Forex Regulatory Tips
After inquiries by the staff, CNB supervises foreign exchange, defines foreign exchange as financial derivatives, and the institutions that provide foreign exchange are investment companies.
List of Regulated Companies
There are 2 licensed foreign exchange brokers under supervision. Full name of the company Abbreviation Regulatory number Regulatory status Novox Capital Ltd Novox under supervision TRILT LTD TRILT under supervision
1. Institutional nature
CNB is the Central Bank of the Czech Republic, the supervisory authority of the Czech financial market and the Czech resolution authority.
2. Institutional History
CNB was established in January 1993 under the Constitution of the Czech Republic and its activities are in compliance with the Czech National Bank on 6/1993 Coll, as amended.
3. Regulatory functions
According to Article 98 of the Constitution of the Czech Republic and the main EU laws, the main objective of CNB is to maintain price stability. In addition, CNB promotes financial stability and promotes the sound functioning of the Czech Republic's financial system.
4. Regulatory Scope/Objective
The CNB sets monetary policy, issues banknotes and coins, manages the circulation of the Czech koruna, settlements between payment systems and banks. CNB also oversees banking, capital markets, insurance, pension funds, credit unions, electronic money institutions, and foreign exchange regulation.
1) Application Requirements
1. Member States shall be required to provide investment services and/or investment activities on a professional basis, subject to prior authorization. Such authorization shall be granted by the designated competent Member State authority.
2. Member States shall authorize any market operator to operate an MTF or OTF, subject to prior verification of compliance.
3. Member States shall register all investment companies. The register should be public and should contain information about the investment firm's authorized services or activities. Information should be updated regularly and ESMA should be notified of each authorization.
4. Each Member State shall request:
a. The headquarters of any legal person investment company is in the same member state as its registered office;
b. Any unincorporated investment company or a corporate investment company (an investment company that does not have a registered office under the laws of its country) whose headquarters are located in the Member State in which it actually conducts business.
2) Application process
1. The competent authority shall not authorize until it has fully confirmed that the applicant complies with all the requirements of this Directive.
2. The investment company shall provide all information, including a business plan, which sets out the type of business and organizational structure envisaged, which is necessary for the competent authority to establish the investment company.
3. The applicant should notify the applicant whether it has been authorized within six months of submitting the complete application.
4. ESMA shall develop draft regulatory technical standards.
3) Application Duration
Usually six months
Investment companies include the following categories:
a. Investment companies including branches of foreign investment companies;
b. An investment company that executes orders as a systematic internal broker;
c. An authorized entity that collects and maintains a list of investment vehicles;
d. Foreign invested companies providing cross-border services in the Czech Republic;
e. Investment intermediaries;
f. Designated agents under the Capital Markets Business Law;
j. Appointed agent of foreign investment companies providing cross-border services in the Czech Republic
h. Accredited persons under the Capital Markets Business Law
1. Open the URL http://www.cnb.cz/en/index.html and change the language to "English"
2. Click "Lists of regulated entities" at the bottom of the page
3. Click "Predefined lists" on the left, enter the verification code as required, and then click "Next steps"
4. CNB is an investment company with foreign exchange authority, so the category of "Investment firms" is selected.
5. Select the specific category of the investment company to view the company information
6. Click on the company name to view the specific business authority information of the investment company, such as "execute orders on behalf of customers", "trade own account", etc.
1. Contact the broker
If you are dissatisfied with the conduct of a regulated entity, CNB recommends first considering contacting the regulated entity directly, for example, under the regulated entity's complaints rules or in the form of a request.
2. Contact Czech National Bank CNB
Fill out the following form information and submit it to CNB, CNB's complaint processing time is within 30 days.
Complaint URL: https://www.cnb.cz/en/public/contacts/electronic-form/index.html
The CNB can only act within its purview when dealing with complaints about the activities of regulated entities. Even the CNB's findings that the regulated entity violated the law will not affect the judicial relationship between the regulated entity and its customers. For example, CNB cannot adjudicate termination or termination of contractual relationships, claims for loss or waiver of claims for gratuitous enrichment (including disputes over the amount of charges), freezing of funds in payment accounts. Furthermore, CNB is not authorized to provide legal advice on any private law proceedings against financial market entities.
CNB does not deal with anonymous submissions, duplicate submissions or any other non-standard submissions, such as those that are difficult to understand or contain vulgar language or are only "for informational purposes".
3. Contact a Financial Arbitrator
A financial arbitrator can help you resolve various disputes with financial institutions in out-of-court proceedings where you do not need a representation (such as a lawyer) and the service is free. Financial arbitrators are appointed by the government, and the activities of financial arbitrators are administratively supported by the Office of Financial Arbitrators and government agencies.
The Financial Arbitrator is available at http://www.finarbitr.cz/en/ and can initiate complaints online.
1. Is there a fee for complaint handling?
2. What is the processing time for complaints?
CNB's complaint processing time is 30 days.
European Securities and Markets Authority: https://www.esma.europa.eu/
European Commission: https://ec.europa.eu/commission/index_en
Mailing address: Na Příkopě 28 115 03 Praha 1 IČO 48136450
Tel: 420 224 411 111
Fax: 420 224 412 404
Email: [email protected]