing of financial entities in Denmark. It was created in 1988 following the merger of the Insurance Supervisory Authority and the Supervisory Authority for Banks and Savings Banks. It had more responsibilities added to its remit when it took over from the Supervisory Authority for Mortgage Credit Institutions in 1990. The Danish FSA is responsible for the smooth functioning majority of Denmark’s financial system, which includes banks, securities markets, money brokers, payment systems, stock exchanges, insurance, pensions, fund management, investment companies, auditors, and all financial market participants that deal with the financial system of the country. Forex brokers, CFD dealers, and businesses that provide a multitude of OTC products come under the direct regulation of the Danish FSA.
Established in 2002, the Austrian Financial Market Authority (FMA) is an integrated supervisory authority that brings together the supervision of all significant providers and functions under a single roof. It empowers “One-Stop-Shopping”, so that all procedures to be conducted by the authorities can be handled under one roof. FMA is responsible for the regulation and supervision of the Austrian financial services industry. In addition, it also monitors and controls the individual financial institutions and players (micro supervision). The watchdog works in many international, particularly European, committees to draw up common supervisory standards and in so doing to represent the interests of Austria as a financial marketplace.
Finanstilsynet (FSA) is an independent government agency that is charged with the oversight and regulation of the financial services industry in Norway. Finanstilsynet is responsible for the supervision of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorised market places, settlement centres and securities registers, estate agencies, debt collection agencies, external accountants and auditors.
South Africa, and Africa in general, is showing a surge in the interest surrounding forex and online trading. Therefore it is of great importance that the local regulator is up to speed. The Financial Services Conduct Authority (FSCA), replaced the Financial Service Board(FSB) as the primary regulator of Forex / CFD brokers in 2018, is getting more involved as a regulator. It aims to protect investors from losing money through scams and fraud thanks to a safer, more transparent and reputable trading environment. Although FSCA is less restrictive compared to other established European regulators, but it is well regarded for governance and will give you a strong framework when required with forex brokers in South Africa.
The Bank of Lithuania(LBE) is the central bank of the Republic of Lithuania. It started operating in 1922. LBE supervise over 650 financial market participants – banks, credit unions, insurance undertakings, payment institutions, management companies, consumer credit providers, issuers, etc. Lithuania is an EU member state, and financial regulations and operations in France comply with the European MiFID financial harmonization law.
Abu Dhabi Global Market (ADGM) is a financial free zone, with its own civil and commercial laws based on English common law. ADGM is an international financial centre that offers a local, regional, and international business community within a world-class legal system and regulatory regime. FSRA is an independent authorities of ADGM. ADGM’s Financial Services Regulatory Authority was established to advocate a progressive financial services environment and uphold the integrity of the whole international financial centre by managing any potential risks exposure and undesirable impact.
The Central Bank of the United Arab Emirates (CBUAE) is the regulatory body of UAE, which promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people. Forex brokers and other financial companies are required to follow Sharia laws while providing services to its investors. But there are no obvious advantages for traders to choose UAE-specific brokers unless they are looking for Sharia compliant trading accounts.
The Israel Securities Authority(ISA) was established under the Securities Law-1968, which defines its function as protecting the interests of the investor public. The ISA reviews reports that are filed by reporting entities, including: immediate Reports, quarterly and annual Financial Statements; reports of transactions between companies and their controlling shareholders; reports on private offerings of securities; purchase offer specifications; mutual funds' current reports. The ISA issues licenses to trading platforms, portfolio managers, investment advisors and investment marketers, and regulates and supervises their operations. The ISA also oversees the proper, fair operation of the Stock Exchange.
The Labuan International Business and Financial Center is a special economic zone which was created by the Malaysian government in 1990. It is based on the island of Labuan, which lies off the Borneo coast. Such an excellent location provides the centre with a unique position for tapping Asian investment opportunities. It shares a common timezone with a number of larger Asian cities, is located between India and China, and is in close proximity to a few other financial centres. The Malaysian government has designated it as a financial centre and a free trade zone. Aside from its great location there are a number of other reasons brokers are choosing to set up on the island rather than the Malaysian mainland. Business set-up costs are much lower than on the mainland, and there is a lower tax structure for investors. Its close proximity to a number of other emerging powers is also a valid reason for the location being very attractive. It does, however, face competition from locations such as Singapore and Hong Kong The regulatory authority in the Labuan International Business and Financial Center is left to the LFSA (Labuan Financial Services Authority). All IBFC brokers and financial services providers have to be licensed, and are regulated by the LFSA. You won’t have to worry because the imposed standards are in line with recognised global regulations, including minimum capital requirements and operational compliance. In 1996, the Labuan Financial Services Authority Act was passed, and the LFSA was created. It was tasked with developing and managing the IBFC. Its aims are as follows: To promote and develop the island of Labuan as an international financial services and business centre To develop objectives, priorities, and procedures that are in keeping with national ideals in relation to the administration of business and financial services and their systematic development To act as the central regulator, supervisor, and enforcement authority for international financial and business services. The Labuan Financial Services Authority is responsible for regulating and licensing all LFSA entities, and ensuring that they conduct business in a fair and transparent manner.
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands. CIMA is responsible for managing the Cayman Islands currency, regulating and supervising financial services, providing assistance to overseas regulatory authorities, and giving advice to the Cayman Islands government on financial-services regulatory matters. The Cayman Islands is known for its liberal laws and investor-friendly regulations that made it one of the most prominent tax havens in the world. It offers significant tax benefits, strong privacy laws, and a relaxed regulatory structure. Thus, it doesn’t come as a surprise that the majority of forex brokers in the Cayman Islands are enjoying a tax-free regime and relaxed regulatory guidelines. The upside is that they can offer much more flexible trading conditions compared to other brokers regulated in stricter jurisdictions. Hence, from the perspective of the online FX/CFD industry, CIMA is not considered to be a regulatory authority in the same “weight class” as the FCA or Australia’s ASIC, its regulatory services are used by scores of brokerages.
The Securities Commission of The Bahamas(SCB) , established in 1995 under the Securities Board Act(now repealed), is responsible for regulating and overseeing the financial services industry in the Bahamas. Its mission is to effectively supervise and regulate the activities of mutual funds, securities and capital markets, to protect investors and to strengthen public and institutional trust in the integrity of these markets. SCB utilizes market surveillance, regulatory oversight, enforcement of securities laws and its investor education program to protect investors, maintain fair, efficient and transparent markets, and reduce systemic risk. It is noted that SCB introduced new rules for the regulation of financial services firms providing forex and CFD trading services.
Established in 2001, the Financial Services Commission, Mauritius (the 'FSC Mauritius') is the integrated regulator for the non-bank financial services sector and global business. FSC Mauritius is attractive to plenty of forex brokers as the license is much more competitive compared to other European forex license. FSC Mauritius allows the offering of higher leverage that benefits clients with small amount of deposits. Please keep in mind that an FSC license does not ensure segregated account, so the safety of the clients' funds is not highly guaranteed. Forex traders must do their due diligence when dealing with a FSC Mauritius regulated forex broker.
The Financial Services Commission (FSC) is a financial regulatory authority located in Belize. It was founded in 1999 and tasked with regulating market participants, exchanges and the setting and enforcing of financial regulations. Over the years, Belize has built up a sound financial system that is stable and one of the most investor-friendly economies in the world. A number of international online forex brokers obtain their international license from FSC. The FSC is under the control of the Ministry of Belize Securities, operating under the International Financial Services Commission Act enacted in 1990. Its supervisory work focuses mainly on the way firms are operated and governed and the identification of risks to consumers and the reputation of Belize more generally. The Commission also aims to supervise and control all international firms to link their international financial service requirements to their activities.
The National Bank of the Republic of Belarus (NBRB) is the central bank of Belarus, located in the capital city, Minsk. The bank was created in 1922. The main objectives of NBRB includes: protecting the Belarusian ruble and ensuring its stability, including its purchasing power and the rate of exchange relative to foreign currencies; maintaining the stability of the banking system of the Republic of Belarus; and ensuring efficient, reliable, and secure functioning of the payment system.
As the Seychelles has become an increasingly popular destination for offshore financial services and capital markets companies, the Seychelles Financial Services Authority (FSA Seychelles) has taken on an increasingly prominent role within the non-bank financial services sector. Established under the Financial Services Authority Act, 2013, FSA is responsible to license, regulate, enforce regulatory and compliance requirements, monitor and supervise the conduct of business in the non-bank financial services sector in the Seychelles. These regulated activities include fiduciary services, capital market & collective investment schemes, insurance, and gambling. FSA is also responsible for the registration of international business companies, foundations, limited partnership and international trust in the Seychelles.
The British Virgin Islands is one of the best-known offshore islands with a stable political environment and strong legal framework based on British law. With the enactment of the Financial Services Commission Act, 2001, the BVI Financial Services Commission, the national financial regulator, came into being, aiming to protect both forex brokers and forex traders. The BVI FSC is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property. Forex brokers operating within the British Virgin Islands are required to hold a valid license from BVI FSC. The process of obtaining a broker's license here is a bit more complicated than in the other offshore jurisdictions.
The Jordan Securities Commission (JSC) was established in 1997, which is responsible for the oversight and regulation of the financial services industry within Jordan. Its vision is to upgrade the national capital market, to have a fair, transparent and efficient attractive environment to investment. JSC regulates, monitors, and supervises the business operations of the Amman Stock Exchange, the Securities Depository Center, financial services companies, public shareholding companies, investment funds and certified financial professionals. JSC continuously enforces the Securities Law and its related regulations to maintain a sound investment environment and protect investors. What’s more, JSC is committed to securing investor protection and market development and to enforcing disclosure of information regulations pertaining to the securities market.
The Bermuda Monetary Authority (BMA) regulates Bermuda's financial services sector. BMA was established by statute in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters. BMA develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, digital asset businesses, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange and Bermuda Credit Union.
The Vanuatu Financial Services Commission(VFSC), formally set up in 1993, is the financial regulatory authority of Vanuatu. Prior to this, VFSC was the Registrar of Companies and the Official Receivership Department of the Treasury since 1971 under the then, British Administration and after independence in July 1980, the Ministry of Finance and Economic Management. VFSC consists of four departments, namely Corporate Services, Legal Enforcement & Insolvency, Supervision and Registration. The watchdog is responsible for operating an effective and efficient Registry, administering legislation like dealers in securities (licensing), anti-money laundering, counter-terrorism financing, business names act, electronic transactions, offshore limited partnerships, personal property securities, etc. Additionally, it is also tasked with the overseeing of the non deposit-taking financial industry on the islands. VFSC is a popular offshore regulator among forex brokers as capital (or bond) requirements are relatively small. A Forex license covering the online activities of a brokerage is issued in 2-3 months, which is indeed extremely fast. Moreover, there is no income tax, capital gains tax and inheritance tax in the country.
Founded in August 2011, the Capital Markets Authority (CMA) is an independent, autonomous regulatory body to promote and develop capital market activity in Lebanon, and to protect investors from fraudulent activities. CMA is responsible for regulating, supervising, licensing and monitoring the activities of the Lebanese Capital Markets. Its vision is to establish confidence in the Lebanese capital markets by enhancing their integrity and maintaining their attractiveness to investors by developing the local markets to better serve the national economy. The CMA Board has extensive powers aiming to enhance investor protection and promote investment in the financial markets. It has the power to establish general regulations concerning the establishment and management of stock exchanges, as well as regulations concerning the establishment and functioning of financial intermediation institutions which manage investment funds and collective investment schemes for the public.
Financial Services Authority (FSA) of Saint Vincent and the Grenadines was born in November 12, 2012 according to the Financial Services Authority Act. It was created by Parliament to regulate, supervise and develop the non-bank financial services sector in the country. The role of FSA is to oversee certain entities and businesses in the financial sector and provides for regulated matters. The FSA is responsible to the Government of St. Vincent and the Grenadines for the administration and enforcement of those enactments specified under its governing legislation. Additionally, it is also responsible for ensuring that each licensed financial entity is properly managed and remains financially sound. The FSA is empowered to intervene into the affairs of a regulated entity for the purpose of protecting customers.
Gibraltar Financial Services Commission(FSC Gibraltar) is the financial regulator of Gibraltar. FSC Gibraltar is to promote good business, protect the public from financial loss and preserve Gibraltar’s good reputation as a financial services centre. FSC Gibraltar is to regulate the financial services industry in Gibraltar. Their aim is to protect consumers, enhance the reputation of Gibraltar as a quality finance services centre and promote good business. Their work focuses around three main functions: authorisation, supervision and enforcement.
The Central Bank of Hungary (MNB) was established in 1924, which aims to achieve and maintain price stability. MNB monitors the activities of financial and capital market institutions, funds, insurance companies and institutions of the financial infrastructure (regulated market, clearing house and central depository), both on-site and off-site. MNB is committed to financial consumer protection, as well as to market surveillance intended to eliminate unauthorized, unlicensed financial service providers, or those without prior notification.
Securities and Exchange Regulator of Cambodia (SERC) is the financial regulator of Cambodia. SERC is established under the law on The Issuance and Trading of Non-Government Securities (Preah Reach Kram No NS/RKM/ 1007/028). SERC regulates the securities industry in Cambodia. SERC is aim to promote the effective regulation, efficiency and orderly development of the securities markets, encourage the varieties of saving tools through buying of securities and other financial instruments.
The Luxembourg CSSF was established in 1998 as a public regulator. 1. The Luxembourg CSSF regulates foreign exchange and other financial instruments, and the institutions that provide foreign exchange are investment companies. 2. Luxembourg CSSF requires investment companies to join SIIL (Luxembourg-based Investor Compensation Scheme), where each investor can receive up to 20,000 euros (about 160,000 yuan) in compensation.
Financial Supervisory Commission of the Cook Islands (FSC) was established on 1 July 2003 to replace the former Offshore Financial Services Commission (FSA). On 1 July 2012, the Cook Islands Financial Intelligence Unit (FIU) merged with the FSC. 1. The Cook Islands FSC regulates foreign exchange margin trading activities and foreign exchange dealers regulated by the FSC of the Cook Islands must have a Money-Changing licence; 2. The Cook Islands FSC does not deal with disputes/complaints between companies and investors; 3. There is no corporate insolvency compensation scheme in the Cook Islands.
Finanssivalvonta or the Financial Supervisory Authority (FIN-FSA) is the independent regulator of the Finnish financial and insurance sectors. Entities regulated by the authorities include banks, insurance and pension companies as well as other companies operating in the insurance industry, investment companies, fund management companies and the Helsinki Stock Exchange.
The Portuguese CMVM was established in 1991 as a government agency. 1. CMVM of Portugal supervises securities, foreign exchange, etc.Financial intermediaries can conduct foreign exchange activities. 2. CMVM in Portugal requires intermediaries to participate in the investor compensation scheme, with each investor receiving a maximum of €25,000.
The CMB of Turkey is a government agency, established in 1982. 1. CMB of Turkey supervises foreign exchange, securities, derivatives, capital market instruments, etc. 2. The Turkish CMB requires investment companies to join the Investor Compensation Center. Investors will receive up to 100,000 Turkish lira ($106,000) each.
The Hellenic Capital Market Commission was established in 1991 as a government agency. 1. Greek HCMC supervises foreign exchange, securities, options, futures, etc.Investment Services Firms (AEPEY) within an Investment firm can do foreign exchange. 2. Greece requires that authorized investment companies must participate in the investor compensation scheme, and each investor can receive a maximum compensation of 20,000 euros.
On December 15, 1989, the Kenya Capital Markets Regulatory Authority (CMA) was established. Kenya CMA began regulating leveraged foreign exchange in 2016. 1. Currently, there are only 3 CMA licensed foreign exchange companies in Kenya. 2. In terms of investment security, investors can complain to CMA Kenya if they are dissatisfied with the foreign exchange dealers; The Kenya CMA has set up an investment compensation fund with a maximum compensation of about Ksh50,000 per investor.
In January 1993, the Czech National Bank was established. 1. The Czech National Bank，supervises foreign exchange margin operations. In addition, CNB supervises banks, insurance and pension funds. 2. In terms of financial complaints and bankruptcy settlement guarantee, CNB, handles disputes between investors and financial companies, and the handling time for complaints is about 30 days. According to relevant CNB regulations, an investment company (including a foreign exchange company) shall be established to set up an investment company guarantee fund. When the investment company goes bankrupt, this guarantee fund will be used to compensate the company's customers, with the maximum compensation of 20,000 euros per investor.
Established in 1948, the Marshall Islands Registry (IRI) is a provider of shipping, ship and company registration services, providing technical and management support to the Maritime and Companies Registry of the Republic of Marshall. Marshall IRI is not a government agency, nor is it a regulatory agency. Marshall Islands is an archipelago country located in the North Pacific Ocean. It receives economic assistance from the United States and Japan, and its national defense is in charge of the United States.
The Commodity Futures Trading Commission (CFTC) is an independent agency of the United States government. It is also one of the financial regulators of the United States. Its primary responsibility is to regulate Commodity Futures, options and financial Futures and options markets.
The Capital Market Authority of Montenegro (SCMN) is an independent statutory regulatory body established in 2000. 1. Montenegro SCMN supervises foreign exchange, securities and other investment activities; 2. Montenegro SCMN is demanding the creation of an investor compensation fund to protect investors in bankrupt companies up to €20,000.
The Slovenian Securities Market Agency (ATVP) is a legal entity under public law in charge of supervising the market in financial instruments. It was founded on 13 March 1994. Its tasks and competencies are defined by the Market in Financial Instruments Act (ZTFI). The Agency is independent in implementing its tasks and responsibilities. It is financed from taxes and fees paid by the participants on the market in financial instruments.
The British Financial Dispute Mediation Commission (FDRC) was created by experienced financial professionals and lawyers to serve financial institutions, including foreign exchange brokers, asset management companies, trust funds and payment service providers. It is a neutral third-party financial dispute resolution center. The FDRC is supervised by the Advisory Council, the 5 members of which are composed of financial institutions (FDRC members) and investors, including an independent chairman, two industry representatives and two investor representatives. The member' s term is two years. The FDRC has an Independent Panel composed of experts to provide professional advice to program evaluators. The FDRC also has In-house Experts specializing in conflict management. It provides a three-level complaint process designed to effectively and thoroughly resolve disputes.
The Swiss Banking Ombudsman(SBO) is an independent mediation agency that provides its services free of charge and is funded by the Swiss Banking Ombudsman Foundation, whose board is made up of independent citizens, The chairman of the foundation is Annemarie huber-hotz, h.c., former federal prime minister. The SBO handles about 2,000 inquiries a year.
The European Securities and Markets Authority (ESMA) is an independent European Union (EU) Authority that contributes to safeguarding the stability of the EU's financial system by enhancing the protection of investors and promoting stable and orderly financial markets. Whilst ESMA is an independent Authority, it is accountable to the European Institutions including the European Parliament, where it appears before the Economic and Monetary Affairs Committee (ECON) at their request for formal hearings, the Council of the European Union and European Commission. The Authority reports to the institutions on its activities regularly at meetings and also through its Annual Report.
The Bank of Russia(CBRF) has special legal status established by Article 75 of the Constitution of the Russian Federation. It grants the CBRF the exclusive right to issue currency and to protect the ruble and ensure its stability, which is the main function of the CBRF. The CBRF conducts its activities independently from other federal bodies of state power, regional authorities and local governments. The status, goals, functions and powers of the CBRF are defined by Federal Law No. 86-FZ, dated 10 July 2002, ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and by other federal laws.
The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. Nature Government agency Basic Functions ●Protect the interests of securities investors ●Promote the development of the securities market ●Regulate the securities market and related or incidental matters.
The Shanghai Gold Exchange (SGE) is a financial market approved by the State Council and established by the People's Bank of China to specialize in the trading of precious metals such as gold. It was officially launched in October 2002. Her establishment has realized the marketization of China's gold production, consumption, and circulation system, and is an important symbol of the opening of China's gold market. Nature Self-regulatory agency History Since its establishment 15 years ago, the SGE has always adhered to the principle of serving the real economy and industrial development, striving to provide investors with richer investment channels, and has gradually developed into the core and hub of the Chinese gold market, as well as an important precious metals (gold, silver, platinum, etc.) trading market on a global scale. Since 2007, the SGE's trading volume has ranked first among the world's gold spot trading floors for 10 consecutive years. As of the end of 2017, the SGE had 253 members, including 165 domestic financial and comprehensive members, 19 special members, and 69 international members which are all well-known international banks, gold groups and investment institutions. There were 12,269 institutional customers and 9,312,200 personal customers. The SGE has established a multi-level gold market system composed of bidding, inquiry, pricing, and leasing markets, integrating the domestic main board market and the international board market. Contact Telephone: 021-33189588 Fax: 021-33662058 E-mail: firstname.lastname@example.org Address: Number 99 Henan Middle Road, Huangpu District, Shanghai Postcode: 200001
Approved by the China Securities Regulatory Commission (“the CSRC”), the Shanghai International Energy Exchange Co., Ltd., or INE, is an international exchange that is jointly initiated and established by relevant entities including the Shanghai Futures Exchange, and open to global futures participants.
The Securities and Commodities Authority (SCA) is a federal UAE agency established based on Federal Decree No. (4) of 2000 by then-president of the UAE, Khalifa Bin Zayed Al Nahyan. The Authority is a federal government agency, which is financially and administratively independent, headed by a CEO and a Chairman of a Board of Directors, both appointed by the President of the UAE. The main objective of the Authority is to supervise and monitor financial markets in the UAE, including the Dubai Financial Market and the Abu Dhabi Securities Exchange.
The Department of Economic Development (DED) of the Emirate of Dubai is a government body entrusted to set and drive Dubai's economic agenda within the broader governance systems of the United Arab Emirates. The DED and its agencies develop economic plans and policies, identify and support strategic sectors, and provide services to domestic and international investors and businesses.