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NFA
Who is the NFA?
The US regulatory framework is deemed as one of the world’s strictest. US residents and citizens are only permitted to operate with CTFC and NFA regulated foreign exchange brokerages. Firms and individuals, who do not possess the relevant NFA and CTFC regulation, are not allowed to solicit or approach US citizens. This is why many websites (this site included) feature a warning to US visitors, alerting them of the fact that the sites content is not directed towards US residents.
The National Futures Association(NFA) is the industrywide, self-regulatory organization for the U.S. derivatives industry, providing innovative and effective regulatory programs.
The NFA also works with the Commodity Futures Trading Commission (CFTC). NFA strives every day to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.
How does the NFA regulate a forex broker?
1. Safety of Client Funds：
Segregation of Customer Funds
(1) All customer funds for trading on designated contract markets (exchanges) must be kept apart ("segregated") from the futures commission merchant's (FCM's) own funds—this includes cash deposits and any securities or other property deposited by such customers to margin or guarantee futures trading.
(2) Segregated accounts must be titled for the benefit of the FCM's customers.
(3) Acknowledgements must be provided that would preclude a bank or clearinghouse from recognizing a right of offset against the account for the FCM's debts.
(4) Customer funds in segregation have a bankruptcy preference in the event COM of FCM insolvency.
2. Requirement on Forex Brokers' Reports：
Forex Daily Report; Forex Monthly Report; Forex Quarterly Report; Daily Trade Data Reports; Financial Reports (unaudited); Certified Financial Reports (audited); Anti-money laundering Reports; Net Capital Report; Chief Compliance Officer Report.
RELATED AGENCIES
FSA
Who is the Seychelles FSA?As the Seychelles has become an increasingly popular destination for offshore financial services and capital markets companies, the Seychelles Financial Services Authority (FSA Seychelles) has taken on an increasingly prominent role within the non-bank financial services sector.Established under the Financial Services Authority Act, 2013, FSA is responsible to license, regulate, enforce regulatory and compliance requirements, monitor and supervise the conduct of business in the non-bank financial services sector in the Seychelles. These regulated activities include fiduciary services, capital market & collective investment schemes, insurance, and gambling. FSA is also responsible for the registration of international business companies, foundations, limited partnership and international trust in the Seychelles.How does the Seychelles FSA regulate a forex broker?1. Safety of Client Funds：The Minister may, on the recommendation of the Securties Authority, make regulations with respect to the segregation and safekeeping of clients' money or securities held by licensees on behalf of clients.2. Requirement on Forex Brokers' Reports：Transaction Reports; Audit Reports; Clients Funds Reports; Anti-laundering Reports.
Danish FSA
Who is the Danish FSA?The Danish FSA, also known as the Finanstilsynet, is the regulatory agency for the supervision and licensing of financial entities in Denmark.It was created in 1988 following the merger of the Insurance Supervisory Authority and the Supervisory Authority for Banks and Savings Banks. It had more responsibilities added to its remit when it took over from the Supervisory Authority for Mortgage Credit Institutions in 1990.The Danish FSA is responsible for the smooth functioning majority of Denmark’s financial system, which includes banks, securities markets, money brokers, payment systems, stock exchanges, insurance, pensions, fund management, investment companies, auditors, and all financial market participants that deal with the financial system of the country. Forex brokers, CFD dealers, and businesses that provide a multitude of OTC products come under the direct regulation of the Danish FSA.How does the Danish FSA regulate a forex broker?1. Safety of Client Funds：An investment firm shall, when holding funds belonging to clients, make adequate arrangements to safeguard the rights of clients and, except in the case of credit institutions, prevent the use of client funds for its own account.2. Requirement on Forex Brokers' Reports：Audit Reports; Anti-money laundering Reports.
FKTK
Who is the FKTK?The Financial and Capital Market Commission of Republic of Latvia (FKTK) commences its activities in 2001. FKTK is an autonomous public institution, which carries out the supervision of Latvian banks, credit unions, insurance companies and insurance brokerage companies, participants of financial instruments market, as well as private pension funds, payment institutions and electronic money institutions.FKTK supervises provision of currency exchange (FOREX) services, which are not performed for commercial purposes and have following characteristics – an initial security deposit in advance of a transaction is required, expected transaction settlements are net cash settlements, the investor’s financial results depend on the currency exchange rate fluctuations.FKTK ensures enhancing stability, competitiveness and development of the financial and capital markets as well as protection of the interests of investors, depositors and insured persons.Its mission is to take care for the public interests by regulating and monitoring the functioning of the financial and capital markets, by protecting the interests of investors, depositors and the insured persons, including financial literacy, the development and stability of the financial and capital markets.How does the FKTK regulate a forex broker? 1. Safety of Client Funds：Brokers are required to put clients funds into segregated accounts.2. Requirement on Forex Brokers' Reports：Annual Audit Reports; Daily Transaction Reports.
PFSA
Who is the PFSA?The Polish Financial Supervision Authority (PFSA) is the financial regulatory authority for Poland. The PFSA was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006.The PFSA supervises the banking, capital, insurance and pension sectors, payment institutions and payment service offices, electronic money institutions and credit unions. It monitors brokerage services on the OTC derivatives market provided by investment firms to clients. The purpose of supervision of the financial market is to ensure its proper functioning, stability, security and transparency, confidence in the financial market, and to ensure that the interests of market participants are protected.How does the PFSA regulate a forex broker?1. Safety of Client Funds：Brokers are required to put clients funds into segregated accounts.2. Requirement on Forex Brokers' Reports：Annual Audit Reports; Daily Transaction Reports.
MFSA
Who is the MFSA?Malta is an ideal destination for businesses to expand presence and is considered to be a promising financial center in Europe.The Malta Financial Services Authority (MFSA) is an autonomous financial regulator overseeing the financial industry in Malta since 2002. It boasts a reputation of well-developed infrastructure and framework, as well as for the sophistication of its financial market.The MFSA supervises the financial behavior of all the licensed Forex Brokerage Firms, Credit institutions, Insurance and Pension Companies, Financial Advisors, Banks, Stock Exchange, and all the related firms that play a role in the entire Maltese Market.Investor protection is the primary concern for MFSA, and the agency has created several departments to help consumers report any cases of financial abuses or broker scams. How does the MFSA regulate a forex broker?Requirement on Forex Brokers' Reports：Transaction Reports; Audit Reports; Clients Funds Reports; Anti-money laundering Reports.
AMF
Who is the AMF?The Financial Authority (Autorité des Marchés Financiers, AMF) and the Prudential Authority (Autorité de Contrôle Prudentiel et de Résolution, ACPR) are the primary financial regulators in France. In its capacity as the stock market regulator, the AMF is responsible for the supervision of financial markets and investment firms. The ACPR, an independent administrative authority under the central bank, the Banque de France, supervises the banking and insurance sectors. France is an EU member state, and financial regulations and operations in France comply with the European MiFID financial harmonization law.How does the AMF regulate a forex broker?1. Safety of Client Funds：Clients funds should be put into segregated accounts.2. Requirement on Forex Brokers' Reports：Audit Reports; Anti-money laundering Reports.
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Company Name: National Futures Association
Country: US
Date of establishment: 1981
Regulating Forex: YES
Type of organization: Self-regulatory Organization
RELATED AGENCIES
FSA
Who is the Seychelles FSA?As the Seychelles has become an increasingly popular destination for offshore financial services and capital markets companies, the Seychelles Financial Services Authority (FSA Seychelles) has taken on an increasingly prominent role within the non-bank financial services sector.Established under the Financial Services Authority Act, 2013, FSA is responsible to license, regulate, enforce regulatory and compliance requirements, monitor and supervise the conduct of business in the non-bank financial services sector in the Seychelles. These regulated activities include fiduciary services, capital market & collective investment schemes, insurance, and gambling. FSA is also responsible for the registration of international business companies, foundations, limited partnership and international trust in the Seychelles.How does the Seychelles FSA regulate a forex broker?1. Safety of Client Funds：The Minister may, on the recommendation of the Securties Authority, make regulations with respect to the segregation and safekeeping of clients' money or securities held by licensees on behalf of clients.2. Requirement on Forex Brokers' Reports：Transaction Reports; Audit Reports; Clients Funds Reports; Anti-laundering Reports.
Danish FSA
Who is the Danish FSA?The Danish FSA, also known as the Finanstilsynet, is the regulatory agency for the supervision and licensing of financial entities in Denmark.It was created in 1988 following the merger of the Insurance Supervisory Authority and the Supervisory Authority for Banks and Savings Banks. It had more responsibilities added to its remit when it took over from the Supervisory Authority for Mortgage Credit Institutions in 1990.The Danish FSA is responsible for the smooth functioning majority of Denmark’s financial system, which includes banks, securities markets, money brokers, payment systems, stock exchanges, insurance, pensions, fund management, investment companies, auditors, and all financial market participants that deal with the financial system of the country. Forex brokers, CFD dealers, and businesses that provide a multitude of OTC products come under the direct regulation of the Danish FSA.How does the Danish FSA regulate a forex broker?1. Safety of Client Funds：An investment firm shall, when holding funds belonging to clients, make adequate arrangements to safeguard the rights of clients and, except in the case of credit institutions, prevent the use of client funds for its own account.2. Requirement on Forex Brokers' Reports：Audit Reports; Anti-money laundering Reports.
FKTK
Who is the FKTK?The Financial and Capital Market Commission of Republic of Latvia (FKTK) commences its activities in 2001. FKTK is an autonomous public institution, which carries out the supervision of Latvian banks, credit unions, insurance companies and insurance brokerage companies, participants of financial instruments market, as well as private pension funds, payment institutions and electronic money institutions.FKTK supervises provision of currency exchange (FOREX) services, which are not performed for commercial purposes and have following characteristics – an initial security deposit in advance of a transaction is required, expected transaction settlements are net cash settlements, the investor’s financial results depend on the currency exchange rate fluctuations.FKTK ensures enhancing stability, competitiveness and development of the financial and capital markets as well as protection of the interests of investors, depositors and insured persons.Its mission is to take care for the public interests by regulating and monitoring the functioning of the financial and capital markets, by protecting the interests of investors, depositors and the insured persons, including financial literacy, the development and stability of the financial and capital markets.How does the FKTK regulate a forex broker? 1. Safety of Client Funds：Brokers are required to put clients funds into segregated accounts.2. Requirement on Forex Brokers' Reports：Annual Audit Reports; Daily Transaction Reports.
PFSA
Who is the PFSA?The Polish Financial Supervision Authority (PFSA) is the financial regulatory authority for Poland. The PFSA was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006.The PFSA supervises the banking, capital, insurance and pension sectors, payment institutions and payment service offices, electronic money institutions and credit unions. It monitors brokerage services on the OTC derivatives market provided by investment firms to clients. The purpose of supervision of the financial market is to ensure its proper functioning, stability, security and transparency, confidence in the financial market, and to ensure that the interests of market participants are protected.How does the PFSA regulate a forex broker?1. Safety of Client Funds：Brokers are required to put clients funds into segregated accounts.2. Requirement on Forex Brokers' Reports：Annual Audit Reports; Daily Transaction Reports.
MFSA
Who is the MFSA?Malta is an ideal destination for businesses to expand presence and is considered to be a promising financial center in Europe.The Malta Financial Services Authority (MFSA) is an autonomous financial regulator overseeing the financial industry in Malta since 2002. It boasts a reputation of well-developed infrastructure and framework, as well as for the sophistication of its financial market.The MFSA supervises the financial behavior of all the licensed Forex Brokerage Firms, Credit institutions, Insurance and Pension Companies, Financial Advisors, Banks, Stock Exchange, and all the related firms that play a role in the entire Maltese Market.Investor protection is the primary concern for MFSA, and the agency has created several departments to help consumers report any cases of financial abuses or broker scams. How does the MFSA regulate a forex broker?Requirement on Forex Brokers' Reports：Transaction Reports; Audit Reports; Clients Funds Reports; Anti-money laundering Reports.
AMF
Who is the AMF?The Financial Authority (Autorité des Marchés Financiers, AMF) and the Prudential Authority (Autorité de Contrôle Prudentiel et de Résolution, ACPR) are the primary financial regulators in France. In its capacity as the stock market regulator, the AMF is responsible for the supervision of financial markets and investment firms. The ACPR, an independent administrative authority under the central bank, the Banque de France, supervises the banking and insurance sectors. France is an EU member state, and financial regulations and operations in France comply with the European MiFID financial harmonization law.How does the AMF regulate a forex broker?1. Safety of Client Funds：Clients funds should be put into segregated accounts.2. Requirement on Forex Brokers' Reports：Audit Reports; Anti-money laundering Reports.
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