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#1 23-04-2019 17:33:57

Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 3068

Australia's ASIC is backpedalling on some of its demands

Australia's ASIC is backpedalling on some of its demands

Amidst immediate broker backlash due to recent measures it is forcing upon brokers, Australia's ASIC agency aims to make a few simplifications and changes to make its demands less stringent.

Australia's forex sector was in disarray 2 weeks ago and a few brokerages have hired legal services to counter the regulator's crazy demands. It seems the defensive actions are proving effective and that the regulator is backing off on some items.

ASIC says that its list of demands is now under re-consideration. ASIC will likely give longer deadlines and possible simplify some steps it was requiring. 

An easier calendar and softer demands

Based on the new calendar and borkerage requirements, forex brokers still have to satisfy some data demands.

But, the agency is allowing brokers to keep all foreign traders' positions open until the end of June (and not 7 May as was previously reported) before they must close them. And, they may no longer tell foreign traders that they can legally offer their services to them. 

What will happen now

Even though the easier calendar requirements are good for Aussie forex brokers, they still have to describe their plan of action to the agency by the end of the second week of May. And this includes disclosing the number of foreign-based traders they are currently serving.

As we recently posted, they also have to disclose the sizes of accounts they currently manage by the end of the semester. Lastly, and as mentioned yesterday here on, the regulator admitted that it is curently working with China's regulators on these issues!

"Anything worth having is worth going for - all the way." - J.R. Ewing



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