Quote:
Originally posted by foroz
Educators in Australia have found that they too possibly need to be licensed under ASIC.
There certainly has been a reduction in numbers of people coming into the major cities wanting to charge big dollars for seminars on options in recent times.
ASIC made at least one company pay the pips they received as an Introducing Broker for forex companies back to their Australian clients.
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This is all true. I know the company who had to return the pips personally, and I know of several other companies forced to close. Similar legislation is now active in South Africa, and we have had to comply with the stringent regulations, which are tougher then the US, not to mention costly to implement. In the end though, it is good for the industry.