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2017/12/06

【2018 外匯交易】為什麼英國FCA金融監管如此受外匯零售交易者的歡迎?( Why is the FCA so popular with retail traders? )

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什麼是FCA?

What is the FCA?

在2013年4月1日之前,英國的金融服務管理都由英國金融服務管理局監管,即FinancialService Authority(FSA)。

隨著2007-2008年金融危機的爆發,英國政府決定重新調整金融監管體系,最終FSA被廢止,其架構革新並被兩個新組織所取代,分別是金融行為監管局(FCA)與審慎監管局(PRA)。

Before April 1, 2013, the financial services in the UK was supervised and regulated by the Financial Services Authority (FSA). With the outbreak of the 2007-2008 financial crisis, the British government decided to adjust the financial regulatory system. To this end, the FSA was abolishedand its structure was reformed and replaced by two new organisations which are Financial Conduct Authority (「FCA」) and the Prudential Regulation Authority (「PRA」).

審慎監管局主要負責審慎監管和銀行、信貸、保險等主要的投資公司;金融行為管理局則負責監督英國金融服務公司和金融市場的行為,以及作為未經PRA授權公司的審慎監管機構。任何一個在(或從)英國提供銀行或者其他金融服務的英國註冊組織都將被這兩個機構監管。

The PRA is responsible for the prudential supervision and regulation of major investment firms, banks, credit unions andinsurers. The FCA is responsible for the supervision of conduct of financial services companies and financial markets in the UK and prudential regulator of firms not authorised by the PRA. Any organization registered in the UK and providingbanking or other financial services in or from the UK, is under the regulationof these two institutions.

在新的監管體系下,零售外匯平台和差價合約、點差交易等零售外匯金融產品接受FCA監管。

Under the new regulatory system, the retail foreign exchange financial products such as CFDs, spread betting and trading platforms are all under the regulation of the FCA.

FCA的目標 FCA’s objectives 消費者保護:FCA最主要的職責是確保為消費者提供適當程度的保護,例如確保客戶得到公平對待,不會成為欺詐事件的受害者或最終被捆綁進不公平的合同中。

Client protection: FCA's primary responsibility is to secure an appropriate degree of protection for consumers such as ensuring that clients are treated fairly and do not become victims of fraud or eventually are tied to unfair contracts.

保護金融市場:FCA旨在保護和提升英國金融體系的公正性。

Protect financial markets: The FCA aims to protect and enhance the integrity of the UK financial system.

促進競爭:基於消費者利益,FCA促進良性競爭。

Promote competition: The FCA promotes effective competition in the interests of consumers.

監管公司: FCA在監管金融服務企業的活動和行為方面發揮了非常重要的作用。

FCA會對公司的行為、活動、管理和商業模式進行定期評估,以維護公眾對市場公正的信心,並確保不會出現或允許市場濫用、系統性風險或金融犯罪。

Regulating company: FCA has a very important role in the regulation of the activities and behavior of financial services firms. FCA conducts regular assessments of the behavior, activities, controls, business models offinancial services firms to maintain trust in the integrity of markets and to ensure they do not create or allow market abuse, systemic risk or financial crime.

罰款和紀律處分: FCA有權利對那些違反英國法律法規的投資服務公司進行罰款和多種處罰,以達到保護消費者和對不符合FCA標準的企業和個人採取措施的目的。此外,當受監管公司違反監管法規或者FCA不認為該公司能在之後做出改變,則FCA有權撤回公司的營業執照。

Fines and disciplinary action: FCA has the right to impose fines and various penalties on investment service companies that violate UK laws and regulations to protect consumers and to take action against firms and individuals that do not meet the FCA’s standards. In addition, FCA has the right to withdraw the company's business license when the regulated company violates regulations or FCA does not consider the company is able to make a change thereafter.

客戶警告: FCA定期發布警告,公布未經授權的投資公司。 這也是FCA消費者保護目標的一部分,對於外匯交易平台供應商來說,是為了防止投資者通過未經授權的公司及其交易平台進行交易。

Customer warnings: FCA regularly publishes warnings about unauthorised investment companies. This is also part of the FCA’s consumer protection objective, which in the case of Forex (foreign exchange) trading platform providers, is to prevent the investors from trading through un authorised firms and their trading platforms.

最嚴格的外匯監管機構之一 One of the most stringent foreign exchange regulator

許多外匯交易者認為FCA是外匯行業最嚴格的外匯監管機構之一,如有可能,客戶寧願只選擇在FCA授權和監管的投資公司進行交易。

The FCA is considered in the opinion of many forextraders as one of the most stringent foreign exchange regulators in foreign exchange industry, in spite of this where possible, customers would rather only trade using FCA-authorised and regulated investment firms. 為什麼FCA如此受零售交易者的歡迎? Why is the FCA so popular with retail traders?

首先,FCA直接對財政和議會負責。

歐盟金融工具市場法規(MiFID)由歐盟立法,且影響到歐盟所有國家,除了該法規的要求外,FCA還有自己額外高於MiFID的監管要求,以在MiFID無法處理的情況下,解決投資者保護或市場誠信問題。

Firstly, the FCA is directly accountable to the Treasury and Parliament . Besides from the requirements of the Markets in Financial Instruments Directive (MiFID), which is a European Union legislation impacting all countries in the European Union, the FCA has additional regulatory requirements of its own, over and above the requirements of MiFID to address investor protection or market integrity issues in circumstances where these are not addressed in MiFID..

此外,使用由FCA授權和監管的投資公司的最大優勢在於,它將為消費者提供資金保護。

例如,如果FCA授權的投資公司破產或無法履行財務義務(被稱為「違約」),則任何客戶對該公司的賠償要求均由金融服務補償計劃(「FSCS」)處理,每人每公司每索賠的首個最高5萬英鎊索賠會100%補償。 此外,當消費者對英國FCA授權和監管的公司進行投訴時,如果客戶對他們的回覆不滿意,客戶有權向英國金融調查專員服務處(「FOS」)投訴。

In addition, the biggest advantage of using an investment firm which is authorised and regulated by the FCA, is that it will provide financial protection to the consumers. One way this is demonstrated is that if an FCA authorised investment firm becomes insolvent or unable to meet its financialobligations, referred to as being 「in-default」, any customer claims for compensation made against the firm are covered by the Financial Services Compensation Scheme (「FSCS」) and consumers are compensated 100% of the first £50,000 perperson, per claim and per investment firm. Furthermore, when a consumer has makes complaint about firms which are authorised and regulated by the FCA in the UK,customers have the right to take their complaint to the UK’s Financial Ombudsman Service (「FOS」) if they are not satisfied with the response they received from the FCA authorised and regulated firm.

在英國經營投資服務公司的成本相當高,但是許多投資服務公司也發現,當他們向潛在客戶推廣投資服務時,被FCA授權和監管是一個相當大的優勢。我們發現許多投資服務公司,如歐盟其他國家授權和監管的外匯經紀商,都希望有機會在英國設立分支機構,並被英國FCA授權和監管,我們相信這似乎已經形成一種趨勢。

The cost for firms operating investment services in the UK is considerably high, nevertheless many investment services firms also found that when they are introducing their investment services to potential clients, becoming authorised and regulated by the FCA is a considerable advantage to customers. We have found that many investment services firms such as Forex brokers authorised and regulated by countries in the rest of the EU would welcome the opportunity to become set up a branch in the UK and become authorised and regulated by the FCA in the UK, and we believe this seems to have developed into a trend.

投資公司,如外匯經紀商有三種方式可以向客戶提供其在線交易平台和外匯經紀服務: There are three ways in which investment firms such as Forex brokers can provide their online trading platform and forex brokerage services to customers:

1 、 歐洲經濟區授權公司通過「歐洲經濟區通行證」運作:歐洲經濟區(包括歐盟國家以及冰島,列支敦斯登和挪威)(EEA)的所有國家都是歐盟單一市場的一部分,因此受到MiFID法案的約束。 MiFID的其中一項規定是允許在任一歐洲經濟區國家授權的投資公司有權在另一個歐洲經濟區國家提供某些投資服務或進行某些投資活動,而不需要其他歐洲經濟區國家監管機構的額外授權,這項權利是被稱為「通行證」。該權利僅適用於歐洲經濟區。

1. EEA Authorised firms operating through an 「EEA Passport」: All countries in the European Economic Area (「EEA」), which includes EU countriesand also Iceland, Liechtenstein and Norway, are all part of the EU’s single market and therefore bound by MiFID legislation. One of the provisions of MiFID is to allow investment firms authorised in one EEA Country the right to provide certain investment services or perform certain investment activities in an other EEA country, without requiring additional authorisation from the regulatory authority in the other EEA country, this right is known as 「passporting」. Passporting rights are only applicable within the EEA region.

根據所提供的投資服務,EEA通行證允許金融服務公司進行某些跨境服務(「服務通行證」),例如在任何其他歐洲經濟區國家的銷售和營銷活動,而無需在該國設立分支機構或代理。然而,如果授權公司打算根據MiFID立法使用通行證退出或進入英國,該公司或歐洲經濟區國家監管機構分別應向英國相關監管機構告知。

Depending on the investment service being provided, an EEA passport would allow a financial services firm to carry out certain cross border services (「services passport」), such as sales and marketing activities of their product into any other EEA countries, without requiring the setup of a branch or a tied-agent in that EEA country. Nevertheless if an authorised firm intends to passport out of or into the United Kingdom under the MiFID legislation, the firm or the EEA home state regulator, respectively, should inform the appropriate UK regulator of the firm’s intention to do so.

例如,由賽普勒斯證券交易委員會授權和監管的經紀商在通知英國FCA後,可以向英國客戶提供某些投資服務,而不需要在英國設立持有當地執照的分支機構或代理商。

這樣的公司被稱為「歐洲經濟區授權」,可以向英國客戶銷售和推廣其產品,同時確保根據英國有關規定,這些活動是公平、明確且不存在誤導。

但是,這種授權形式不允許金融服務公司持有和/或控制客戶的資金(被稱為「客戶資金」),並確保代表客戶保護客戶的資金。

如果在EEA授權的賽普勒斯授權公司無力償債或「違約」,這些公司的英國客戶一般不能通過英國的金融服務補償計劃向公司提出索賠; 然而,如果賽普勒斯授權和監管的公司經營失敗,那麼賽普勒斯的補償計劃可能會對客戶進行補償。

英國客戶也可以對這種EEA授權公司提出投訴,如果他們對投訴的處理不滿意,他們有權將他們的投訴轉交給賽普勒斯的金融調查專員服務處。

By way of example,a brokerage firm in Cyprus which is authorised and regulated by the Cyprus Securities and Exchange Commission can provide certain investment services to UK customers by notifying the Financial Conduct Authority in the UK of its intention to do so, without requiring the establishment of a locally licensed branch or agent in the UK. Such a firm is referred to as being 「EEA Authorised」 and can market and sell their product to UK customers,whilst ensuring that the activities are fair, clear and not misleading in line with the UK’s relevant regulations. However, this form of authorisation does not allow the financial services firms to hold and/or control clients』 deposits referred to as 「Client Money」 and ensuring the safe guarding of clients』 assets on behalf of customers. Should the firm authorised in Cyprus with EEA authorisation, become insolvent or become 「in default」, UK Customers of such firms would generally not be able to make claims against the firm through the UK’s compensation scheme; the FSCS. Nevertheless, the compensation scheme in Cyprus, where the firm is authorised and regulated may be able to compensate customers if the firm authorised and regulated in Cyprus fails. UK customers can also make complaints against such EEA authorised firms and where they are not satisfied with how their complaint was handled, they have a right to refer their complaint to the Financial Ombudsman in Cyprus.

2.白標公司:由英國FCA授權和監管的英國外匯經紀公司可以允許其產品或服務(如在線交易平台)由第三方公司使用(「白標」公司),並面向白標公司的客戶群重新命名,稱為「白標」。

FCA要求其授權和監管的外匯經紀商(「白標提供商」)對白標公司的活動負責,並對白標公司的活動必須有足夠的監督安排。

2. White Labels: Firms such as Forex brokers in the UK which are authorised and regulated by the FCA, can permit their product or service, such as their online trading platform, to be used by a third party company (the 「white label」 company) and be rebranded for the white-label’s own client base, known as 「white-labelling」. The FCA would require the authorised and regulated Forex broker (the 「white label provider」),to take responsibility for the activities of the white label company and must have sufficient oversight arrangements in place over the activities of white label company.

如果經過重新包裝的在線交易平台白標公司本身並不被FCA授權和監管,則不得持有和/或控制「客戶資金」和保護客戶資金。

經授權的外匯經紀商擔負的責任在於確保客戶資金得到保護,並通常情況下通過託管銀行持有和/或控制客戶資金。

如果客戶希望對白標公司提出投訴,將是FCA授權和監管的公司負責處理客戶的投訴。

此外,客戶如果對收到的回覆不滿意,則有權向金融調查專員服務處投訴。如果客戶希望就其資金提出索賠要求,而授權的外匯經紀商聲明無力償債或「違約」,客戶的索賠將一定程度上被金融服務補償計劃(FSCS)覆蓋;例如每人每公司每索賠的首個最高5萬英鎊索賠會100%補償。

If a white label firm with the rebranded online trading platform is not itself authorised and regulated by the FCA, it is not permitted to hold and/or control 「Client Money」 and the safe guarding of client assets. The responsibility would lie with the authorised forex broker, which would have the permission to ensure the safeguarding of client assets and holding and/or controlling 「Client Money」 often with a Custodian bank. Should a customer wish to make a complaint against the white label company, the responsible firm would be the firm which is authorisedand regulated by the FCA to handle the customer’s complaint. Additionally,customers have a right to complaint to the FOS if they are not satisfied with the response they received. Where a customer wishes to make a claim for compensation for their funds and the responsible entity which is the authorised Forex broker happens to be declared in solvent or 「in default」, the customer’s claim is covered by the Financial Services Compensation Scheme (FSCS) according to certain limits; such as 100% of the first £50,000 per person, per claim and per investment firm.

3、 由FCA授權和監管、僅提供執行服務的外匯經紀商: 如果英國的投資公司希望通過在線交易平台向客戶提供外匯交易服務,該公司必須向FCA申請獲得授權。

為了獲得並保留提供外匯交易服務的許可,他們需要達到一定的門檻條件,並且需要持續滿足這些條件。

這些條件包括5個要求:首先,該公司的總部設立和註冊在英國;其次,該公司必須能夠受到FCA的有效監管;

第三,該公司必須有適當的資源來持續保障其提供的業務,包括公司管理層的技能和經驗;

第四,公司的合適性; 公司的事務能夠以適當的方式進行,並充分考慮消費者利益、英國金融體系的公正性以及儘可能避免企業所經營的業務可能用於金融犯罪相關目的。最後一點,公司的經營策略、商業模式必須適合其受監管的活動。

3. Execution only forex broker Authorised and regulated by the FCA: If an investment firm in the UK wants to provide Forex trading services to customers through an online trading platform, the firm must apply to the FCA to become authorised to do so. They can achieve this by passing certain threshold conditions which a firm is required to satisfy, and continue to satisfy, in order to be given and to retain permission to provide forex trading services. Such threshold conditions include 5 requirements:firstly the incorporation and registration of the firm’s head office in the United Kingdom; secondly the firm must be capable of being effectively supervised by the FCA, thirdly the firm must have appropriate resources for the continuity of the business being provided including the skills and experience of the firm’s management; fourthly the suitability of the firm; such that the firm’s affairs are able to be conducted in an appropriate manner with regards to the interests of consumers, the integrity of the UK financial system and the need to minimise the extent to which the business carried on by a firm can be used for a purpose connected with financial crime, and finally the firm’s strategy for doing business, the business model, must be suitable for its regulated activities.

FCA允許某些授權的外匯經紀商代表其客戶在保管銀行的客戶隔離帳戶中持有和/或控制客戶資金,但公司必須有足夠的制度和控制措施,以確保客戶資金和資產安全。

FCA授權外匯經紀商的客戶由FSCS保護,因此如果該公司無力償債或「違約」,並且不能履行其財務義務或賠償要求時,客戶可以向金融服務補償計劃提出賠償要求。

Certain authorised forex brokers can be permitted by the FCA to hold and/or control 「Client Money」 in segregated client accounts with a custodian bank on behalf of its customers, subject to the firm having sufficient systems and controls in place to ensure the safe guarding of client funds and assets. The customers of the FCA authorised Forex brokers are covered by the FSCS and therefore can make claims for compensation against the firm from the FSCS, should the firm become insolvent or be 「in default」 and cannot meet its financial obligations orclaims for compensation against it. 資金安全Funds security

正如我們前文提到,我們認為英國授權和監管的投資公司受歡迎的主要原因是英國嚴格的金融監管制度,它為消費者提供適當的保護,同時保障和提高英國金融體系的公正性。此外,FCA授權的外匯經紀商等投資公司的客戶也被金融服務補償計劃(「FSCS」)所涵蓋,如果公司無力償債或者「違約」,無法履行財務義務或賠償要求,客戶可以向金融服務補償計劃索取賠償金。

FCA授權外匯經紀商的賠償限額是每人每公司每索賠的首個最高5萬英鎊索賠會100%補償。如果FCA授權投資公司無法就其提供的不良投資建議、投資管理不善或虛假陳述造成的損失提供賠償,金融服務補償計劃也同樣提供保護。

由此看來,其竭盡全力確保客戶資金安全。

As we mentioned earlier, we believe the main reason for the popularity of the authorised and regulated investment firms in the UK, is the UK’s stringent financial regulatory system providing consumers with an appropriate degree of protection, and protecting and enhancing the integrity of the UK financial system. Furthermore, customers of such investment firms such as FCA authorised Forex brokers are covered by the Financial Services Compensation Scheme (「FSCS」) and therefore can make claims for compensation from the FSCS against the firm; should the firm become insolvent or be 「in default」 and cannot meet its financial obligations or claims for compensation against it. The compensation limit relevant to FCA authorised forex brokers is 100% of the first £50,000, per person, per claim and per investment firm. The FSCS also provides protection if an authorised investment firm is unable to pay claims against it for loss arising from bad investment advice, poor investment management or misrepresentation provided by an FCA authorised investment firm. In this regards, every effort is made to ensure the security and protection of customers funds.

根據FCA的客戶資金管理條例,FCA授權的投資公司(如FCA授權的外匯經紀商),需要將所有客戶資金與公司的資金分開,並將客戶資金放置到同樣授權和監管的託管銀行的隔離客戶帳戶中。客戶資金不能用於或借給其他債權人或用於公司自己的業務。

According to the FCA’s Client Money regulations, an FCA authorised investment firm, such as an FCA authorised Forex broker, needs to separate all client funds from the firm’s own money by placing the clients funds into segregated client accounts with an authorised and regulated custodian bank. The client funds, also referred to as 「Client Money」 it cannot be used or lent to other creditors or used to finance its own business.

除英國的金融服務補償計劃為客戶提供高達五萬英鎊的資金保護外,一些FCA授權的外匯經紀商購買保險以確保客戶資金安全高於金融服務補償計劃的門檻。

保險由QBE Underwriting Limited和倫敦勞埃德保險參與集團承保。

該政策使這些公司的客戶在符合政策的限制和條款的條件下,可以單獨獲得高達50萬英鎊的保險。

但有一點需要注意的是,並不是每個FCA授權的外匯經紀商都購買了這種保險,為客戶提供多一層的資金保障。

當同時滿足以下條件時,這些公司的客戶可以兌付該額外保險: In addition to the UK's Financial Services Compensation Scheme to insure customers funds up to £50,000, certain FCA authorised Forex brokers have purchased an insurance policy to insure client funds above the threshold provided by theFSCS. The insurance policy is underwritten by QBE Underwriting Limited and other participating syndicates at Lloyd’s of London. The policy enables customers of such firms to be individually covered up to £500,000, subject to and in accordance with the limits and the terms and conditions of the Policy. But one thing to note is that not every FCA authorised Forex broker has purchased this insurance policy and can provide this additional layer of insurance for their customers』 funds. Customers of such firms are able to utilise the additional insurance policy when the following conditions are all met:

1. 金融服務補償計劃(FSCS)進行評估並確定該FCA授權外匯經紀商無力償債或「違約」。

1. The Financial Services Compensation Scheme (FSCS) has made an assessment and determined the FCA authorised Forex broker is insolvent or 「in default」. 2.破產執行人確定客戶資金的隔離銀行帳戶存在資金短缺。

2. The Insolvency practitioner has determined there is a shortfall in the segregated bank accounts where customer funds are held. 3.對於索賠人的損失,第一個5萬英鎊從金融服務補償計劃或其他來源支付給索賠人。

3. The first £50,000 is paid to the Claimant, from the FSCS or other source in respect of the claimant’sloss.

註:外匯及CFD差價合約交易具有高風險。投資有風險,損失可能超過本金。

來源:本文由INFINOX英諾合規部編寫校對。

【2018 外匯交易】五點理由,你為什麼應該與英國FCA監管的外匯經紀商進行交易

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【2017 美股投資】重磅再出擊~美股券商Firstrade (第一證券)大幅下調交易傭金至$2.95 每筆股票/ETF交易傭金(不限股數)從$4.95 下調至 $2.95,降幅超過40%。 每個期權合約從$0.65 下調至 $0.50,降幅超過 23%。



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