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ASIC and FMA regulation

mentioned foreign exchange regulation, we first th cashbackforexpipcalculatork of the FCA (Financial Services Authority), it cashback forex true that the United Kingdom as the old cashbackforexprofitcalculator powerhouse in the field of financial regulation also has a wealth of experience cashback forex calculator Online the FCA as the countrys financial regulators with its strict regulation and FSCS (Financial Services Compensation Scheme) has gained the trust of many traders (Note: FSCS provisions in extreme cases, such as traders can get 5W within the compensation). The FSCS provides that in extreme cases, such as the bankruptcy of the trader, the full amount of compensation can be obtained within 5W pounds) Another well-known by our investors is CySEC (Cyprus Securities and Exchange Commission), but CySECs regulatory strength does not make investors feel satisfied, in order to improve its in the minds of investors, CySEC also made a lot of efforts, just two weeks ago issued a ban on trading grants, leverage In addition to these two regulators, many second-tier regulators have also been gradually known to investors in recent years, today let us take a detailed look at two regulatory bodies from Oceania: cashbackforexcalculatorOnline and FMAASIC (Australian Securities and Investments Commission) as Australias independent federal government agencies, ASIC is responsible for regulating almost all of the countrys financial institutions According to the ASIC Act, any financial institutions engaged in financial transactions in Australia are required to obtain ASIC certification and apply for a financial services license (AFSLicence), the foreign exchange market is no exception to the current financial institutions engaged in the foreign exchange market in Australia are: banks, foreign exchange dealers, brokers, foreign exchange information providers, etc. Therefore, all regular foreign exchange trading platform only after having the AFS number to obtain the qualification to engage in financial derivatives trading only a separate ABN (Australian business registration code) or ACN (Australian company code) company is not qualified to do financial derivatives with the AFSL number of the company will have the corresponding ABN, ACN code; but only have the ABN, ACN Code of the company does not necessarily have the AFSL number, please be sure to pay attention to this regulatory requirements 1, must apply for AFSLicence, and be permitted to specify the operating authority 2, must be mandatory professional liability insurance (PIInsurance) for customers 3, the companys shareholders and management and the required licensed representatives are required to file in accordance with the provisions of ASIC 4, must establish a full set of customer Complaint solution, join the FOS dispute resolution body 5, must be in accordance with regulatory requirements in the designated bank to open an exclusive account of customer funds, and the companys own funds separate management 6, regular submission of company operating financial reports, regular accounting audits, submitted to ASIC for the record 7, regular submission of customer transaction reports, submitted to ASIC for the record In addition, ASIC has established a set of foreign exchange market for the Supervision and management mechanism, where any customer complaints about foreign exchange market participants, ASIC requires the complained against to participate in dispute resolution in accordance with the process, the damage to the interests of customers, requiring traders to compensate if regulated companies have irregularities, will be subject to serious punishment or prosecution by ASIC, and even revoke the financial services license and general operating license ASIC to invest in Australian financial institutions International investors have effective protection of rights and interests, enjoy the same legal rights and interests as Australian investors ASIC and FCA protection mechanism is different, FCA involves compensation is FCA regulator direct compensation, while ASIC is required to broker platform for customers to buy mandatory professional liability insurance (PI insurance), if the platform has any out of the money problems, by the corresponding insurance company FMA (Financial Markets Authority) New Zealand Financial Markets Authority (FinancialMarketsAuthority, FMA) was established in 2011, replacing the original Securities Commission, and took over part of the functions of the New Zealand Governments Ministry of Economic Development is the New Zealand financial market regulatory system structure of the two major regulatory bodies In addition to regulating the securities industry, financial reporting and corporate law, the FMA also regulates the financial services and securities markets, as well as securities trading, financial advisors and brokers, trustees and issuers, including KiwiSaver and pension scheme issuers. financial services company) requires 1) a more rigorous management team; 2) a reasonable business plan and risk controls that meet AML requirements; 3) prepared financial statements; 4) a margin of NZ$1 million; 5) tangible assets of NZ$1 million, or a certain percentage of annual turnover (the highest of the two); 6) or, easily realizable assets; 7) net tangible assets requirements noteworthy New Zealand The financial regulator began a major compliance check on financial derivatives companies in September 2015, revoking the registration of 119 companies and individuals in the month of September alone In order to restore the credibility of the industry, the FMA (New Zealand Financial Markets Authority) on March 8, 2016 again announced a number of illegally operating foreign exchange dealers, and their main operating locations are concentrated in mainland China This phenomenon reveals that the FMAs current regulatory regulations are still not perfect, resulting in many unscrupulous brokers to take advantage of the situation, and the deepest damage is undoubtedly the domestic investors, so we should be cautious attitude to FMA regulation brokers

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