Forex Regulatory Organizations

For retail FX traders, the biggest risk of non-regulation is that of illegal activity or outright fraud.

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions, and guidelines.

Forex market regulation refers to the rules and laws that firms operating in the forex industry must follow. But regulation is more than just having rules in place, it’s also about the ongoing oversight and enforcement of these rules.

The purpose of regulation is to protect you from undisclosed financial risk and fraud.

The forex market is by far the largest, most liquid market in the world, with more than $5 billion traded daily.

Due to its decentralized and global nature, the forex market has been more prone to fraud and has been less regulated than other financial markets.

How do you regulate a market this big? And one that trades 5 days a week, 24 hours a day, all over the world?

Its size and scope create unique challenges regarding market regulation.

How do you eat an elephant?

One bite at a time.

How do you regulate the forex market?

Apparently, one country at a time.

There is no single global body governing the forex market to police the massive 24/7 market.

Instead, several governmental and independent bodies supervise forex trading around the world.

The supervisory bodies regulate forex by setting standards that all brokers under their jurisdiction must comply with.

These standards include being registered and licensed with the regulatory body, undergoing regular audits, communicating certain changes of service to their clients, and more.

Licensed forex brokers are subject to recurrent audits, reviews and evaluations to ensure that they meet the industry standards.

This helps ensure that currency trading is ethical and fair for all involved.

Every country has its regulatory authority that lays down the framework of rules that are to be complied with when operating in the forex trading market.

Each forex regulatory body operates within its own jurisdiction and regulation and enforcement vary significantly from country to country.

Below is a list of financial regulatory bodies for each country in alphabetical order.

Anguilla:

• Anguilla Financial Services Commission

Antigua:

• Eastern Caribbean Securities Regulatory Commission (ECSRC)

Australia:

• Australian Securities and Investment Commission (ASIC)

Azerbaijan:

• State Committee for Securities (Azerbaijan)
• Baku Stock Exchange

Bangladesh:

• Securities and Exchange Commission (SEC)

Belgium:

• The Financial Services and Markets Authority (FSMA)

Belize:

• International Financial Services Commission (IFSC)

British Virgin Islands:

• BVI Financial Services Commission (FSC of BVI)

Bulgaria:

• Financial Supervision Commission of Bulgaria (FSC Bulgaria)

Canada:

• British Columbia Securities Commission (BCSC)
• Canadian Investor Protection Fund (CIPF)
• Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
• Investment Industry Regulatory Organization of Canada (IIROC)
• Investment Industry Regulatory Organization of Canada (IIROC)
• Ontario Securities Commission (OSC)
• Ombudsman of Banking Services and Investments (OBSI)

Cayman Islands:

• The Cayman Islands Monetary Authority (CIMA)

China:

• China Securities Regulatory Commission (CSRC)

Croatia:

• Croatian Financial Services Supervisory Agency (CFSSA)

Cyprus:

• Cyprus Securities and Exchange Commission (CySEC)

Czech Republic:

• Czech National Bank (CNB)

Denmark:

• Danish Financial Supervisory Authority (Danish FSA)

Dominica:

• Financial Services Unit (FSU)

Dubai, UAE:

• Dubai Multi Commodities Centre (DMCC)
• Dubai Gold & Commodities Exchange (DGCX)
• Dubai Financial Services Authority (DFSA)
• Emirates Securities and Commodities Authority (SCA)

Estonia:

• The Financial Supervision Authority (FINANTSINSPEKTSIOON)

Finland:

• FIN-FSA in Finland

France:

• Autorite des marches financiers (AMF)
• Banque de France
• Credit Institutions and Investment Firms Committee (CECEI)
• French Autorité de Contrôle Prudentiel et de Résolution (ACPR)

Germany:

• Federal Financial Supervisory Authority (BaFin)

Greece:

• The Hellenic Capital Market Commission (HCMC)

Hong Kong:

• Securities and Futures Commission (SFC)

Hungary:

• Hungarian Financial Supervisory Authority (HFSA)

Iceland:

• The Financial Supervisory Authority (FME)

India:

• Securities and Exchange Board of India (SEBI)
• Reserve bank of India (RBI)

Indonesia:

• Commidity Futures Trade Regulatory Agency (CoFTRA)

Ireland:

• Central Bank of Ireland

Isle of Man:

• The Financial Supervision Commission (FSC)

Israel:

• The Israel Securities Authority (ISA)

Italy:

• Commissione Nazionale per le Società e la Borsa (CONSOB)

Japan:

• Financial Services Agency of Japan (FSA Japan)
• Japan Securities Dealers Association (JSDA)
• Japan Investor Protection Fund (JIPF)
• Tokyo Commodity Exchange (TOCOM)

Kenya:

• Capital Markets Authority (CMA)

Kuwait:

• Ministry of Commerce and Industry in Kuwait
• Kuwait Chamber of Commerce & Industry (KCCI)

Latvia:

• The Financial and Capital Market Commission (FKTK)

Lebanon:

• Banque Du Liban

Lithuania:

• The Lithuanian Securities Commission, Bank of Lithuania

Luxembourg:

• Commission de Surveillance du Secteur Financier (CSSF)

Liechtenstein:

• The Financial Market Authority Liechtenstein (FMA)

Malaysia:

• Securities Commission Malaysia

Malta:

• Malta Financial Services Authority (FSA in Malta)

Mauritius:

• Financial Services Commission of Mauritius (FSC Mauritius)

New Zealand:

• Financial Markets Authority (FMA)
• Financial Service Providers Register (FSPR)
• Financial Services Complaints Limited (FSCL)

Nigeria:

• Securities & Exchange Commission Nigeria

Norway:

• The Financial Supervisory Authority of Norway

Pakistan:

• Securities and Exchange Commission of Pakistan (SECP)

Panama:

• Superintendencia de Mercado de Valores – The Securities Market Superintence (SMV)
• Ministry of Industry and Commerce (MICI)

Philippines:

• Securities and Exchange Commission Philippines
• The Bangko Sentral ng Pilipinas (BSP)

Poland:

• Polish Financial Supervision Authority (PFSA)

Portugal:

• Comissão do Mercado de Valores Mobiliários (CMVM)

Romania:

• Romanian Financial Supervisory Authority (ASF)

Russia:

• FFMS in Russia (FCFR)
• Centre for Regulation of Off-Exchange Financial Instruments and Technologies (CRFIN)

Seychelles:

• Seychelles Financial Services Authority (FSA Seychelles)
• Seychelles Licensing Authority (SLA)

Singapore:

• Monetary Authority of Singapore (MAS)
• Singapore Exchange (SGX)

Slovakia:

• National Bank of Slovakia (NBS)

Spain:

• Comisión Nacional del Mercado de Valores

South Korea:

• Financial Supervisory Commission

Sri Lanka:

• Securities and Exchange Commission of Sri Lanka

St. Vincent and the Grenadines:

• The Financial Services Authority

Sweden:

• Swedish Financial Supervisory Authority (Swedish FSA)

Switzerland:

• Association Romande des Intermediares Financiers (ARIF)
• Organisme d’autorégulation fondè par le GSCGI
• PolyReg General Self-Regulatory Organisation
• Swiss Bankers Association (SBA)
• Swiss Federal Banking Commission (SFBC)
• Swiss Federal Department of Finance (SFDF)
• Swiss Federal Finance Administration (SFFA)
• Swiss Financial Market Supervisory Authority (FINMA)
• Swiss National Bank (SNB)

Thailand:

• Securities and Exchange Commission, Thailand

Turkey:

• Capital Markets Board – SPK

United Kingdom:

• UK Financial Services Authority (FSA UK)
• The Financial Conduct Authority (FCA)
• The Prudential Regulation Authority (PRA)
• Financial Services Compensation Fund (FSCS)

United States:

• Commodities and Futures Trading Commission (CFTC)
• Financial Industry Regulatory Authority (FINRA)
• National Futures Association (NFA)
• US Securities and Exchanges Commission (U.S. SEC)
• Chicago Board of Trade (CBOT)
• Securities Investor Protection Corporation (SIPC)