Kamfanoni masu zuba jari da FX brokers: MiFID II lasisi, jarin hannun jari da iyaka

Brokers, ma'aikatar dukiya, kasuwanci wurare da FX ko CFD masu bayarwa duka zauna a karkashin zuba jari sabis dokar maimakon banki doka. lasisi wani kamfanin bukatar ya dogara a kan tambayoyi uku: waɗanne ayyuka ta gudanar, ko kuwa yana da abokan ciniki kudi da dukiyar, da kuma ko shi ke aiki a kan littafin sa na kansa.

Wannan littafin ya bayyana irin tsarin Turai, wanda wasu dokoki da dama ke karbar bashi daga gare shi, sa'an nan kuma ka'idojin yin amfani da kuɗaɗe don CFDs na ƙananan kasuwanci da FX, iyakokin lasisi na mabukaci na waje, da kuma tsarin Hong Kong daban-daban don amfani da kuɗaɗen waje.

Abin da ke lissafa a matsayin kamfani na zuba jari

A cikin EU, wani kamfanin zuba jari shi ne duk wani kamfanin da ke samar da daya ko fiye daga cikin ayyuka da aka lissafa a Annex I, Sashe A na MiFID II (Directive 2014/65/EU) dangane da kayan aikin kudi.

1. Karɓar da kuma isar da umarni.
2. Ayyuka na umarni a kan sunan abokan ciniki.
3. Sunã mãsu aiki ne dõmin rãyukansu.
4. Dakata
5. Nasĩha ga Musulmi.
6. A kan wani alkawari mai kauri.
7. Ajiyewa ba tare da wani tushe mai kauri ba.
8. Ƙaddamar da wani tsari na kasuwancin diflomasiyya (MTF).
9. Ayyukan wani tsari na kasuwanci (OTF).

An lissafa yarjejeniyoyi na kudi don bambance-bambance a matsayin kayan aikin kuɗi a Sashe C (9) na wannan sashi. A CFD ko rolling spot FX mai ba da sabis wanda ke ɗaukar wani ɓangare na kasuwancin abokin ciniki don haka yana hulɗa akan asusunsa, wanda shine mafi yawan izinin hannun jari.

Izini a ƙarƙashin MiFID II

Wani kamfani yana shigar da takardar neman izinin zuwa ga hukumar da ke da alhakin wannan jiha inda yake da ofishinsa. A ƙarƙashin Sashe 7(3) na MiFID II, hukuma dole ne ta yi hukunci a cikin watanni shida na karɓar aikace-aikacen cikakke. In practice the clock starts only when the regulator treats the file as complete, so preparation time before that point is often longer than the formal review.

Shirin Ayuka

• Programme of operations:services, instruments, client types, target markets and financial projections.
• Manajanci: Sashe na 9 ya buƙaci cewa kasuwancin ya kasance da tasiri an shirya shi da mutane biyu aƙalla waɗanda ke cika bukatun lafiya da aminci.
• Qualifying shareholders: identity, source of funds and suitability of anyone holding 10% or more.
• Organisation: compliance, risk management and internal audit functions, conflicts of interest policy, best execution, product governance, record keeping and outsourcing.
• Client mallakar kare: tsare da kiyayewar ayyuka inda kamfanin ke riƙe kudi ko kayan aiki na mai amfani.
• AML framework: risk assessment, customer due diligence and an named compliance officer.

A lokacin da aka amince, wani kamfani zai iya samar da sabis ɗinsa a duk faɗin EU da EEA ta hanyar fasfo. Sashe na 34 yana ba da izinin sabis na tsakiyar tekun ba tare da izini daban ba, bayan an sanar da shi ta hanyar mai kula da gida. Masu kula da gidan suna ci gaba da aiwatar da dokokinsu na halayyar su da kuma hana tallace-tallace, wanda ke da mahimmanci ga masu ba da CFD.

Capital: the IFR and IFD regime

Tun daga 26 ga Yuni, 2021, mafi yawan kamfanonin zuba jari na EU sun kasance a ƙarƙashin wani tsari mai kulawa mai dacewa fiye da dokokin banki. Yana ƙunshi Regulation (EU) 2019/2033 (IFR) da Directive (EU) 2019/2034 (IFD).

Kashi na farko

Sashe na 9 na IFD ya gindaya matakai uku na jarin farko:

Kashi na farko	Ya shafi
750,000	Kamfanoni da aka amince su yi ciniki a kan asusunsu ko kuma su yi rajista akan wani tsari na alkawari, da wasu masu gudanarwa na OTF
150,000	Wasu kamfanoni, ciki har da waɗanda ke riƙe kuɗin mai amfani ko dukiya
75,000	Kamfanoni da ba su rike kudi na abokan ciniki ko takardun shaida kuma suna bayarwa kawai karɓar da isar da sako, aiwatarwa, kula da asusun ajiya, shawara ko sanyawa ba tare da ƙudurin kamfani ba

A karkashin MIFIDPRU 4.4, bukatun da ake buƙata na mafi ƙasƙanci a cikin hannun jari shine GBP 750,000, GBP 150,000 ko GBP 75,000 dangane da izinin kamfanin.

Aiki

A ƙarƙashin Sashe na 11 na IFR, wani kamfani dole ne ya riƙe da kuɗinsa na kanka aƙalla daidai da mafi girma daga uku adadin:

• Ma'auni mafi ƙaranci na tattalin arzikinta.
• Wani rabin abin da ya kasance a cikinta na haƙĩƙayi ga shekara ta gabãni.
• Yana da bukatun K-factor, wanda ke auna haɗari ga abokan ciniki, haɗari ga kasuwa da haɗari ga kamfanin.

A company qualifies as small and non-interconnected only if it meets all of the thresholds in Article 12 of the IFR. These include assets under management below EUR 1.2 billion, a balance sheet below EUR 100 million and total gross annual income from investment services below EUR 30 million. Such firms do not calculate K-factors. They also cannot hold client money or deal on own account.

Duk wani kamfani dole ne kuma su rike asusun ajiyar ruwa na aƙalla daya bisa uku na ta'aziyya overheads bukata a karkashin Sashe na 43 na IFR. Ga mai girma broker da babban farashin tushe, da tsanani overheads gwaji sau da yawa ya haɗa da kyau kafin farkon hannun jari figure yi.

Very large firms

The largest investment firms, particularly those dealing on own account at scale, can be brought back under bank prudential rules. Article 1(2) of the IFR allows this for firms with consolidated assets of EUR 15 billion or more in certain circumstances. This affects few new entrants but matters for acquirers of established market makers.

CFD na Kasuwanci da hana FX

Leveraged kayayyakin da aka sayar ga abokan cinikin kantin sayar da kaya ne yankin inda masu kula da shiga mafi kai tsaye. EU, UK da wasu Asian masu kula da kafa leverage da kuma bukaci kare asarar.

Takaddun EU

A ranar 27 ga watan Maris na shekarar 2018, ESMA ta amince da matakan gaggawa a ƙarƙashin Sashe na 40 na MiFIR. Ta haramta sayar da kasuwanni, rabawa da siyarwa na zaɓuɓɓukan binary ga masu saka hannun jari na ƙananan kasuwanci da kuma hana CFDs ga masu saka hannun jari na ƙananan kasuwanci tare da matakan biyar:

Kadan	Abun ciki
Yi amfani da iyaka wajen buɗe wani wuri	30:1 manyan juzu'i na kudi; 20:1 non-major juzu'i, zinariya da manyan indices; 10:1 kayayyakin da ba na zinariya da non-masu girma juzu'i; 5:1 mutum hannun jari da sauran alamomin; 2:1 cryptocurrencies
Kashe-marjin	An rufe matsayi idan ma'auni na asusun ya sauka zuwa 50% na mafi ƙarancin ma'auni da ake buƙata
Tsare-tsaren daidaito na rashin kyau	Kuskure na sayar da kaya ya iyakance ga kuɗaɗen a cikin asusun CFD
Incentives	Babu wani amfanin kudi ko ba na kudi da ake bayarwa don jawo hankulan kasuwanci
Risk warning	Standardized gargadi ciki har da kashi na kamfanin na rasa asusun kasuwanci

ESMA's own measures expired on 31 July 2019. ESMA explained that most national authorities had adopted permanent national measures that were at least as stringent. Some national rules go further, so a firm passporting into several Member States must check each host regulator's measure.

The UK, Singapore and Switzerland

The FCA confirmed leverage limits of 30:1 to 2:1, 50% margin close-out, negative balance protection, a ban on inducements and standardised risk warnings. These applied from 1 August 2019 for CFDs and 1 September 2019 for CFD-like options.

Singapore amfani margin farashin fiye da leverage ra'ayoyi. A 2014 da Monetary Authority na Singapore ya yanke shawarar a kan wani mafi ƙarancin margin na 5% ga CFDs akan FX da leveraged FX yarjejeniyoyi tare da masu saka hannun jari. MAS ya lura cewa wannan yana cikin haɗin gwiwa da Hong Kong (5%) da Japan (4%) a lokacin.

FINMA ya ce cewa masu sayar da musayar waje da ke zaune a Switzerland dole ne su riƙe takardar izinin banki. Yana kuma gargaɗi cewa masu sayar da kasashen waje suna amfani da adiresoshin tuntuɓar Swiss ko asusun banki na iya tafiyar da wani bangare ba tare da izini ba.

Offshore FX broker lasisi da iyakokinsu

Wani bangare mai girma na kasuwannin FX da CFD na duniya ana ba su sabis daga wuraren da suka fi ƙaranci. Misalai sun haɗa da Seychelles, inda Financial Services Authority ke bayar da lasisi ga masu saka hannun jari, da kuma wasu ƙauyukan ko offshore regulators a Caribbean, Pacific da Indian Ocean. Waɗannan lasisin sune ainihin izinin da suke da kansu, rahoto da AML dokoki, waɗanda ke bambanta tsakanin jihohi da canji a kullum.

Sunã da iyakoki mãsu muhimmanci kamar abin da suke yin izni:

• Ba da fasfo ba.Lasisi na waje ba ya ba da hakkin aiki ga abokan ciniki a cikin EU, UK, Switzerland, Singapore ko Hong Kong. Kowane ɗayan waɗannan kasuwanni yana buƙatar izinin gida ko kuma wani fansa mai aminci.
• Reverse socketing is narrow. Under MiFID II Article 42, a third-country company may act without EU authorization only when an EU client approaches it at the client's own exclusive initiative. ESMA has stated that any solicitation, promotion or advertising in the EU takes the firm outside this exemption. This applies regardless of contractual clauses or online "I agree" boxes claiming the customer came of its own accord.
• Marketing ne kansa aka tsara. The SFC Licensing Handbook ya bayyana cewa shi ne laifi mai tsanani don sayar da sabis masu sarrafawa ga jama'ar Hong Kong ba tare da lasisin ba. Ka'idoji masu kama da haka suna aiki a cikin mafi yawan manyan kasuwanni, kuma masu kulawa sun wallafa jerin gargaɗi na kamfanonin da ke karya su.
• Banking and payments. Banks, card acquirers da kuma biyan cibiyoyin tantance inda abokan cinikin wani mai saka hannun jari ne suke, ba kawai inda lasisi na aka fitar da shi ba. Wani mai saka hannun jari wanda ma'aikacinsa bai dace da lasisinsa ba zai iya rasa damar samun dama ga asusun kuɗi na mai saka hannun jari da hanyoyin biya.
• Investor tsaro gaps. Retail leverage caps, rashin daidaito kare da kuma biyan kudin fansa shirye-shiryen da ake amfani a cikin EU da UK ba za su iya kasancewa ko za su iya zama mafi rauni.

Ga wani rukuni, da na'ura mai aiki da karfin gwiwa ne a kan lokaci wani tsari a kowace core kasuwa da kuma wani offshore entity ga abokan ciniki a cikin kasuwanni inda babu tsarin gida ya yi amfani. Duk wani ɓangare sa'an nan yana bukatar kansa abu, mulkin da onboarding kulawa da ke kiyaye abokan ciniki a cikin daidai cibiyar sadarwa.

Hong Kong: SFC Nau'in 3 na cinikin musayar waje

Hong Kong shi ne daya daga cikin manyan wurare kadan da lasisin shirye-shiryen kasuwanci na FX. A ƙarƙashin Dokar Tattalin Arziki da Tattalin Arziki, kamfanonin ba na banki ba a cikin kasuwannin FX na Kasuwanci dole ne su sami izini ta Hukumar Tattalin Arziki da Tattalin Arziki don nau'in 3 na ayyukan da aka tsara. HKMA.

The SFC Licensing Handbook sets the following financial resources requirements for Type 3:

Nau'i 3 licensed corporation	Minimum paid-up share capital	Minimum liquid capital
An amince da mai gabatarwa	HKD 5,000,000	HKD 3,000,000
Wannan ko wancan.	HKD 30,000,000	HKD 15,000,000

Waɗannan ƙididdiga suna da girma idan aka kwatanta su da sauran ayyukan SFC waɗanda aka ƙayyade, wanda ke bayyana dalilin da ya sa adadin nau'in 3 dillalai yake ƙarami. A inda wani kamfani ya yi amfani da wasu ayyuka masu ƙayyade, mafi girman buƙatun jarin da za a iya aiwatarwa yana aiki.

Wasu muhimman abubuwa daga littafin:

• Responsable officers: the firm needs at least two responsible officers for each regulated activity, one of whom is a executive director. Not having two qualified responsible officers is a listed reason for applications to be returned.
• Lokacin aiwatarwa: wani aikace-aikacen kamfani mai lasisi na iya ɗaukar makonni 15 kafin ya cika. Lokaci yana bambanta da nau'in kasuwanci da ingancin aikace-aikacen.
• Competence: responsible officers and representatives must meet industry qualification, experience and local regulation knowledge requirements.

Matsaloli masu amfani ga masu neman aiki

1. Ka bayyana tsarin kasuwancin farko.Agency brokerage (ba wani asusunka na kai tsaye ba, babu kudin mai amfani) yana da mafi ƙarancin jarin da kuma mafi sauƙin tsarin kulawa.
2. Plan kasafi ga daidai overheads gwaji.A gaskiya kasafin kudi, ciki har da ma'aikata, fasaha da kuma outsourcing, drives bukatar ci gaba fiye da farko kasafi lamba.
3. Map target markets before choosing a license. Where clients are located determines which authorizations are needed. The license location does not change that.
4. Aiwatar da dokokin samfurin don ƙirƙirar kudaden shiga. Leverage caps, rashin daidaito na karewa da hanawa kan incitaments rage adadin kasuwancin sayar da kaya. Ayyukan kasuwanci dole ne a gina su akan waɗannan dokoki, ba a kan offshore leverage levels.
5. Yana da muhimmanci a yi la'akari da yadda ake gudanar da kasuwancin kuɗin abokan ciniki da kuma banki.Masu kulawa da bankuna za su bincika rarrabuwar kawuna, hadin kai da kuma asali na kuɗaɗen abokan ciniki tun daga ranar farko.

Summary

Kamfanin zuba jari da lasisin yana gudana ta hanyar sabis, dukiyar mai amfani da kuma haɗarin asusunka. A cikin EU da UK, ma'aikatun jari na 75,000, 150,000 da 750,000 a cikin euro ko sterling sun sanya mataki na shiga, yayin da aka daidaita overheads da K-factors suka sanya buƙatun da ke gudana. Kasuwanci da aka yi amfani da shi a kasuwanni suna fuskantar dokoki masu daidaitawa na kare asara a Turai da kuma dokokin margin a Asiya. Lasisi na waje suna da doka ga kasuwanninsu amma ba su buɗe kasuwanni masu kulawa a wasu wurare. Hong Kong's Type 3 regime nuna yadda wani babban cibiyar kula da FX sayar da kaya a matsayin wani masani, sosai capitalised aiki.