The Financial Commission, one of the leading independent self-regulatory organization and external dispute resolution (EDR) body for multi-national online brokerages involved in global foreign exchange (forex), derivatives, and cryptocurrency markets, have announced today that they are setting new requirements for brokers who wish to join the organization as members.
These changes are amongst numerous new regulations they have imposed to increase the security of its members.
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Having experienced significant growth in 2017 with the addition of 11 new members, the Commission is taking steps to ensure the continued integrity and transparency for its members and the trading community going forward.
Brokers who wish to join the Commission will now be required to provide supplementary information for review. Applicants will need to show that they have been in operation for more than three years or provide professional references from a shareholder, director, senior officer, or comparable officer of a Financial Services firm that has been in operation for more than three years.
Applicants who do not meet these criteria may still be considered for membership at the discretion of the Board of Directors, provided that the applicant accepts any special requirements that the Board may introduce in order to ensure the protections offered by the Commission to clients, as well as the safety of client funds.