In fact, it can pursue criminal, civil and regulatory actions. Obviously, one option is to strip the regulated broker of its status. This can do serious damage to their reputation and deter future customers. Regulatory bodies can then publish notices and issue alerts both locally and overseas to warn prospective customers.
In many ways, these regulatory agencies hold a tremendous amount of power. With an increase in scams in recent years, traders are looking more than ever for trustworthy, reliable and regulated brokers. For example, bodies outside your financial jurisdiction may not be able to promise such extensive legal recourse should there be an issue.
Bodies also enforce varying degrees of regulations. Whereas CySec does not enforce this regulation. Furthermore, FCA licensed brokers must automate and process client withdrawals straightaway, while CySec brokers can delay withdrawals by months. There may be other issues at play. For example, FCA licenses are relatively expensive. As a result, many small but still great brokers opt for CySec. In addition, you need to check whether they are a licensed broker or a brokerage regulated by an agency.
The former has legal authorisation to offer services in a country. Whereas a regulated broker has to meet the rules and guidelines laid down by the regulator. The overarching point is that there is often a discrepancy in the reliability and extent of protection between regulatory bodies. Recent years have seen a substantial increase in automated, high-frequency trade. However, the high-speed and complex nature of automated systems creates issues for regulators.
Unsurprisingly then, significant moves have been made to introduce high-frequency, automated trading regulations. These rules were to bring in risk controls, transparency measures, plus a number of other safeguards.
An increasing number of other countries and bodies are looking into the risks posed by automated systems. As a result, there could be an increase in high-frequency day trading rules and regulations in the UK, Australia, Europe, Canada and India in coming years. Day trading rules and regulations become slightly confusing in that there is no universal global approach. Instead, regulation is in force on a local level, with each brokerage applying for regulation in a specific location. Forex is one of the largest markets.
This is significantly more than equities and futures markets, for example. In fact, countries and bodies across the world are continuously trying to effectively oversee and regulate the powerful FX marketplace. The body has been pro-active, reducing maximum leverage limits available to traders. Once a Retail Foreign Exchange Dealer, brokers must adhere to similar consumer safeguards around risk management as well as other regulations.
This should be done no later than 10 calendar days after joining Nomura. The information supplied should be no more than 45 days old. Thereafter quarterly transaction reporting to be provided within 30 calendar days of quarter end. Annual declarations of holdings to be provided within 30 calendar days of the request by compliance, for which the information should be no more than 45 days old.
Expatriate employees are reminded that in addition to these rules, the Personal Account Dealing Rules of their local Nomura Company continue to apply to them and take precedence over these rules. Secondee from another company inside or outside of the Nomura Group.
References to dealing by an employee include dealing for his own account or:. These are, broadly, the following:. These rules apply to all employees, their spouses, co-habitee partners and children under No other family members or other relationships are subject to the rules. Employees shall take all reasonable steps to ensure that any person connected to them as described above complies with these rules when, that person transacts investment business for his own account.
Such transactions are notified to Compliance. The PA Dealing Rules do not apply to an employee where any transaction is entered into on his behalf but without prior communication with him by a person in the exercise of:. Any employee wishing to transact a personal account deal must obtain the prior approval of Compliance.
It is a requirement that staff request their broker to send a duplicate copy of all contract notes directly to Compliance for control purposes. All consents given are. NAM UK Compliance will contact NAM USA Compliance to obtain permission and only when permission has been granted from both compliance departments and the authorised form handed back to the employee, may the deal go ahead.
The standard 48 hour permission window applies. This list may be expanded from time to time to include different classes of investment or specific investments. If you are in doubt as to whether an individual is authorised to approve your personal account transactions or external dealing accounts, please check beforehand with Compliance. Managing Directors and above need only obtain the approval of Compliance. Generally, if the proposed deal is not conducted in the two day time period, then the approval will expire.
Where an employee subscribes to an IPO, approval is required prior to the subscription. The time period restriction is waived where the period between subscription and allocation is greater then two days. However, in all circumstances, the employee must furnish Compliance with the following:.
Where the proposed subscription was not effected, a note to this effect; and. If the proposed subscription was not taken up in its entirety i. Index Options. Subject to the prior approval of Compliance and the relevant Head of Department, employees may obtain a limited general permission to deal, during a three month period and up to an agreed monetary limit, in traded index options. Informal Offer. Where an informal offer to deal is made, the time period may be waived.
However, additional approval is required using the approval form if and when the offer is formalised. Other Exceptions. Compliance may increase the time period if the circumstances dictate this course of action to be appropriate. This decision will be taken on a case by case basis. Where the nature of the transaction is such that a contract note would not normally be issued e.
All trades must be settled in full within the settlement period. Minimum Holding Period The frequent buying and selling of investments is discouraged and the following minimum holding periods shall be enforced. The above holding periods are the minimum applicable periods and Compliance Department reserve the right to impose a holding period of greater duration if deemed necessary.
Compliance will note the minimum retention period on each PA dealing form. Compliance Department will also monitor the volume and frequency of deals and report to the relevant Departmental Heads should individual activity become excessive. Day trading is prohibited in all circumstances. It may occasionally be necessary to prohibit dealings in certain securities where other Nomura companies have a large position or are dealing on an investment banking transaction.
Compliance will provide details to staff where necessary. No employee may deal directly with a customer of a Nomura Group company for his own account except through an authorised external account without. Such permission will only be given in exceptional circumstances.
Employees who control dealing books or client portfolios may be restricted in dealing in securities or related securities of which the book or portfolio is comprised. Delivery and payment will take place in 6 months. Do I need to obtain approval or declare these transactions? Q I have an account with Sporting Index. The spread is 2. Spread betting on sporting events is not a financial instrument. I would then leave the account idle and would not do another spread bet, as I generally find them too risky.
Do I have to declare the bet? Q I have recently moved in with my girlfriend of 4 weeks. She is the trustee of a trust set up for her nephew, who is 5 years old. She transacts equities and unit trusts, receiving advice from a financial adviser but retaining the decision making. Additionally, our flat mate is the beneficiary of a trust, and is also part of an investment club, which I am thinking of joining.
If your girlfriend is an employee of a firm with PA dealing rules, then Compliance should be consulted, to ensure there are no inconsistencies. The Rules do not extend to flat-mates Section 3. However, your participation in the investment club would be prohibited Part C, Section I. She has decided to give them to me, as a gift i.
I do not need to pay for them. The shares will be registered in my name, and a broker will not be used. Do I need to obtain approval? I have been allocated free shares. Additionally, they are offering me an extra 50 shares at the IPO price. A You need to disclose the free shares Section 5. Appendix 1. Employee Name:. If sale, when did purchase occur? IPO no limit. I confirm that:. In the case of a purchase of partly paid stock the funds are available for futures calls.
In the case of a sale the stock is available for delivery. In the case of a switch the sale settlement will be made before or at the same time as the purchase. Employee signature:. Print Name:. NB: This approval is valid for two working days.
Should you wish to effect the transaction after expiry, re-approval must be sought from the Compliance Department. The following is a list of all my personal securities holdings, including holdings in my personal brokerage accounts, in any account in which I have direct or indirect beneficial interest, and in any account over which I have investment discretion or provide investment advice. Amount of the. The following is a list of all brokerage accounts currently established for myself, my spouse, domestic partner, minor children, and any family member living in my residence, and for any other account in which I have Beneficial Ownership or for which I have investment discretion.
Broker Name and Address. Account Number.
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