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Regulation
Quantock FX's member entities conduct business only with clearing houses that are registered with and supervised
by domestic governmental bodies or regulatory authorities such as the Financial Market Supervisory Authority
(Eidgenössischen Finanzmarktaufsicht [FINMA]) (Switzerland); the Financial Services Authority (FSA) (United Kingdom);
the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) (United States)
The Swiss Financial Market Supervisory Authority (FINMA) Switzerland's parliament approved the Federal Act pertaining to the Swiss Financial Market Supervisory Authority (FINMASA) on 22 June 2007. The Federal Council ratified the implementing provisions for FINMASA on 15 October 2008, with the Act entering into full force on 1 January 2009. The object of FINMASA is to group together under one authority the government supervision of banks, insurance companies, stock exchanges and securities dealers as well as other financial intermediaries in Switzerland. The Act merges three bodies - the Federal Office of Private Insurance (FOPI), the Swiss Federal Banking Commission (SFBC) and the Anti-Money Laundering Control Authority - into the Swiss Financial Market Supervisory Authority FINMA. The aim of the financial market supervisory authority is to protect creditors, investors, insured persons and to ensure the general functioning of the financial markets in accordance with financial market legislation. It thus helps reinforce Switzerland's image and competitiveness as a financial centre (Article 5, FINMASA). FINMA is structured as an institution under public law. It has functional, institutional and financial independence as well as a modern management structure with a Board of Directors, Executive Board and the Swiss Federal Audit Office as external auditor. As a counterbalance to FINMA's independence, it has been made accountable to and is subject to the overall political supervision of the Federal Government. The basis for FINMA's supervisory activities is Article 98 of the Swiss Federal Constitution. The key precepts and implementing provisions are found in federal legislation and ordinances, broken down by sector - Banks, Insurers, Stock Exchanges and Markets, Collective Investment Schemes, other Financial Intermediaries and Mortgage Bonds. Swiss Financial Market Supervisory Authority FINMA Einsteinstrasse 2 CH - 3003 Berne +41-31-327-91-00 +41-31-327-91-01 (fax) www.finma.ch The United Kingdom Financial Services Authority (FSA) The United Kingdom's Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It is a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FSA Board, which currently consists of a Chairman, a Chief Executive Officer, two Managing Directors, and ten non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets the overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive. The FSA is accountable to Treasury Ministers and, through them, to the United Kingdom Parliament. It is operationally independent of Government and is funded entirely by the firms it regulates. The FSA has been given a wide range of rule-making, investigatory and enforcement powers in order to meet its four statutory objectives. In meeting these, it is also obliged to have regard to the Principles of Good Regulation. The FSA's statutory objectives are:
25 The North Colonnade Canary Wharf London E14 5HS +44-20-7066-1000 +44-20-7066-1099 (fax) www.fsa.gov.uk The United States Commodity Futures Trading Commission (CFTC) The CFTC, formed in 1974, is responsible for the total control of all the activities of the commodities markets in the United States of America. The CFTC is responsible for the enforcement of all the rules and regulations of the The Commodity Futures Trading Commission Act of 1974. Some of their responsibilities include:
Headquarters Office Three Lafayette Centre 1155 21st Street, NW Washington DC 20581 +1-202-418-5000 +1-202-418-5521 fax www.cftc.gov The United States National Futures Association (NFA) In order to monitor and investigate United States commodity futures member firms (FCM's), the NFA was formed in 1982. The NFA is a self-regulating organization whose function is similar to that of the NASD's function within the securities industry. The Association's primary objective is to enforce high standards of commercial honor and ethical business conduct. The NFA is an independent non-profit, self-regulating membership association whose Board of Directors includes individuals who are engaged in the commodity business, who are representing commercial firms, and who are involved in the banking industry. In order to efficiently perform this self-regulatory function, membership in the National Futures Association is required of all FCM's, CTA's, CPO's, IB's, non-clearing house FCM's, and commercial firms involved in the commodity futures market. In other words, the NFA was formed primarily to regulate firms that are not members of exchanges. National Futures Association (NFA) Chicago Headquarters 200 W. Madison St., #1600 Chicago, IL 60606-3447 +1-312-781-1300 +1-312-781-1467 (fax) www.nfa.futures.org |
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