FCA raises broker fees 10% to £21m The Financial Conduct Authority will lift its levy on home finance providers, advisers and arrangers by 10.4% to £21m in its 2023/24 business year. To get more news about obtain fca license brokers, you can visit wikifx.com official website. The City watchdog says the rise will ensure it is “adequately resourced to manage its expanding remit,” as well as inflation and “the transfer of previously retained EU financial services law into our regulation”. The higher fees come as the regulator’s annual budget rises to £684.2m, up 9.5% from a year ago, with which it will oversee the UK’s 60,000 regulated financial firms, including the mortgage industry’s roughly 100 lenders and 18,000 brokers and broker firms. New charges that the body did not account for last year, include a £5.3m cost for Consumer Duty and £12.7m for the post-Brexit future regulatory framework, which it says will ensure that “the UK’s regulatory framework for financial services continues to be coherent, agile, and internationally respected”. It estimates that the levy on appointed representative firms will remain flat at £7.1m, with each appointed representative subject to a £266 fee, or £80 for introducer appointed representatives. The regulator says: “We recognise that many businesses, including those we regulate, are facing cost pressures. “As a result, we propose freezing minimum and flat rate fees to ease the pressure on the smallest firms. We are also freezing our application fees this year.” This means mortgage brokers, and other types of advisors, will see minimum and flat-rate fees frozen as the body previously proposed in November. But it adds: “Next year, we expect to return to our practice of increasing minimum and flat rate fees in line with ongoing regulatory activities.

China’s First Ever Law on Futures and Derivatives The Chinese government has called for further improvement in the development and supervision of the country’s futures and derivatives market.To get more news about obtain cffex license brokers, you can visit wikifx.com official website. Approved during a meeting of the Standing Committee of the National People’s Congress, the new Futures and Derivatives Law of the People’s Republic of China (FDL) is the first of its kind since the very beginning of futures and derivatives trading in the country about three decades ago. According to the legislation, which will take effect on August 1, 2022, foreign enterprises will have to seek regulatory licensing to advertise, promote, and sell futures products in the country.The China Futures Association reported that transaction volume hit 7.5 billion lots in 2021, with the overall trading value peaking at RMB 581.2 trillion (US$90.8 trillion) – an all-time high. Specifically, China has become the leading global futures market for agricultural, nonferrous metals, coal, and steam coal items. It is imperative for foreign stakeholders to understand both the development and regulatory setting of China’s futures and derivatives market, as it gains a significant foothold both home and abroad. The FDL approved on April 20, 2022, is composed of 155 articles divided into 13 chapters. The China Securities Regulatory Commission (CSRC) reported that the law will be used to serve the real economy, control financial risks, and deepen financial reforms. It does so by mandating three objectives: The FDL establishes a much-needed legal framework for cross-border futures and derivatives trading, potentially expanding the sector’s appeal to overseas investors. Foreign investors in China’s mainland financial markets have long complained about a lack of hedging and derivatives tools that would help them better manage risk. China has been hesitant to grow its derivatives market and allow international investors to join, but the process has accelerated in recent years. As foreign entities will now need regulatory approval to advertise and promote futures goods in China, we recommend paying attention to the following legal changes and practices. How will the FDL regulate the futures and derivatives market in China? The law mandates regulations for derivatives exchanges, settlement institutions, and industry groups. For example, it requires futures and derivatives exchanges to get regulatory clearance before beginning operations. Financial institutions are also required to apply for approval before the start of derivatives-trading operations that are not limited to futures. Illegal activities, such as insider trading and market manipulation, are punishable under the new law – an individual or entity found guilty of manipulating futures or derivatives markets might face penalties of up to US$1.5 million, or 10-times the value of their illegal gains. Similarly, those engaging in inside trading will be fined up to US$700,000, or 10-times their unlawful profit. Single stock futures and close-out netting In a critical development, the FDL legally recognizes the practices of single stock futures and close-out netting in the futures market. The first refers to the stipulation of a futures contract between two parties, in which the buyer promises to pay a specified price for 100 shares of a single stock at a predetermined future delivery date. The latter is a procedure that involves terminating contractual commitments with a defaulting party and merging positive and negative replacement values into a single net payment. Both these practices are favorable for foreign investors, as they conform to international standards and ensure a certain level of protection from related risks. Similar protection will be also granted to cleared derivatives, with both direct and indirect futures marketing activities by foreign institutions inside China being subject to regulatory approval.

INGOT Obtains FSA License and Opens New Office in Seychelles via InvestorWire -- INGOT Global Ltd. (“INGOT”) today announces the recent obtainment of a Seychelles Financial Service Authority (FSA) license and the opening of its first physical office in the island country. The Seychelles office will strengthen INGOT’s worldwide presence while presenting premium trading services to investors from all walks of life.To get more news about obtain fsa license brokers, you can visit wikifx.com official website. The FSA license protects investors’ rights by ensuring the fair implementation of all regulations and compliance requirements of companies within Seychelles’ non-bank financial services sector. INGOT continuously strives to raise investor awareness by offering vital tips on smart trading and risk management, aligning with its mission to provide traders with a safe investing environment for achieving financial goals free from scams and fraud. “What sets trusted brokers apart from unscrupulous ones,” says INGOT Founder Iman Mutlaq, “is having a legitimate financial license. And at INGOT, our main objective is to provide clients with an exceptional trading experience built on trust and marked by innovation, where clients can rest assured that they are trading with a reliable brokerage firm. For this reason, we are adamant about obtaining licenses from the best regulatory bodies out there, such as the FSA Seychelles, which is known for its strict restrictions designed to protect investors.” “We are very excited to have reached this milestone,” says INGOT Director Hossam Abdelaziz, “opening a new chapter for INGOT characterized by broad growth and rapid development. Attaining this license brings us closer to realizing our vision of expanding into all regions around the world and having a robust global presence that allows us to serve clients from various countries.”

INGOT Brokers Obtains FSCA License and Opens New Office in South Africa via InvestorWire – INGOT RSA (PTY) LTD (“INGOT Brokers”) today announces its official Financial Sector Conduct Authority (FSCA) license in South Africa and first physical office in Africa’s most industrialized and technologically advanced country. This long-awaited step results from INGOT Brokers’ unwavering efforts to strengthen its worldwide presence while presenting premium trading services to all investors.To get more news about obtain fsca license brokers, you can visit wikifx.com official website. The FSCA regulates and supervises market conduct for all financial institutions providing a financial product and/or service in South Africa as defined in the Financial Sector Regulation Act No. 9 of 2017 (FSRA). Consequently, this acquisition allows INGOT to further realize its mission of raising investor awareness by offering guidance on smart trading and risk management, as well as fostering a healthy investment environment that enables traders to achieve their financial goals with utmost safety and security. “Recently,” said INGOT Brokers Director Hossam Abdelaziz, “we have been adamantly working on acquiring this FSCA license, and our efforts have now paid off. Obtaining such licenses is no easy feat as they have very stringent compliance requirements specifically placed to protect customers. However, our core mission is providing our clients around the world with innovative trading services in a safe environment, which is exactly why we sought authorization from the FSCA and will continue to pursue similar licenses.” “I am truly proud that our company has achieved this significant milestone,” said INGOT Brokers Chief Sales Officer Athol Nourse, “which was made possible due to the dedication and commitment of INGOT Brokers’ incredible team. Receiving the FSCA license is the first step toward fulfilling our goal of penetrating the African market and growing our client base in the continent. We are optimistic about expanding our operations there and confident that it will present many new opportunities. It is indeed a very exciting time to be part of INGOT Brokers!” About INGOT RSA (PTY) LTD INGOT RSA (PTY) LTD is a licensed financial services provider and regulated online brokerage firm serving as an intermediary between traders and global financial markets to facilitate access to premium liquidity opportunities. This covers varied financial derivative and CFD instruments, including commodities, stocks, indices, ETFs, and currencies. INGOT Brokers presents investors with a unique trading experience through its competitive trading services and conditions.