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DFSA
Who is the DFSA?
Dubai is the capital of the Emirate of Dubai and has become a global city and business hub for the Middle East. In 2004, a special economic zone is located in the city known as the Dubai International Financial Centre (DIFC). Then a financial regulatory agency of the zone called the Dubai Financial Services Authority (DFSA) came into existence.
Notably, the jurisdiction of DFSA covers only the territory of the Dubai International Financial Centre, providing a regulatory environment of international standards.
The DFSA's regulatory mandate includes asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange, and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) requirements applicable in the DIFC.
Dubai only allows DFSA Forex brokers to conduct financial activities in the entire UAE. However, Dubai does offer an opportunity for investors to set up a business in DIFC for providing services to a global audience. Therefore, it is possible for brokers to set up their brokerage in Dubai without being regulated by the DFSA. In such an instance, investors are not protected by any regulatory laws or supervisions that are usually available with DFSA regulated broker. Consequently, several investors had faced problems with Dubai-based brokers and were victims of numerous frauds and financial scams. It should be mentioned that the problem only exists with non-regulated brokers, as all DFSA regulated Forex brokers do not indulge in any scams due to regulatory backlash from the DFSA and authorities.
How does the DFSA regulate a forex broker?
1. Safety of Client Funds：
Companies shall open segregated accounts.
2. Requirement on Forex Brokers' Reports：
Transaction reports; Audit reports; Clients Assets Reports; Anti-money laundering Reports.
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: DuBai Financial Services Authority
Country: Dubai
Date of establishment: 2004
Regulating Forex: yes
Type of organization: Government
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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