ASIC amends the regulations for foreign forex brokerages operating in the country

[mlawson71]

If you remember, last year the Australian parliament banned non-Australian citizens from working with Australian-regulated brokers last year.

Now new regulatory framework was introduced by the Australian financial regulator Australian Securities & Investments Commission (ASIC), concerning foreign financial services providers (FFSPs) that wish to operate on Australian soil.

According to the new regulation, those entities need to be regulated by a overseas regulatory regime which ASIC considers to be sufficiently equivalent to ASIC.

At the moment those regulators are: Securities and Exchange Commission, Commodity Futures Trading Commission, the Federal Reserve,etc. in the USA, the Hong Kong Securities and Futures Commission (SFC), the Monetary Authority of Singapore (MAS), the BritishFinancial Conduct Authority (FCA), the German regulator Bafin, the French regulator AMF as well as a number of other EU regulators. The Cypriot regulator CySEC, however, is not among them.

Source

CySEC remains deeply untrustworthy, I see.

[Kerazan]

Well, rules and restrictions are exactly what allows you to control any activity and understand what will happen at one or another stage. So I see it only as an achievement, and no difficulties.

[Burinis]

Regulation is exactly what helps us.
And what keeps our money safe...
Therefore, such news is an occasion for me to be in a good mood.

[mlawson71]

Hopefully it will indeed cause fewer losses, but only time will tell.

[7bledin]

Yes, it seems adequate to me too, at least somewhere we see the prospects!

[mlawson71]

I imagine some traders wouldn't be too happy with the leverage being lowered that much though.