In contrary to many other countries like Germany, the United States, Australia, etc., in France, the regulation of the financial market is taken care of by a 100% government institution. The official regulator is the Banque de France (the Bank of France). The institution exists from the 1800s and played a significant role in shaping of France\u2019s economy. It is highly ranked as one of the most powerful central banks on the global level.<\/p>\n
To ensure integrity of the financial market, the Banque de France<\/a> has several regulatory agencies like ACPR (supervision of banking and insurance sectors), AMF (Stock Market regulation), CCSF (Consultative Committee of the Financial Sector), CCRLF (development of prudential regulation), and the GSBF (regulation of monetary policy). As in the other EU countries, France also imposes strict rules and protocols upon its subjects of regulation. As an institution of large proportions, the Bank of France cannot deal with individual complaints, but it set up a procedural structure for companies to follow. If a customer should file a complaint, the best option is to follow the procedure adopted by most EU member states. Even if short, the list of brokers under the supervision of the Banque de France is very reliable and trustworthy. The list is available on the official website of the bank.
\nThe government requires all legal, financial companies (banks, brokers, insurance companies, and all other companies related to the market financial services) to be regulated by one of the regulatory agencies under the wing of the Bank of France.
\nThe ACPR in conjunction with AMF is the direct supervisor and regulator of the Forex broker companies and the capital market in general. The AMF is an independent regulatory body for the stock market.
\nClients of these regulatory bodies are small in number because EU-licensed brokers, like CySEC<\/a> or the German BaFin<\/a>, can operate in France without any hindrance due to EU directives that allow a single market for financial services in any EU member state. The Markets in Financial Instruments Directive from 2007 allows that all registered supervisory agencies, which comply with this Directive, can operate freely in any EU based country.
\nMany turn to other EU regulatory agencies due to administrative reasons. The financial laws in France require a lot of paperwork and red tape. That seem to be inconvenient for many brokers, and they simply switch to the less demanding alternatives across national borders. Cyprus for example is a very attractive location for broker companies especially because of the tax benefits.<\/p>\nThe Organizational Ladders and Complaints<\/h3>\n
\nSince the EU harmonized most of the laws in all EU member states, all EU-based regulatory agencies work under similar conditions. The ACPR and AMF follow the Markets in Financial Instruments Directive and are similar in structure to all other regulatory agencies across Europe.
\nIf an investor is dissatisfied or thinks that the company did them wrong, there is an order to be followed. The procedure requires first to approach the company, and if the involved parties cannot come to an agreement, then the complainant can seek help from the ombudsman. If the Ombudsman cannot do anything, the court is the next step.
\nThis should not discourage investors from filing complaints if they have been treated unjust because complaints are taken very seriously and handled with great care and they can result in revoking the company\u2019s license.<\/p>\nThe Bank\u2019s Broker List<\/h3>\n
\nAs every supervisory agency, the Bank of France also strongly advises potential traders and investors to make a thorough backup research on the market and brokerage companies, since Forex is a fertile ground for fraud and scams and many companies pretend to be something they are not.
\nYour broker is supposed to be your support, your main business partner, and a professional entity. Therefore, always look for a registered company and double-check their registration.
\nThe Banque de France registered Forex brokers have a good reputation, and they follow rigorous protocols to maintain the stability and security of their businesses.<\/p>\nDependable Forex Brokers<\/h3>\n
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