英国金融市场行为监管局FCA外汇监管查询

 

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”).

 

审慎监管局主要负责审慎监管和银行、信贷、保险等主要的投资公司；金融行为管理局则负责监督英国金融服务公司和金融市场的行为，以及作为未经PRA授权公司的审慎监管机构。任何一个在(或从)英国提供银行或者其他金融服务的英国注册组织都将被这两个机构监管。

 

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.

 

在新的监管体系下，零售外汇平台和差价合约、点差交易等零售外汇金融产品接受FCA监管。

 

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的目标

 

FCA’s objectives

 

 

消费者保护：FCA最主要的职责是确保为消费者提供适当程度的保护，例如确保客户得到公平对待，不会成为欺诈事件的受害者或最终被捆绑进不公平的合同中。

 

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.

 

保护金融市场：FCA旨在保护和提升英国金融体系的公正性。

 

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

 

促进竞争：基于消费者利益，FCA促进良性竞争。

 

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

 

监管公司：FCA在监管金融服务企业的活动和行为方面发挥了非常重要的作用。FCA会对公司的行为、活动、管理和商业模式进行定期评估，以维护公众对市场公正的信心，并确保不会出现或允许市场滥用、系统性风险或金融犯罪。

 

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.

 

罚款和纪律处分：FCA有权利对那些违反英国法律法规的投资服务公司进行罚款和多种处罚，以达到保护消费者和对不符合FCA标准的企业和个人采取措施的目的。此外，当受监管公司违反监管法规或者FCA不认为该公司能在之后做出改变，则FCA有权撤回公司的营业执照。

 

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.

 

客户警告：FCA定期发布警告，公布未经授权的投资公司。 这也是FCA消费者保护目标的一部分，对于外汇交易平台供应商来说，是为了防止投资者通过未经授权的公司及其交易平台进行交易。

 

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.

 

最严格的外汇监管机构之一

 

One of the most stringent

 

foreign exchange regulator

 

许多外汇交易者认为FCA是外汇行业最严格的外汇监管机构之一，如有可能，客户宁愿只选择在FCA授权和监管的投资公司进行交易。

 

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.

 

为什么FCA如此受零售交易者的欢迎？

 

Why is the FCA so popular with retail traders

 

首先，FCA直接对财政和议会负责。 欧盟金融工具市场法规（MiFID）由欧盟立法，且影响到欧盟所有国家，除了该法规的要求外，FCA还有自己额外高于MiFID的监管要求，以在MiFID无法处理的情况下，解决投资者保护或市场诚信问题。

 

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授权和监管的投资公司的最大优势在于，它将为消费者提供资金保护。 例如，如果FCA授权的投资公司破产或无法履行财务义务（被称为“违约”），则任何客户对该公司的赔偿要求均由金融服务补偿计划（“FSCS”）处理，每人每公司每索赔的首个最高5万英镑索赔会100％补偿。 此外，当消费者对英国FCA授权和监管的公司进行投诉时，如果客户对他们的回复不满意，客户有权向英国金融调查专员服务处（“FOS”）投诉。

 

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.

 

在英国经营投资服务公司的成本相当高，但是许多投资服务公司也发现，当他们向潜在客户推广投资服务时，被FCA授权和监管是一个相当大的优势。我们发现许多投资服务公司，如欧盟其他国家授权和监管的外汇经纪商，都希望有机会在英国设立分支机构，并被英国FCA授权和监管，我们相信这似乎已经形成一种趋势。

 

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.

 

投资公司，如外汇经纪商有三种方式可以向客户提供其在线交易平台和外汇经纪服务：

 

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 、 欧洲经济区授权公司通过“欧洲经济区通行证”运作：欧洲经济区（包括欧盟国家以及冰岛，列支敦士登和挪威）（EEA）的所有国家都是欧盟单一市场的一部分，因此受到MiFID法案的约束。 MiFID的其中一项规定是允许在任一欧洲经济区国家授权的投资公司有权在另一个欧洲经济区国家提供某些投资服务或进行某些投资活动，而不需要其他欧洲经济区国家监管机构的额外授权，这项权利是被称为“通行证”。该权利仅适用于欧洲经济区。

 

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.

 

根据所提供的投资服务，EEA通行证允许金融服务公司进行某些跨境服务（“服务通行证”），例如在任何其他欧洲经济区国家的销售和营销活动，而无需在该国设立分支机构或代理。然而，如果授权公司打算根据MiFID立法使用通行证退出或进入英国，该公司或欧洲经济区国家监管机构分别应向英国相关监管机构告知。

 

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，由塞浦路斯证券交易委员会授权和监管的经纪商在通知英国FCA后，可以向英国客户提供某些投资服务，而不需要在英国设立持有当地执照的分支机构或代理商。这样的公司被称为“欧洲经济区授权”，可以向英国客户销售和推广其产品，同时确保根据英国有关规定，这些活动是公平、明确且不存在误导。但是，这种授权形式不允许金融服务公司持有和/或控制客户的资金（被称为“客户资金”），并确保代表客户保护客户的资金。如果在EEA授权的塞浦路斯授权公司无力偿债或“违约”，这些公司的英国客户一般不能通过英国的金融服务补偿计划向公司提出索赔; 然而，如果塞浦路斯授权和监管的公司经营失败，那么塞浦路斯的补偿计划可能会对客户进行补偿。英国客户也可以对这种EEA授权公司提出投诉，如果他们对投诉的处理不满意，他们有权将他们的投诉转交给塞浦路斯的金融调查专员服务处。

 

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.白标公司：由英国FCA授权和监管的英国外汇经纪公司可以允许其产品或服务（如在线交易平台）由第三方公司使用（“白标”公司），并面向白标公司的客户群重新命名，称为“白标”。 FCA要求其授权和监管的外汇经纪商（“白标提供商”）对白标公司的活动负责，并对白标公司的活动必须有足够的监督安排。

 

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.

 

如果经过重新包装的在线交易平台白标公司本身并不被FCA授权和监管，则不得持有和/或控制“客户资金”和保护客户资金。经授权的外汇经纪商担负的责任在于确保客户资金得到保护，并通常情况下通过托管银行持有和/或控制客户资金。如果客户希望对白标公司提出投诉，将是FCA授权和监管的公司负责处理客户的投诉。此外，客户如果对收到的回复不满意，则有权向金融调查专员服务处投诉。如果客户希望就其资金提出索赔要求，而授权的外汇经纪商声明无力偿债或“违约”，客户的索赔将一定程度上被金融服务补偿计划（FSCS）覆盖；例如每人每公司每索赔的首个最高5万英镑索赔会100％补偿。

 

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授权和监管、仅提供执行服务的外汇经纪商：

 

如果英国的投资公司希望通过在线交易平台向客户提供外汇交易服务，该公司必须向FCA申请获得授权。为了获得并保留提供外汇交易服务的许可，他们需要达到一定的门槛条件，并且需要持续满足这些条件。

 

这些条件包括5个要求：首先，该公司的总部设立和注册在英国；其次，该公司必须能够受到FCA的有效监管；第三，该公司必须有适当的资源来持续保障其提供的业务，包括公司管理层的技能和经验；第四，公司的合适性; 公司的事务能够以适当的方式进行，并充分考虑消费者利益、英国金融体系的公正性以及尽可能避免企业所经营的业务可能用于金融犯罪相关目的。最后一点，公司的经营策略、商业模式必须适合其受监管的活动。

 

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允许某些授权的外汇经纪商代表其客户在保管银行的客户隔离账户中持有和/或控制客户资金，但公司必须有足够的制度和控制措施，以确保客户资金和资产安全。FCA授权外汇经纪商的客户由FSCS保护，因此如果该公司无力偿债或“违约”，并且不能履行其财务义务或赔偿要求时，客户可以向金融服务补偿计划提出赔偿要求。

 

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.

 

资金安全

 

Funds security

 

正如我们前文提到，我们认为英国授权和监管的投资公司受欢迎的主要原因是英国严格的金融监管制度，它为消费者提供适当的保护，同时保障和提高英国金融体系的公正性。此外，FCA授权的外汇经纪商等投资公司的客户也被金融服务补偿计划（“FSCS”）所涵盖，如果公司无力偿债或者“违约”，无法履行财务义务或赔偿要求，客户可以向金融服务补偿计划索取赔偿金。FCA授权外汇经纪商的赔偿限额是每人每公司每索赔的首个最高5万英镑索赔会100％补偿。如果FCA授权投资公司无法就其提供的不良投资建议、投资管理不善或虚假陈述造成的损失提供赔偿，金融服务补偿计划也同样提供保护。由此看来，其竭尽全力确保客户资金安全。

 

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.

 

根据FCA的客户资金管理条例，FCA授权的投资公司（如FCA授权的外汇经纪商），需要将所有客户资金与公司的资金分开，并将客户资金放置到同样授权和监管的托管银行的隔离客户账户中。客户资金不能用于或借给其他债权人或用于公司自己的业务。

 

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.

 

除英国的金融服务补偿计划为客户提供高达五万英镑的资金保护外，一些FCA授权的外汇经纪商购买保险以确保客户资金安全高于金融服务补偿计划的门槛。保险由QBE Underwriting Limited和伦敦劳埃德保险参与集团承保。该政策使这些公司的客户在符合政策的限制和条款的条件下，可以单独获得高达50万英镑的保险。但有一点需要注意的是，并不是每个FCA授权的外汇经纪商都购买了这种保险，为客户提供多一层的资金保障。当同时满足以下条件时，这些公司的客户可以兑付该额外保险：

 

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. 金融服务补偿计划（FSCS）进行评估并确定该FCA授权外汇经纪商无力偿债或“违约”。

 

1. The Financial Services Compensation Scheme (FSCS) has made an assessment and determined the FCA authorised Forex broker is insolvent or “in default”.

 

2.破产执行人确定客户资金的隔离银行账户存在资金短缺。

 

2. The Insolvency practitioner has determined there is a shortfall in the segregated bank accounts where customer funds are held.

 

3.对于索赔人的损失，第一个5万英镑从金融服务补偿计划或其他来源支付给索赔人。

 

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

 

注：外汇及CFD差价合约交易具有高风险。投资有风险，损失可能超过本金。