While some bow to ASIC's pressure, others seem confident to use legal opinions allowing them to onboard overseas
As the deadline for Australian brokers to submit a significant amount of data to the Australian Securities and Investments Commission (ASIC) is looming, their strategic approach is vastly different.
Some companies have bowed to the regulatory demands from the Australian watchdog. They are proactively informing their overseas clients about the closure of their accounts. The latest batch of brokers who have joined the camp is some of the leading names in the Forex brokerage industry in the land down under.
Over the past couple of days, AxiTrader, IC Markets, and OANDA Australia have become the latest companies to inform their overseas clients that their accounts are facing changes. The first two brokers have offered to their customers to have their accounts migrated to offshore subsidiaries in Saint Vincent and the Grenadines and Seychelles accordingly.
To our best knowledge, there is a significant number of other companies that appear to continue operating as usual, at least when it comes to non-Chinese clients.
Legal Opinions
Earlier this spring, ASIC has requested that brokers provide the regulator with legal opinions that enable the companies to onboard overseas clients. Finance Magnates can confirm that several firms have acquired legal opinions as requested, that allow them to service clients outside of Australia.
Some brokers have even acquired documents that show ASIC that they are legally allowed to operate in China. The relationship between Australian and Chinese regulators over recent quarters has become detrimental to the industry, and many brokers believe that ASIC is greatly abusing its powers.
While both AxiTrader and IC Markets are stating that clients can keep their accounts in Australia, the firms are not providing any guarantees to traders whether they would be able to keep the same trading conditions and namely Leverage.
While some ASIC-regulated brokers have mounted a resistance against the demands on the part of the regulator, others are choosing a safer approach and informing overseas clients about a pending migration of their accounts.
Clients do not need to undertake any actions to migrate their accounts to the offshore subsidiaries of the brokers. That said if they do not wish to be migrated, they need to opt out by filling a form online.
Some Australian brokers did opt to apply for European licenses over the past several months, arguably to be able to advertise their services in the EU.
China and.. Hong Kong
While ASIC regulated brokers have been divided about the rest of the world, their operations in China have been on a decline in recent quarters. The companies have been looking for ways to continue operating, but most of them encountered pressure from local authorities and significant hurdles, especially when it comes to taking money out of China.
Meanwhile, according to an email from OANDA Australia to a client in Hong Kong, the company stops servicing its clients in the area. The customer is not even offered the opportunity to migrate the account, as the broker states implicitly that all positions should be closed no later than the 12th of July.
OANDA Australia also states that it will automatically close the account before the 19th of July. After the escalation in tensions between China and Hong Kong, it appears that brokers are also reassessing their presence in the Chinese special administrative region.
As the deadline for Australian brokers to submit a significant amount of data to the Australian Securities and Investments Commission (ASIC) is looming, their strategic approach is vastly different.
Some companies have bowed to the regulatory demands from the Australian watchdog. They are proactively informing their overseas clients about the closure of their accounts. The latest batch of brokers who have joined the camp is some of the leading names in the Forex brokerage industry in the land down under.
Over the past couple of days, AxiTrader, IC Markets, and OANDA Australia have become the latest companies to inform their overseas clients that their accounts are facing changes. The first two brokers have offered to their customers to have their accounts migrated to offshore subsidiaries in Saint Vincent and the Grenadines and Seychelles accordingly.
To our best knowledge, there is a significant number of other companies that appear to continue operating as usual, at least when it comes to non-Chinese clients.
Legal Opinions
Earlier this spring, ASIC has requested that brokers provide the regulator with legal opinions that enable the companies to onboard overseas clients. Finance Magnates can confirm that several firms have acquired legal opinions as requested, that allow them to service clients outside of Australia.
Some brokers have even acquired documents that show ASIC that they are legally allowed to operate in China. The relationship between Australian and Chinese regulators over recent quarters has become detrimental to the industry, and many brokers believe that ASIC is greatly abusing its powers.
While both AxiTrader and IC Markets are stating that clients can keep their accounts in Australia, the firms are not providing any guarantees to traders whether they would be able to keep the same trading conditions and namely Leverage.
While some ASIC-regulated brokers have mounted a resistance against the demands on the part of the regulator, others are choosing a safer approach and informing overseas clients about a pending migration of their accounts.
Clients do not need to undertake any actions to migrate their accounts to the offshore subsidiaries of the brokers. That said if they do not wish to be migrated, they need to opt out by filling a form online.
Some Australian brokers did opt to apply for European licenses over the past several months, arguably to be able to advertise their services in the EU.
China and.. Hong Kong
While ASIC regulated brokers have been divided about the rest of the world, their operations in China have been on a decline in recent quarters. The companies have been looking for ways to continue operating, but most of them encountered pressure from local authorities and significant hurdles, especially when it comes to taking money out of China.
Meanwhile, according to an email from OANDA Australia to a client in Hong Kong, the company stops servicing its clients in the area. The customer is not even offered the opportunity to migrate the account, as the broker states implicitly that all positions should be closed no later than the 12th of July.
OANDA Australia also states that it will automatically close the account before the 19th of July. After the escalation in tensions between China and Hong Kong, it appears that brokers are also reassessing their presence in the Chinese special administrative region.
Orfinex Adds Financial Commission's Membership for Dispute Resolution
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
π Facebook: https://www.facebook.com/FinanceMagnatesEvents
πΈ Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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π Subscribe to our YouTube channel for more!π
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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