Australian Securities and Investments Commission
The Australian Securities and Investments Commission is the only regulator in the country. It alone controls the activities of all financial markets, companies and private enterprises. Remittances, sales transactions, investment, pension, deposit and other funds, as well as financial advisory services, are all also controlled by ASIC.
The Australian Securities and Investments Commission was launched in 1998. At the time, several government oversight bodies over financial companies were operating in Australia at the same time. For banks, insurance, investment companies, funds, exchanges there was its own regulatory organization. ASIC was called in as a single modern state oversight body to replace the old and inefficient. Since 2002, banks have been added to the area of responsibility (ASIC acts as a central bank) and since 2009 the Australian stock market. That is, now absolutely all financial companies registered in Australia are required to obtain an ASIC license. With the increase in regulated companies, ASIC it has also expanded. Currently, the organization employs more than 2,100 people.
International Financial Services Commission of Belize
The Commission regulates financial institutions registered in Belize that provide services in international financial markets, in particular brokerage companies, currency trading and other financial instruments. The regulator’s task is to issue licenses to financial companies, as well as to monitor compliance with the rules and requirements of the regulator. The IFCB itself is accountable to the Belize Securities Department. Belize is a member of the Caribbean Anti-Money Laundering Organization (CFATF) and UNOffshoreForum.
The IFSC was introduced in 2007 when the Government of Belize passed the Commission’s Work Act, which regulates financial services such as international trade, financial instrument trading, brokerage services, loans and currency exchange. Moreover, the law makes no mention of whether one license entitles you to carry out all of these activities.
Financial Services Authority
In the UK, officials are far from fools and have long understood that it is most effective to create a separate independent organization to deal with all kinds of economic crimes. And they are very purposeful – they were understood and created. They have set up a Financial Oversight Committee that protects the efficient and transparent functioning of British financial markets, including Forex, prevents economic crime and attempted fraud by exchanges and brokers and helps financial services users receive quality and timely legal protection.
In 2004, the financial regulator began to control the mortgage business, and in 2005 – mediation in general insurance. The FSA gradually expanded its holdings, establishing its own order in more and more new markets. And now the storm on a level ground in 2010 was the statement of the new Minister of Finance of Great Britain J. Osborne said the FSA’s work had failed. He proposed the creation of new structures under the control of the Bank of England. The bank’s chief executive, Mervyn King, supported the initiative.
25 The North Colonnade, Canary Wharf, London E14 5HS
(+44) 207 066 1000
Financial Services Commission
The British Virgin Islands (BVI) is a very fashionable and popular offshore company with almost a third of major investment companies and almost half of brokers registered.
The British Virgin Islands is a small country in the Caribbean Sea, consisting of 36 islands with a total area of 153 square kilometers and 25,000 English-speaking inhabitants. The main currency is the US dollar. And it is also offshore, that is, business taxes are minimal here. All financial companies registered in the British Virgin Islands are required to register and obtain a license from the local Financial Services Commission. It is a state structure established in 2001, primarily to counter the legalization of money laundering.
Australia, Road Town, Tortola, VG 1110
The Federal Financial Supervisory Authority
BaFIN is subordinate to the German government and regulates services in German markets, based on the provisions of the Federal Financial Supervision Act. The regulator works closely with the National Federal Bank, but the department is funded by controlled organizations. BaFIN’s main mission is to regulate the German financial market and ensure the purity of brokerage services. It also informs consumers about various financial products, explains the rights and responsibilities of individuals in disputes with brokers. In case of violation of the law, the regulator has the right to impose sanctions on the broker up to the liquidation of the company. The work of the body is aimed mainly at Germany. Therefore, all large modern brokers who work, including in this country, are trying to get this license.
BaFIN appeared on May 1, 2002, replacing three pre-existing control divisions: BAKred (lending), BAV (insurance) and BAWe (stock market transactions). Today, the Federal Office has two branches located in Bonn and Frankfurt. The organization employs more than 1,000 people who run 700 insurance companies, 800 stock market institutions and 2,400 credit organizations, meaning BaFIN has combined the functions of all three missing departments.
+49 (0)228 99 80 80 83 8
The Markets in Financial Instruments Directive
The EU Financial Instruments Markets Directive is a special EU directive designed to monitor financial transactions in the 27 member states of the European Union, as well as in three European Economic Area countries. This directive is part of a special EU plan to create a single market for financial instruments. The directive contains certain requirements for European companies in financial markets, including reporting, information storage and so on.
For the first time exchange transactions in the EU were regulated in 1993 with the introduction of relevant documentation. As a result, large banks and investment companies had the right to provide their services or to establish branches in other countries. They could do so, given the presence of registration in their country and regulation by national financial departments. However, over time, the market has grown significantly, and given its transition to multilateral trading platforms, there is a need to develop documentation for market regulation. In the future, new rules were introduced into the current legislation, but Europe took a really huge step in the development of the investment sector in 2002. This year, Denmark, as chairman of the EU Commission, launched an initiative to convene a conference where the best financial regulation should be considered. All this served as a precondition for the introduction of the EU directive on the markets of financial instruments. The main purpose of the directive is to fully protect the rights of traders and all market participants. The directive was established in 2004, but came into force only in 2007. The current MiFid rules are mandatory for all EU countries. In addition, countries that are part of The Economic Area of Europe must also abide by all the rules of the directive. Due to the significant expansion of the stock exchange industry, there was an urgent need to supplement the existing legislation. With this in mind, the European Finance Commission, with the support of G20 members, has made several changes to the current directive. Thus, in 2011, MiFid 2 appeared. This was a kind of ideological continuation of the last document and made several important innovations. Among them is the creation of new legal provisions aimed at protecting the rights of investors.
Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission is a very popular regulator among brokers, combining the benefits of offshore registration and clear financial control in accordance with EU standards. Let’s check which License is good and which brokers use it.
The regulator appeared in Cyprus in 2001 to oversee the countries financial and investment sectors after the government passed the Securities and Exchange Act. In 2008, Cyprus joined the European Union, and CySEC was given expanded powers to monitor consumer rights and regulations in regulated companies. At the same time, the legal framework of the country has changed, after which Cyprus for some reason ceased to be called a “tax haven”. The regulator of Cyprus, by the way, has the status of a state.
27 Diagorou Str. CY-1097
Financial Services Commission
Despite the fact that Mauritius is an offshore zone, they are quite serious about the issue of licensing brokerage companies. Therefore, the FSC license should not be despised. The Financial Services Commission of Mauritius is the Regulator of the non-bank financial services and business sector.
FSC was founded in 2001 to regulate, monitor, oversee and license these sectors. The goal of the organization is to strike a balance between business development and regulation. In 2007, The Mauritius Legislative Framework was revised, supplemented in terms of risk oversight and financial services controls. The changes were aimed at bringing international norms and standards closer.
Financial Service Providers Register
Only FSP does not provide sufficient protection against fraudsters, so financial companies with such a license should be treated with caution. Especially if the parent company that provides brokerage services is registered with the organization.
At the end of 2008, the authorities of New York passed a law on the registration and resolution of disputes of financial companies. After a number of amendments and organizational issues were resolved in 2010, FSP earned a registration which became mandatory for all financial companies, including banks, brokers and even financial advisers. FSP is a service that is subordinate to the Department of Business, Innovation and Employment of New York.
+64 3 962 6162
New Zealand, Auckland, Albert Street 135, floor 18
Financial Services Complaints Ltd
It is a non-profit and non-governmental company. Its main purpose is to resolve disputes between financial companies (except banks) and their clients. Moreover, FSCL is an alternative to the court.
The independent FSCL was established in 2008 in New York on the basis of a Dispute Resolution Scheme developed and approved by the Department of Consumer Affairs. The priority of FSCL is to resolve the conflict situations between dealing centers and private entrepreneurs as soon and Justas as possible.
0800 347 257
The Financial Markets Authority
THE FMA is a non-governmental service established in 2011 to improve financial sector transparency and improve financial literacy in general. Something like the Russian self-regulating organization CRFIN.
THE FMA was founded in 2011. The official main objective of the FMA is to build public confidence in the financial markets and to support the growth of the capital base in New Zeland.
New Zealand, Auckland, Takutai Square 2, floor 5 (sign on the Ernst & Young building.
(09) 300 0400
Financial Dispute Resolution Service
The Financial Dispute Resolution Service was recently established on June 30, 2014. Its main goal is to help resolve disputes between financial companies and their clients.
The service was founded on June 30, 2014. Accordingly, it is still a very young organization.
New Zealand, Wellington, Featherston Street 109, Floor 9
+64 4 910 9952
Financial Industry Regulatory Authority
FINRA is the largest independent regulator of U.S. financial markets. FINRA sees its mission in protecting the rights of investors. The regulator controls about 4,250 brokerage firms, 162,155 branches and 629,525 registered securities holders.
The NASD (National Association of Securities Dealers) – National Securities Dealers Association – was founded in 1939 and registered with the SEC after the securities and exchange sequent seat of the Securities and Exchange Act in 1938. This allowed the NASD to monitor the behavior of its members. In 1971, NASD launched a new automated stock trading system for the National Association of Securities Dealers. In 1998, the NYSE and AMEX exchanges merged. Two years after a significant recapitalization, an independent organization, NASD, emerged. In July 2007, a new self-regulating organization replaced NASD, and as a result of the merger, FINRA was formed.
National Futures Association
The NFA reports directly to the U.S. Commodity Futures Trading Commission (CFTC), a government agency. This can be considered a guarantee of the reliability of the regulator. A broker who violates rules and requirements can be fined and stripped of an NFA license.
NFA is one of the most respected forex regulators. The U.S. National Futures Association was founded in 1976 to regulate foreign exchange and futures markets. The status of the regulator was officially granted by the NFA in 1982. The National Futures Association specializes in licensing brokerage companies operating in the financial market. NFA licenses can only be obtained by brokers who comply with established rules and regulations. In 2001, the NFA was the first to distribute licensing to online brokers and Forex exchanges.
Securities Investor Protection Corporation
SIPC is an integral part of the legal system that regulates financial services institutions. The specifics of SIPC’s activities are aimed at regulating the work of reporting organizations and monitoring the process of their liquidation, in cases where they are unable to fully meet their obligations to customers or when declaring bankruptcy.
SIPC dates back to 1970, when a regulator was created at the initiative of the United States Government to protect the rights of investors. This law was developed after a two-year crisis, which led to the bankruptcy of many large companies – the ruined organizations could not fulfill their obligations to customers. Brokerage companies discredited themselves in front of the community of traders, so decisive action was required to resolve the conflict. A separate supervisory body was then set up to regulate compensation to customers of bankrupt companies. In 1970, the budget of the regulator was about 150 million dollars, and today the fund has at its disposal 2.5 billion dollars. In addition, the U.S. Treasury Department has the ability to provide the organization with a loan for the same amount. Today, about 40,000 investment and financial services companies have membership in SIPC.
Swiss Financial Markets Authority
The Swiss Financial Market Supervision Authority is one of the most reliable and influential financial services regulators. The organization acts as a regulator of the Swiss banking system and acts as a partner for national investors. FINMA has significant leverage over market participants, as it audits Swiss banks and imposes sanctions against violators of financial legislation (in particular, for illegal actions against individuals and money laundering).
In 2007, the merger resulted in the Swiss Financial Market Supervision Service. FINMA’s main powers are aimed at regulating the activities of commercial banking structures, insurance companies, mutual funds and investment funds, as well as brokerage offices. The service employs about 350 people, including lawyers, economists, mathematicians, as well as specialists in audit, investment and accounting.