When will this happen?
This is just the start of the regulatory reform journey, so the most important thing for you to know is that nothing has changed at this stage. ASIC’s consultation process ends on 1 October 2019, after which point ASIC will consider all feedback and make a decision. Any changes to leverage can come into effect 20 days after that decision is made, while other changes will be implemented in three months following.
Our position on this
Protecting our clients is our priority and we’re considering all aspects of ASIC’s recommendations. While we’re always looking for ways to improve, we’re concerned that some of the suggestions are restrictive and may not result in the outcome that ASIC is seeking. We’ll be providing detailed analysis and assistance to ASIC to help promote the proper balance between investor protection and investor opportunity. We’ll also keep you informed as soon as things develop and give you plenty of notice of any changes that impact the service we provide you.
Can I have my say?
Absolutely. ASIC is seeking feedback from both issuers and consumers of CFDs and FX, and as you’re a consumer impacted by these proposals, we encourage you to do this.
You can provide a submission to ASIC on its proposals here.