ASIC to add reporting requirements to Australia’s new Retail Forex client money law LeapRate

July 11, 2017 BY LeapRate Staff

ASIC to add reporting requirements to Australia's new Retail Forex client money law

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…

March 28, 2017 BY LeapRate Staff

ASIC comes out (strongly) in favour of new Australia forex client money protection rules

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…

March 27, 2017 BY LeapRate Staff

Australia parliament passes new legislation to protect Retail Forex client money

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:…

November 21, 2016 BY LeapRate Staff

The Australian Government’s client money reforms will grow the sector

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…

November 08, 2016 BY LeapRate Staff

Australia to remove exception for Retail Forex brokers using client money

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…

October 27, 2016 BY LeapRate Staff

CySEC proposes enhancement to client money handling including quarterly reports, semiannual audits

Cyprus financial regulator CySEC has issued a Consultation Paper regarding a proposed circular on the requirements for the safeguarding of client funds at regulated CIF entities. CySEC already requires regulated brokers to fully segregate client funds - one of the facets which saved Cyprus brokers and their clients from the 'haircut' given to all bank…

October 20, 2015 BY Maria Nikolova

Australia introduces improved protections for client monies held at brokers

The 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…

Tag: client money protection