Hardly a week of Forex Industry News goes by without word of significant regulator action in one place or another. Two weeks ago it was the FCA delaying its proposed CFD trading rules. Last week it was our exclusive report on Turkey banning foreign FX brokerage accounts. And this week did not disappoint as well,…
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Australia financial regulator ASIC has issued a consultation paper, asking for feedback on new proposed rules requiring brokers to reconcile and report all retail client money held on a daily, monthly, and yearly basis. Some background... As we reported back in March, Australia’s parliament recently passed the Treasury Laws Amendment (Measures No 1) Bill 2016, known more…
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This article was written by Brandon Russell, CEO of Etana Custody. On March 27, the Australian government passed a law designed to protect foreign exchange clients, closing a hazardous loophole that allowed brokerage companies to use client funds for operating capital or marketing campaigns, among other uses. Allowing brokers to use forex funds this way…
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Australia financial regulator ASIC has added its powerful voice to the fray regarding the new rules governing what Forex brokers can and cannot do with client money, following the passage yesterday by Australia’s parliament of the Treasury Laws Amendment (Measures No 1) Bill 2016, known more commonly as the Retail Client Money law. The new…
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Breaking Forex News... LeapRate has learned that Australia's parliament today passed the Treasury Laws Amendment (Measures No 1) Bill 2016, known more commonly as the Retail Client Money law. We had reported back in November that the Australian government was going to change the rules as to what ASIC licensed retail brokers offering over-the-counter derivatives products (read:…
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One of the recent 'hot topics' in the Retail Forex world, we're pleased to present a guest post by Tamas Szabo, Chief Executive Officer Australia and NZ of IG Group Holdings plc (LON:IGG) on the changes to retail client money handling rules recently proposed by Australia's Government. For eight years I have been urging our industry, ASIC, the…
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LeapRate was first to report last week on the Australia government's move to change rules regarding what Retail Forex brokers, and those other regulated entities handling client money, can and cannot do with that money. There seems to still be some confusion out there in Forex-land as to what those rules were, what they will…
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Breaking Forex News... Bringing their regulations regarding the safeguarding of client money up to par with other major jurisdictions including the US, Canada, and the EU, the Australian government announced today that it is going to change the rules as to what retail brokers offering over-the-counter derivatives products (read: Forex Brokers) can and cannot do…
Read moreNot many institutions, corporate or government, come out with serious multi-year plans. However Australia financial regulator ASIC has done just that. With increased government funding in tow, ASIC has come out with a fairly ambitious multi-year plan aimed at further reforming the Australian financial scene. Specifically, ASIC plans to use the additional funding support announced…
Read moreThe Australian government has published its response to the Financial System Inquiry, outlining steps to bolster protection for client funds held at brokers. The report says that: The Government will develop legislative amendments to improve protections for client monies held in relation to derivatives. These improvements are needed to ensure that investors’ monies are adequately…
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