Foreign Regulatory Agencies

UK: The FCA and PRA

If you live in the U.K., the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are for you!

On April 1, 2013, both of these agencies replaced the Financial Services Authority (FSA) as the financial industry’s regulatory bodies.

The Financial Conduct Authority is a non-government agency funded by the firms they regulate, and they are accountable to a Board appointed by the Treasury.

Their goal is to protect consumers, ensure industry stability, and promote healthy competition in the financial services industry through the regulation of financial advisers, asset managers, or any firm not covered by the PRA.

FCA website: http://www.fca.org.uk

The Prudential Regulation Authority is a part of the Bank of England, and their main role is to promote a healthy UK financial system through the regulation and supervision of banks, credit unions, major investment firms, and insurers.

PRA website: http://www.bankofengland.co.uk/pra

Denmark: Finanstilsynet

The Danish FSA was formed in January 1988 and was charged with supervising financial activities in Denmark. Members of the FSA are monitored in an attempt to protect investors and prevent market abuse.

Finanstilsynet’s website: http://www.dfsa.dk/en.aspx

Switzerland: Swiss Federal Department of Finance

The Federal Department of Finance or FDF was formed in 1848. While the FDF is the overseer of financials in Switzerland, it is the Swiss Financial Market Supervisory Authority or FINMA that regulates the banks, securities dealers, and stock exchanges.

FINMA acts like the big brother in Switzerland and does pretty much the same as the other regulatory agencies.

FDF’s website: http://www.efd.admin.ch/index.html?lang=en

FINMA’s website: http://www.finma.ch/e/Pages/default.aspx

Switzerland: Association Romande des intermediares financiers

This organization is similar to FINMA in that they are both from Switzerland, but this body is based on the French-speaking part of Switzerland. ARIF was formed in 1999. It too acts as a regulatory agency with members abiding by certain rules and laws.

ARIF’s website: http://www.arif.ch/en/index.htm

Hong Kong Securities and Futures Commission

The Hong Kong Securities and Futures Commission (SFC) was formed in May 1989 due to ineffective efforts of two regulating bodies. With a combined single organization, the SFC took charge. It monitors all futures and securities-related activities in Hong Kong.

SFC’s website: http://www.sfc.hk/sfc/html/EN/index.html

Australian Securities and Investments Commission

Founded in 1991, the Australian Securities and Investments Commission (ASIC) acts as a corporate regulator in Australia. ASIC regulates companies, financial markets, and financial service organizations as well as insurance, and credit.

The organization aims to maintain fairness in the market environment.

ASIC’s website: http://www.asic.gov.au/asic/asic.nsf