Eternity Law International — Forex brokers — BROKER LICENSE IN SWITZERLAND

BROKER LICENSE IN SWITZERLAND

Published:
October 9, 2020

The best quality of services provided by the bank for customers and honestly deserved professional reputation belong to Swiss banks.

Users of the Forex trading market freely withdraw money through banks of the country, which 10 years ago used an official license. Accordingly, there was no control of brokerage companies and commercial protection of users from fraud.

WHAT IS A FOREX BROKER LICENSE?

To obtain permission to trade in securities, dealers must comply with the terms of regulatory organizations. One in Switzerland is FINMA. Valuable traders include citizens who act on their own behalf.

Firms buy for their own resources and sell securities. They are engaged in the implementation of documents in the secondary market with the help of other participants. Create proposals for the primary market, come up with and promote individual products, resources, tools to customers.

DEFINITION OF WORKING CATEGORIES OF DEALERS

The law governing the functioning of stock exchanges of valuable shares considers several categories of dealer activities:

  1. specialist dealers for working with financial instruments of clients who have experience in professional trading in securities, independently maintain accounts or resort to the help of intermediaries, make transactions, and keep the owner’s resources in storage;
  2. short-term merchants-dealers who are able to professionally sell securities with a maximum income of up to 5 billion euros per year;
  3. securities dealers who engage in trading at their own expense, maintain a standard rate or inform about the state of prices at the request of the buyer or constantly;
  4. intermediary firms that professionally sell securities, help create financial instruments for a wide audience or put forward proposals in the primary market from themselves or a third party;
  5. issuing institutions engaged in the dealer sale of securities issued by a third party offer customers services in the primary sale market.

All of these structures organize professional activities in the sale of shares in an organized manner. The main condition for the dealers to work is to obtain an official Forex license to start trading. FINMA closely monitors the activities of bookmakers.

WHAT DO I NEED TO GET A LICENSE AGREEMENT?

An applicant who wants to trade forex must provide the relevant documents for the licensing procedure. The requirements for the applicant include:

  1. a document confirming the availability of a minimum capital of 1.3 million euros;
  2. well-thought-out business plan with schedules for obtaining capital, miscalculation of risks;
  3. Work in a team of qualified executing specialists who have knowledge of strategic business management;
  4. documents, regulations confirming the nature of doing business, a description of the types of securities, sales markets.
  5. an indication of the actual and geographical location of the business activity;
  6. presentation of information about the categories of customers that will be served in this area;
  7. the scope of the applicant must coincide with the financial potential and organization of the securities dealer;
  8. the office should be controlled in Switzerland;
  9. a clear separation of the functions of trade, management of available resources, settlements with customers;
  10. compliance with registration rules;
  11. risk monitoring (these include credit, market, default, image, reputational, etc.);
  12. conducting an honest external and internal audit;
  13. search for an audit company that will provide a review of licensing;
  14. the appointment of an audit firm that will conduct supervision on an ongoing basis;
  15. guarantee of mutual rights on the part of persons controlled by foreign countries;
  16. if the dealer’s work is carried out as part of a group of financial partners, it is necessary to undergo consolidated supervision of a specialized body.

Please note: strict compliance with the licensing conditions does not guarantee a 100% license. The list of conditions is minimized, therefore, the regulatory body has the full right to expand this list.

HOW LONG LICENSING PROCESS DOES LONG?

The standard process for issuing a license lasts for six months. The duration of the procedure depends on the complexity of the applicant and the quality of the application.

When filing applications by foreign companies, the period that foreign supervisory authorities need to send requests and answers is taken into account.

HOW DO I GET A LICENSE FOR FINANCIAL ACTIVITIES?

To obtain a license, a Forex broker in Switzerland is required to register his organization under the Forex. The country makes high demands. For the success of the event, you should use the support of qualified specialists for the entire period of the procedure.

The specialists of our company will give competent advice on licensing of brokerage trading in securities. The company will help with registration of the company in Switzerland, will provide full legal support at each stage of registration.

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