Forex Regulatory Tips
According to MAS official website information query, the Monetary Authority of Singapore ("MAS") regulates leveraged foreign exchange transactions.
Singapore's definition of leveraged foreign exchange: Contracts for Difference (CFDs) allow you to speculate on the future market movement of the underlying asset without actually delivering the underlying asset.
CFDs are leveraged instruments. CFDs are often traded over-the-counter at securities firms, known as CFD providers. CFDs can be used on a range of underlying assets such as stocks, commodities and currencies. CFDs involve two transactions:
First, you open a position with a CFD provider at one price. This creates an open position that you will later trade against the CFD provider at another price. If the first trade is a buy or long position, the second trade to close the position is a sell. Conversely, if the opening trade is a short sale or a short position, the deal is a buy. CFDs capture the price difference of the underlying asset between opening and closing trades.
List of Regulated Companies
A total of 45 companies are regulated and licensed foreign exchange brokers. The full name is abbreviated as the regulatory status. BLACKROCK (SINGAPORE) LIMITED BLACKROCK is under supervision CAXTON (SINGAPORE) PTE. LTD. INVESTMENTS (SINGAPORE) FIRST STATE under supervision GMO SINGAPORE PTE. LIMITED GMO under supervision HGNH INTERNATIONAL FINANCIAL (SG) PTE. LTD. under supervision INTL FCSTONE PTE. LTD under supervision KGI SECURITIES (SINGAPORE) PTE. LTD KGI under supervision MAYBANK KIM ENG SECURITIES PTE. LTD Maybank under supervision OANDA ASIA PACIFIC PTE. LTD under supervision
Type of organization: government agency
Institution introduction: The Monetary Authority of Singapore (MAS) is the central bank of Singapore. It was established in 1971 and is executed and professionally managed by government departments. Its functions combine many financial functions from banking to finance, including formulating financial and monetary policies, guarantees The stable economic development and the promotion of sustainable development of the financial services industry, etc. MAS is also an integrated regulator that oversees all financial institutions in Singapore: banks, insurance companies, capital market intermediaries, financial advisers and stock exchanges. MAS works closely with other government agencies and financial institutions to promote Singapore as a regional and international financial centre, ensuring the vitality and competitiveness of Singapore's financial sector.
MAS is the agency responsible for overseeing forex brokers in Singapore. Any broker wishing to do business in Singapore must hold a capital markets services license issued by MAS. MAS is the central bank of Singapore and a financial regulator. It manages various regulations related to money, insurance, banking, securities, currency issuance, and the financial industry. Before 1970, the monetary function was the main concern of government departments and agencies. In 1970, the Singapore Parliament passed the Monetary Authority of Singapore Act, establishing MAS. MAS is authorised by the Monetary Authority of Singapore Act to oversee Singapore's monetary policy, fiscal and banking sectors. In 1977, it was determined to bring the insurance industry into the scope of MAS supervision. In 1984, the regulatory functions under the Securities Industry Act of 1973 were also taken over by MAS.
(1) To guide monetary policy, issue currency, supervise the payment system, act as the government's banker and fiscal agent, etc.;
(2) To conduct comprehensive supervision of financial services and to test the stability of the financial system;
(3) To manage Singapore's official foreign exchange reserves;
(4) Build Singapore into an international financial center.
(1) Monetary policy and investment: Bureau of Economic Policy, Bureau of Economic Analysis, Economic Monitoring and Forecasting Department;
(2) Market and investment: domestic money market management department, reserve management department;
(3) International Development: Financial Center Development Agency, Financial Market Development Agency, International Department;
(4) Fintech innovation department;
(5) Banking and Insurance: Banking Department, Insurance Department, Anti-Money Laundering Department;
(6) Capital market: capital market intermediary department, corporate finance and consumption department, market policy and infrastructure construction department, law enforcement department;
(7) Policy Risk and Supervision: Prudential Policy Department, Risk Commissioner Department, Macro Supervision Department;
(8) Enterprise Human Resources and IT: Enterprise Service Department, Human Resources Department, IT Department, MAS Education Department;
(9) Financial risk currency: financial sector, risk management sector, currency sector;
(10) Management Department: Internal Audit Department, Legal Department, Corporate Planning and Communications Department.
Commercial banks, investment banks, capital market intermediary companies, insurance companies, financial advisory companies, financial company trust companies, currency exchange and remittance business companies.
Note: This category is a field category. There are many specific license types. Please log in to the MAS official website for inquiries.
1. Go to the website https://eservices.mas.gov.sg/fid and enter the company name to search.
2. View the company information, "Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading" (spot foreign exchange trading contracts for leveraged foreign exchange transactions) indicates that you have foreign exchange authority.
Step 1: Open the Monetary Authority of Singapore website: http://www.mas.gov.sg/;
Step 2: Find the "Financial Institutions Directory" at the bottom left of the page.
Step 3: Click on "Capital Markets Services Licensee" under "Capital Markets".
Step 4: Click "Dealing In Capital Markets Products";
Step 5: Click on "Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading".
Step 6: On the right side of the page, you can see all the regulated foreign exchange brokers authorized by MAS and allowed to provide foreign exchange transactions.
Financial Industry Dispute Resolution Centre Limited (FIDReC) is an independent and impartial body that specializes in resolving disputes between financial institutions and consumers. FIDReC integrates the work of the Singapore Association of Banks Consumer Mediation Unit (CMU) and Insurance Dispute Resolution Organization (IDRO).
FIDReC provides services for individual consumers or sole proprietorships to make claims against financial institutions. Financial institutions include banks, financial companies, life insurance companies, general insurance companies, capital market services licensed institutions, licensed financial advisers and insurance brokers.
1. Jurisdiction of FIDReC:
(1) The maximum limit for claim disputes between the policyholder and the insurance company: 10,000 Singapore dollars
(2) Compensation limit for bank and user, capital market disputes, and other disputes: SGD 5,0000
2. FIDReC will not accept the following complaints:
1) Disputes arising from business decisions such as pricing policy, interest rate policy, etc.;
2) Complaints of ongoing legal proceedings;
3) The principal-agent problem;
4) Complaints that the financial institution has responded to 6 months ago;
5) Complaints handled by the former dispute settlement bodies CMU and IDRO;
6) resolved complaints between consumers and financial institutions;
7) Cases that have been heard by a court and a judgment or order has been made.
Tel: (65) 6327 8878 (Weekdays 9:00-18:00)
Fax: (65) 6327 8488 / (65) 6327 1089
Email: [email protected]
Address: 36 Robinson Road, #15-01, City House, Singapore 068877
1. Complaint process
1. If the consumer cannot resolve the problem through the financial company, he can file a complaint free of charge to FIDReC in person, by fax, post or email.
2. Once the complaint is received, the case manager will process it. If the complaint is within the jurisdiction of FIDReC (https://www.fidrec.com.sg/website/fidrec_jurisdiction.html), the case manager will mediate by phone, email or conference. There is no charge for this service.
3. If a resolution cannot be reached, the consumer may refer the dispute to an adjudicator or panel of adjudicators for adjudication. Consumers are required to pay the cost of hearing the case.
4. Consumers do not have to submit originals of their documents to FIDReC, copies are sufficient. FIDReC will not be responsible for any loss of the original file if the consumer provides the original file to FIDReC.
2. Dispute Resolution
1. FIDReC Dispute Resolution Process
Step 1: Mediation
After a complaint is received, the FIDReC's case manager mediates the dispute between the parties.
Step 2: Judgment
If mediation is unsuccessful, the complaint is heard and decided by a FIDReC adjudicator or panel of judges. Investors are required to pay for hearing the case.
2. Fee details
Please note that as of September 1, 2011, the FIDReC case fees are as follows:
Mediation is free
Claims belonging to the FIDReC-NIMA program:
S$250 for consumers and S$500 for financial institutions. S$200 can be refunded to the claimant or the insurer upon completion of the case judgment. Auditors will decide whether to refund in accordance with FIDReC's current refund rules (available at www.fidrec.com.sg).
Other types of claims:
S$50 for consumers and S$500 for financial institutions. Consumers or financial institutions will not receive refunds. Please note that all amounts are subject to prevailing GST.
3. Claim Limits
The maximum claim amount is S$100,000.
4. Scope of application
Currently, FIDReC's services are available to all individual consumers or sole proprietorships.
For details, please click this link: http://www.fidrec.com.sg/website/faq.html
Example of punishment
Association of Banks in Singapore (ABS): http://www.abs.org.sg
Life Insurance Association of Singapore (LIA): http://www.lia.org.sg
General Insurance Association of Singapore (GIA): http://www.gia.org.sg
Singapore Financial Industry Dispute Resolution Centre (FIDReC): http://www.Fidrec.com.sg
Consumer Association of Singapore (CASE): http://www.case.org.sg
Singapore Mediation Centre (SMC): http://www.mediation.com.sg
Singapore Small Claims Tribunal (SCT): http://www.smallclaims.gov.sg
Law Society of Singapore (LSS): http://www.lawsoc.org.sg
Legal Aid Bureau (LAB): http://www.gov.sg/minlaw/lab
Singapore Exchange Limited (SGX): http://www.sgx.com
1. Singapore Headquarters
Address: Monetary Authority of Singapore, 10 Shenton Way MAS Building, Singapore 079117
2. London Office
Tel: (44) (0)20 7332 6300
Fax: (44) (0)20 7332 6309
Address: MAS London Representative Office, 1st floor Old Change House, 128 Queen Victoria Street, London EC4V 4BJ
3. Beijing Office
Tel :(86 10) 6505 0650
Fax :(86 10) 6505 1135
Address: MAS Beijing Representative Office, Unit 31-09, China World Office 11 Jianguomenwai Avenue, Chaoyang District, Beijing 100004
Room 31-09, Tower 1, Guomao Office Building, No. 1 Jianwai Street, Chaoyang District, Beijing 100004
4. New York Office
Tel: (212) 809 1900
Fax: (212) 809 6067
Address: MAS New York Office, 17 State Street, 25th Floor, New York NY 10004