List of Broker with FINANCIAL FUTURES ASSOCIATION Regulation

When it comes to online trading regulation, the ambiguity of laws in Nigeria contrasts with other African countries that have already implemented regulations. For example, South Africa's Financial Sector Conduct Authority (FSCA) and Kenya's Capital Markets Authority (CMA) have already regulated online forex brokers in their countries. Furthermore, South Africa has even established rules for forex trading taxation.

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The foreign exchange transaction activity in the offline market is supported by law. Some of these include the Central Bank of Nigeria Act of 1958, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995, the Exchange Control Act of 1962, the Banks and Other Financial Institutions Act of 2007, and the Investments and Securities Act of 2007.

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According to the PRA rulebook, there are 3 areas of the PRA regulations. Firms must comply with the regulations depending on which classification they fall into.

• Banking and Investment Rules: for CRR firms (banks, building societies, or investment firms subject to the EU Capital Requirements Regulation) and non-CRR firms (credit unions, building societies, or PRA-designated investment firms not subject to the EU CRR).
• Insurance Rules: for SII firms (insurance firms subject to the Solvency II Directive) and non-SII firms.
• Other rules: for non-authorized persons (persons or firms not authorized by the PRA).

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Official regulators in the UAE are as follows:

• The Dubai Financial Services Authority (DFSA)
• The Abu Dhabi Global Market (ADGM)
• The Securities Commission Authority (SCA)
• Central Bank of the United Arab Emirates (CBUAE)

It is important to understand that the UAE is divided into two financial areas, namely the Mainland and Free Zones. Brokers who operate in the Mainland are regulated by the SCA or CBUAE. Meanwhile, DFSA and ADGM regulate brokers in the Free Zones, which are designated to encourage foreign investments and allow foreign-owned companies to be located.

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