UK : The FCA and PRA
If you live in the United Kingdom, you should know about the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Both of these institutions took over as the financial industry’s regulatory body on April 1, 2013, replacing the Financial Services Authority (FSA).
The Financial Conduct Authority is a non-governmental organization funded by the corporations it regulates, and it reports to a Board nominated by the Treasury.
Through the regulation of financial advisers, asset managers, and any firm not covered by the PRA, their purpose is to protect customers, preserve industry stability, and encourage healthy competition in the financial services industry.
Website of the FCA: http://www.fca.org.uk
The Prudential Regulation Authority is a branch of the Bank of England whose primary mission is to support a healthy UK financial system by regulating and supervising banks, credit unions, significant investment firms, and insurers.
Website of the PRA: http://www.bankofengland.co.uk/pra
Denmark: Finanstilsynet
The Danish FSA was established in January 1988 to oversee financial activity in Denmark. Members of the FSA are closely scrutinized in order to protect investors and avoid market misuse.
Website of Finanstilsynet: https://www.dfsa.dk/
Switzerland: Swiss Federal Department of Finance
In 1848, the Federal Department of Finance, or FDF, was established. While the FDF is in charge of financial oversight in Switzerland, the Swiss Financial Market Supervisory Authority, or FINMA, is in charge of regulating banks, securities dealers, and stock exchanges.
FINMA functions as Switzerland’s big brother, doing essentially the same as the other regulatory authorities.
Website of the FDF: https://www.efd.admin.ch/efd/en/home.html
Website of FINMA: https://www.finma.ch/en/
Switzerland: Association Romande des intermediares financiers
This organization is similar to FINMA in that both are from Switzerland, however this one is based in the French-speaking region of the country. ARIF was established in 1999. It, too, functions as a regulatory body, with members adhering to particular norms and laws.
ARIF’s website is available at https://arif.ch/en/.
Hong Kong Securities and Futures Commission
Due to the ineffectiveness of two governing agencies, the Hong Kong Securities and Futures Commission (SFC) was established un May 1989. The SFC assumed command as a unified one entity. It keeps track of all futures and securities transactions in Hong Kong.
Website of the SFC: https://www.sfc.hk/en/
Australian Securities and Investments Commission
The Australian Securities and Investments Commission (ASIC), established in 1991, is Australia’s business regulator. ASIC governs businesses, financial markets, financial service organizations, insurance, and credit.
The organization’s goal is to keep the market environment fair.
ASIC’s website is available at https://asic.gov.au/.
