South Africa to register FX brokers
The rules, which will come into effect in September under the Financial Advisory and Intermediary Services (FAIS) Act 2002, represent the first attempt to regulate the spot FX brokerage industry in South Africa.
Wendy Hattingh, the FSB’s FAIS manager of supervision in Pretoria, said the move was deemed necessary to ensure consumer protection in line with the ongoing relaxation of exchange controls in South Africa.
Special rules are required for FX, due to the specialised nature of the market, she
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