ASIC Forex License
The Australian financial services industry is a vast and sometimes complex area of industry to fully understand. With regards to ASIC forex license requirements it is important to know who the regulatory body is and how to comply with the rules and regulations as laid down by the regulatory body. In most cases, it is advisable to consult with a professional consultancy firm to gain a clearer understanding of the requirements involved in order to obtain a ASIC forex license.
Australian Forex Brokerage Firms
ASIC is the regulatory body in Australia, responsible for the review and issuing of forex licenses. The ASIC licenses are issued to financial companies which intend to engage in forex activity provided they meet certain criteria as required by the ASIC, this many include capital adequacy and fit and proper tests.
The scope of the ASIC is to provide licensing to financial firms where their application as been approved. The ASIC is also responsible for monitoring and managing the financial firm’s activity, ensuring compliance with its rules. In addition, the scope of the ASIC extends to the remit of the following former bodies:
- Stock Exchange Commission
- Insurance Division of the Ministry of Economic Development,
- Financial Services and Corporate Affairs
To qualify for a ASIC forex broker license you must satisfy a number of prerequisites such as the fit and proper test and capital adequacy to demonstrate your financial standing.
Obtaining ASIC Forex License
Before you can obtain your Australian forex license you must form a company in Australia for the sole purpose of carrying our forex & commodities brokerage activity. The application form for the forex license must be submitted to the ASIC along with the relevant documents including; Memorandum and Articles of Association, company manuals for internal and external procedures, your fit and proper test results, and your company business plan.
YourOwnBrokerage is fully equipped to assist you in applying for your ASIC forex license. We will ensure the license is acquired in timely and professional manner with as little stress to the application as possible. Our highly experience consultants can also provide advice on how to comply with the relevant regulatory body (ASIC) and how to manage your forex broker firm in accordance with the necessary laws.