Izinkampani zokutshala imali kanye naba brokers be-FX: MiFID II izitifiketi, um kapitali kanye nemikhawulo yokusetshenziswa

Ama-brokers, abaphathi bezimpahla, izindawo zokuhweba kanye neFX noma abahlinzeki be-CFD bonke bahlala ngaphansi kwemithetho yezinsizakalo zokutshala imali ngaphezu komthetho webhange. Ilayisense inkampani edinga kuxhomekeka ezinhlotsheni ezintathu: yiziphi izinkonzo ezisebenza kuzo, ukuthi inezisebenzisi zemali nezimpahla, nokuthi ngabe isebenza ngokumelene nencwadi yayo.

Lo mhlahlandlela uchaza imodeli yase-Europe, lapho ezinye izimo eziningi zithola khona imali, bese kumiswa amamithetho ephathelene ne-leverage ye-retail CFDs kanye ne-FX, izincazelo zelayisense le-offshore broker, kanye nohlelo oluhlukile lwe-Hong Kong lwe-leveraged FX.

Okubalwa njengenkampani yokutshala imali

E-EU, inkampani yokutshala imali yinoma iyiphi inkampani enikeza enye noma ngaphezulu kwezinsizakusebenza ezidwetshwe ku-Annex I, Isiqephu A se- MiFID II (Imiyalelo ka-2014/65/EU) ngokuphathelene namathuluzi ezimali. Izinsizakusebenza zihlanganisa:

1. Ukwamukela nokudlulisa imiyalo.
2. Ukwenza imiyalo ngesandla samakhasimende.
3. Ukuhweba nge-akhawunti yakho.
4. Ukulawula i-portfolio.
5. Usizo lokutshala imali.
6. Ukubhalisa noma ukubeka ngenhloso eqinile.
7. Ukubekwa ngaphandle kokwethembeka okuqinile.
8. Ukusebenza kwe-multilateral trading facility (MTF).
9. Ukusebenza kwendawo yokuhweba eqoqiwe (OTF).

Amakontraka ezimali ezihlukile zibhalwe njengezithuluzi zezimali kwisigaba C (9) ye-annex efanayo. A CFD noma rolling spot FX umhlinzeki ukuthi ithatha enye ingxenye yebhizinisi lomsebenzisi ngakho ukuhweba nge-akhawunti yakhe, okuyinto imali enkulu kakhulu izinkokhelo izinkokhelo izinkokhelo.

Ukugunyazwa ngaphansi MiFID II

Inkampani ifaka isicelo esigunyaziwe sezwe lamalungu lapho inekheli elibhalisiwe khona. Under Article 7(3) of MiFID II, the authority must take a decision within six months of receiving a complete application. Ngokusebenza ihora liqala kuphela lapho umphathi ephatha khona ifayela njengegcwele, ngakho isikhathi sokulungiselela ngaphambi kwalokho isiqephu sivame ukude kunesibuyekezo esisemthethweni.

Isisebenziso sivame ukubandakanya okulandelayo:

• Iphrojekthi yokusebenza:izinsizakalo, amathuluzi, izinhlobo zamaklayenti, izimakethe ezi targetwe kanye nezingqinamba zezimali.
• Ukulawula: Isigaba 9 sidinga ukuthi ibhizinisi liqondiswe ngokuphumelelayo ngumuntu okungenani owodwa ohlangabezana nezidingo zokuzivocavoca nobunikazi.
• Abanikazi bezimali abafanelekayo: ubukhona, imvelaphi yemali kanye nokufaneleka kwanoma ubani ophethe i-10% noma ngaphezulu.
• Inhlangano: ukuhambisana, ukulawula umngcipheko kanye nemisebenzi yokuhlola yangaphakathi, ukungqubuzana kwenqubomgomo yenzuzo, ukusebenza okuhle kakhulu, ukuphathwa kwemikhiqizo, ukugcina amarekhodi nokukhishwa kwangaphandle.
• Ukuvikelwa kwempahla yekhasimende: ukuhlukaniswa kanye nokuvikelwa kwezinqumo lapho inkampani igcina khona imali yomxhasi noma amathuluzi.
• AML framework: risk assessment, customer due diligence and named compliance officer.

Uma igunyazwe, inkampani ingahlinzeka ngezinsizakalo zayo ezweni lonke le-EU ne-EEA ngokusebenzisa ipasipoti. Isigaba 34 sivumela ukunikeza izinsizakalo ezidlula emgwaqeni ngaphandle kwegunya elihlukile, ngemuva kokwaziswa ngomthethosivivinywa wasendlini. Ama-regulators asekhaya aqhubeka nokusebenzisa izimiso zabo zokuphatha kanye nokuvimbela ukumaketha, okubalulekile kubahlinzeki be-CFD.

Inhlokodolobha: i IFR ne IFD

Ngomhla ka-26 kuJuni 2021, izinkampani eziningi zokutshala imali ze-EU zabekwa ngaphansi kwephrojekthi ekhethekile yokunakekelwa kwezinkontileka endaweni yemithetho yebhange. Iqukethe Umthetho (UE) 2019/2033 (IFR) ne Imiyalelo (UE) 2019/2034 (IFD).

Izimali zokuqala

Ingxenye engu-9 ye IFD ibeka amanqanaba amathathu emali yokuqala:

Izimali zokuqala	Isebenza ku
EUR 750,000	Izinkampani ezigunyaziwe ukuhweba nge-akhawunti yabo noma ukubhalisa ngaphansi kwesivumelwano senkampani, kanye namanye ama-OTF asebenza
EUR 150,000	Ezinye izinkampani, kuhlanganise nalezi ezigcina imali noma izimpahla zekhasimende
EUR 75,000	Izinkampani ezingagcinanga imali yomxhasi noma iziqinisekiso futhi zihlinzeke kuphela ngokuthola nokudlulisa, ukufeza, ukulawula i-portfolio, insizakalo noma ukubeka ngaphandle kokubekezela kwenkampani

I-UK igcine izigaba ezintathu ezifanayo zesterling ngemuva kokuphuma kwe-EU. Nge MIFIDPRU 4.4 izidingo eziqhubekayo zomnotho ophansi yi-GBP 750,000, i-GBP 150,000 noma i-GBP 75,000 ngokuya ngezivumelwano zenkampani.

Imali eqhubekayo

Imali engenayo yokuqala yi-ticket yokungena kuphela. Nge Isigaba 11 se-IFR, inkampani kufanele ibe nezimali zayo ezilinganayo nangaphezulu kwezibalo ezintathu:

• Izidingo zayo zezimali eziphansi ezihlala njalo.
• Ingxenye eyodwa kwezintathu yemali ekhokhwa ngaso sonke isikhathi ngonyaka odlule.
• Izidingo zayo ze-K-factor, ezilinganisela ingozi yabaxhasi, ingozi yemakethe kanye nengozi yenkampani.

Inkampani ihlonishwa njengencane futhi engaxhunyiwe uma ihlangabezana nazo zonke izimo ezingaphansi kwe Isigaba 12 se- IFR. Lezi zifaka phakathi izimpahla ezingaphansi kokulawula ngaphansi kuka-EUR 1.2 billion, ikhasi lobala elingaphansi kuka-EUR 100 million kanye nemali engenayo yonyaka ephelele evela kumasevisi wokutshala imali ngaphansi kuka-EUR 30 million. Izikhungo ezifanayo azibala ama-K-factors. Azikwazi ukuphatha imali yomxhasi noma ukuhweba nge-akhawunti yabo.

Inkampani ngayinye kumele ibe nempahla ethe xaxa engaphansi kwengxenye eyodwa yesithathu yezidingo zayo eziqinile zemali engenayo Isigaba 43 IFR. Umthengisi ekhulayo nezindleko ezinkulu isisekelo, ukuhlolwa okuqinile overheads kaningi zibophezela kahle ngaphambi kokuqala um kapitali isibalo kwenza.

Izinkampani ezinkulu kakhulu

Izinkampani ezinkulu zokutshala imali, ikakhulukazi ezisebenza nge-akhawunti yazo ngokwesilinganiso, zingabuyiselwa ngaphansi kwemithetho yebhange. Isigaba 1(2) se- IFR sivumela lokhu kuzinkampani ezinempahla eqoqiwe eyizigidi ezingama-EUR 15 noma ngaphezulu ezinhlotsheni ezithile. Le nto ithinta abathengisi abancane abatshalizimali kodwa inezimo zokuthola abakhiqizi bemakethe abakhona.

I-CFD yokuthengiswa kwezimpahla kanye nemingcele ye-FX

Leveraged imikhiqizo ethengiswe abatshalizimali ezitolo yindawo lapho abaqondisi uthinta kakhulu ngokuqondile. EU, UK kanye Asian abaningi abaqondisi cap leverage futhi udinga ukuvimbela ilahleko.

Izimiso ze-EU

Ngomhla ka-27 kuMashi 2018, ESMA yavuma izinyathelo zesikhathi esizayo ngaphansi kwesigaba 40 seMiFIR. Yavimbela ukumaketha, ukusabalalisa nokuthengiswa kwezinketho eziyinkimbinkimbi kubatshalizimali abancane kanye nokuqeda ama-CFDs kubatshalizimali abancane ngezinqumo ezine:

Ukulinganisa	Izinto eziqukethwe
Imingcele ye-leverage ekuvuleni indawo	30: 1 amaqembu ezinkulu zemali; 20: 1 amaqembu ezingabalulekanga, igolide kanye nama-indices abalulekile; 10: 1 izinto ezisetshenziswayo ngaphandle kwegolide namanye ama-indices angabalulekanga; 5: 1 izilinganiso zomuntu ngamunye nezinye izixhumanisi; 2: 1 cryptocurrencies
Umkhawulo wokuvala ngaphandle	Izimo zivala uma i-akhawunti yemali engenayo iwela ku-50% yemali engenayo encane edingekayo
Ukuvikelwa kwe-Balance Negative	Ukulimala kwe-retail kufinyelela kuma-akhawunti we-CFD
Ukukhuthaza	Akukho inzuzo yemali noma engayo imali ehlinzekwa ukukhuthaza ukuhweba
Isilumkiso sengozi	Isivivinyo esijwayelekile kufaka phakathi iphesenti lenkampani elahlekile ama-akhawunti

ESMAisinqumo sayo siphelile ngo-31 kuJulayi 2019. ESMA kucacisiwe ukuthi amanye amagunya ezwe athathe izinyathelo eziqhubekayo zezwe ezingezona eziqinile. Ezinye izimiso zamazwe ngamazwe zihamba phambili, ngakho-ke inkampani ehamba ngepasipoti emazweni amalungu amaningi kufanele ibheke izinyathelo zomlawuli wesivakashi ngasinye.

i-UK, iSingapore neSwitzerland

I-UK yathatha imithetho ehlala njalo elinganayo. FCA iqinisekisiwe ama-leverage limits angu-30:1 kuya ku-2:1, i-50% margin close-out, ukuvikelwa kwe-balance elahlekile, ukuvimbela iziphakamiso kanye nezixwayiso zengozi ezijwayelekile. Lezi zisetshenziswa kusukela ngomhla ka-1 Agasti 2019 kuma-CFDs kanye nomhla ka-1 Septhemba 2019 kuma-options afana ne-CFD.

ISingapore isebenzisa amaphesenti we-margin ngaphezu kwe-leverage ratios. Ngo-2014, i Monetary Authority yeSingapore yakhetha umkhawulo omncane we-5% we-CFDs ku-FX kanye namaphrojekthi e-leverage FX nabatshalizimali abancane. MAS waphawula ukuthi lokhu kwakuhambisana neHong Kong (5%) neJapan (4%) ngesikhathi.

I-Switzerland ithatha indlela yokwakha. FINMA ithi ukuthi abahwebi bezimali zakwamanye amazwe abahlala eSwitzerland kufanele babambe ilayisense lebhange. Lokhu kuvimbela futhi ukuthi abahwebi bezimpahla zakwamanye amazwe abasebenzisa amakheli okuxhumana nawo aseSwitzerland noma ama-akhawunti ebhange angasebenza ngengxenye engagunyaziwe.

Izitifiketi ze-Offshore FX broker kanye nemikhawulo yawo

Ingxenye enkulu yemakethe yamazwe omhlaba ye-FX ne-CFD ihlinzekwa ezifundazweni ezincane. Izibonelo zifaka phakathi iSeychelles, lapho i- Financial Services Authority inikeza izitifiketi zabahwebi beziqinisekiso, namanye amapulazi noma angaphandle kwamanzi eCaribbean, ePacific nase-Indian Ocean. Lawa malayisense yigunya elingokoqobo ngemali yabo, ukubikezela kanye nemithetho AML, ehluka phakathi kwezinkantolo futhi ishintsha njalo.

Izinqwaba zabo zibalulekile njengoba zivumela:

• Akukho pasipoti. Ilayisense elingaphandle kwezwe alinika ilungelo lokuhlinzeka ngamakhasimende e-EU, e-UK, eSwitzerland, eSingapore noma eHong Kong. Wonke la mamakethe adinga isitifiketi sasekhaya noma ukuxoshwa okuqinisekisiwe.
• Ukubuyisa ukucela kuncane. Ephansi MiFID II Isigaba 42, inkampani yezwe lesithathu ingasebenza ngaphandle kogunyazo lwe-EU kuphela uma umxhasi we-EU efinyelela kuyo ngesinqumo salowo mxhasi. ESMA ichaza ukuthi noma iyiphi ukuxhumana, ukuthuthukiswa noma ukukhangisa e-EU ithatha inkampani ngaphandle kwalo mkhawulo. Le nto isebenza kungakhathaliseki izimo zesivumelwano noma online "Ngivumelana" amabhokisi akholelwa ukuthi umxhasi wafika ngesinqumo sayo.
• I-Marketing iyalawulwa. I-SFC Licensing Handbook ichaza ukuthi kuyingozi enkulu ukumaketha ngempumelelo izinkonzo ezilawulwayo kubantu baseHong Kong ngaphandle kwelayisense. Izimiso ezifanayo zisebenza emakethe ezinkulu, futhi abalawula bashicilela uhlu lokuxwayisa lwezinkampani eziphula lezi mithetho.
• Izimali zebhange nezikhokhelo. Amabhange, abakhiqizi bekhadi kanye namaqembu ezimali abheka lapho iklayenti le-broker litholakala khona, hhayi kuphela lapho ilayisense layo likhishwa khona. I-broker enomthwalo womsebenzisi ongalingani nelayisensi yayo ingalahlekelwa ukufinyelela kuma-akhawunti wemali yomxhasi kanye nemikhawulo yokukhokha.
• Izingcindezi zokuvimbela abatshalizimali. I-leverage yokuhweba ngentengo ephansi, ukuvikelwa kwesibalo esibi kanye nezinhlelo zokubuyiselwa imali ezisebenza e-EU nase-UK zingase zibe khona noma zingabe zincane kakhulu. Amaqembu omphakathi nalabo abahlinzeki bemali engenayo bathatha lokhu engqondweni ngesikhathi bebhekana nokwethembeka kwabo.

Iqembu, imodeli esebenza kakhulu yisikhathi sangempela isisebenzi esilawulwayo kunoma iyiphi inhlanganisela yemakethe kanye nesisebenzi offshore kubaxhasi ezimakethe lapho akukho imithetho yasendaweni esebenzayo. Isisebenzi ngasinye sidinga isithako sayo, ukuphathwa nokuphatha okuzenzakalelayo okuvimbela abaxhasi ekusebenzeni kahle kwenkampani.

Hong Kong: SFC Uhlobo 3 lokuhweba ngemali yangaphandle

I-Hong Kong ingenye yezindawo ezincane ezinkulu ezinelayisense elikhethekile le-FX ethengisiwe. Ngokuya ngeSecurities and Futures Ordinance, amabhange angekho emthethweni emakethe ye-FX ethengiswayo kufanele abe nelayisense kusuka ku-Securities and Futures Commission for Type 3 regulated activity. Amabhange alawulwa ngokuhlukile yi- HKMA.

I-SFC Licensing Handbook ibeka izimfuneko ezilandelayo zezimali zohlobo 3:

Uhlobo 3 lwenkampani enelayisense	Imali-mboleko ephansi yesethi	Imali encane yokukhokha
Igunyazwe ukufaka ummeli	i-HKD 5,000,000	HKD 3,000,000
Anoma iyiphi enye inkinga	i-HKD 30,000,000	HKD 15,000,000

Lezi zibalo ziphezulu uma kuqhathaniswa nezinye izinto eziningi ezilawulwayo SFC, okuchaza ukuthi kungani inani labathengisi be-Type 3 lincane. lapho inkampani ifaka isicelo semisebenzi eminingi elawulwayo, izidingo zezimali eziphakeme kakhulu zisebenza.

Okunye okusemqoka encwadini yosizo:

• Abaphathi abathintekayo: Inkampani idinga okungenani abaphathi ababambe iqhaza ababi ngayinye yemisebenzi elawulwayo, omunye wabo ube ngumqondisi olawulayo. Ukungabi nabasebenzi ababambe iqhaza abaqeqeshiwe bobabili kuyisizathu esibhalwe phansi sokubuyiselwa kwesicelo.
• Isikhathi sokucubungula: isicelo senkampani enelayisense sithatha cishe amaviki angama-15 uma kuqediwe. Isikhathi sishintsha ngokuya ngemodeli yebhizinisi nekhwalithi yesicelo.
• Ikhono: abaqondisi nabameli abanesibopho kumele bahlangabezane nezidingo zokuqeqeshwa kwemboni, ikhono kanye nolwazi oludingekayo lokulawulwa kwasekhaya.

Izinqumo eziphathelene nomsebenzi

1. Chaza imodeli yebhizinisi kuqala. I-Agency brokerage (akukho ukuhweba kwe-akhawunti yakho, akukho imali yomxhasi) ithatha um kapitali ophansi kakhulu kanye nesimo esilula sokuzivikela. Ukwenza umakethe nokuphatha imali yomxhasi kusheshisa inkampani ukuya ezingeni eliphakeme.
2. Plain capital for the fixed overheads test. A realistic budget, including staff, technology and outsourcing, drives the ongoing requirement more than the initial capital figure.
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. Expect imithetho imikhiqizo ukwakha imali engenayo. Leverage caps, inzuzo elahlekile ukuvimbela kanye izibopho on imiklomelo ukwehlisa amavolumu zokuhweba ezitolo. Izinhlelo zebhizinisi kufanele zifakwe kulezi mithetho, hhayi emiphakathini offshore leverage.
5. Sebenzisa ukuhlolwa kwezimali zekhasimende kanye nebhange. Abaphathi nababhange bazobheka ukuhlukaniswa, ukuxoshwa kanye nomthombo wemali yekhasimende kusukela ngosuku lokuqala.

Isishwankathelo

Izinkampani zokutshala imali zinikezwa izinqumo ngokuya ngezinsizakalo, izimpahla zekhasimende kanye nengozi ye-akhawunti yabo. E-EU nase-UK, amayunithi emali angama-75,000, 150,000 nama-750,000 e-euro noma e-sterling abeka indawo yokungenisa, ngenkathi izindleko eziqinile nezizathu ze-K zibeka izidingo eziqhubekayo. Ama-retail leveraged products abhekana nokuvikelwa kwe-leverage nokulahleka kwezinqumo e-Europe nase-margin rules e-Asia. Izitifiketi zamazwe olwandle zisemthethweni kumamakethe abo kodwa azivuleli amamakethe alawulwa kwezinye izindawo. Uhlobo lwe-3 lwe-Hong Kong lubonisa ukuthi kanjani indawo enkulu iphatha i-retail FX njengochwepheshe, umsebenzi osezingeni eliphakeme.