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The ASIC policy prohibits us from providing services to clients in your region. Are you already registered with FBS and want to continue working in your Personal area?
Personal areaThe changes come into effect on March 29, 2021
On October 23, 2020, ASIC released an announcement on several changes to how retail clients trade CFDs from March 29, 2021.
The changes include leverage reductions, negative balance protection, margin close-out changes, and prohibitions on certain inducements. These changes will only affect retail clients.
You can see the full ASIC announcement here.
There will be no immediate changes to your current trading accounts. The changes come into effect on March 29, 2021.
Please note that any existing positions opened before March 29, 2021 will not be affected.
If the funds you hold in your trading account fall to less than 50% of the total initial margin required for all your open trades, there is a requirement for us to close out your positions.
The total losses on your CFD positions will be limited to the funds in your trading account. We are already providing negative balance protection and will continue to do so after March 29, 2021.
Certain benefits will be considered as inducements and will be prohibited. Examples will be the offering of trading credits and rebates or gifts such as iPads etc.
For more information about ASIC’s new regulations, please refer to the ASIC website.
FBS wholeheartedly supports the ASIC decision to implement new rules and believes them to be adequate and timely. We operate under an international FBS brand and are well acquainted with similar regulations implemented in the EU and other regions.
FBS applauds ASIC for striving to protect Australian traders and joins them in these efforts. We are committed to providing FBS clients with opportunities for growth and will continue following the ASIC’s high regulatory standards.
