The Financial Commission
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Thread: The Financial Commission

  1. #1
    Super Moderator Gulfstream's Avatar
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    The Financial Commission

    The Financial Commission


    The Financial Commission
    -an independent self-regulatory organization, dedicated to resolve disputes between traders and brokers who are members of this commission.
    The headquarters of the International Finance Commission is located in Hong Kong.
    Contact tel: +852 81 711 723
    Email: info@financialcommission.org

    The Financial Commission specialize on the resolving of disputes arising between the parties during trading in the Forex and CFD.
    The main principles of the Financial Commission are:
    · to ensure high standards of business conduct by commission members;
    · the effectiveness and efficiency in considering of issues;
    · simplicity and transparency of cooperation with the parties;
    · professional and impartial participation in the resolution of disputes;
    · improving knowledge of financial market participants.

    A commission headed by the Board of Directors (the Board), which is responsible for general management of the Finance Commission, as well as controls the Dispute Resolution Committee.

    The Dispute Resolution Committee (the committee) - organization directly involved in the handling complaints. The Committee consists of 12 people, which are the chief (founders) of the different kinds of international financial companies providing their services in the financial market, and not having affiliation (connection) with the companies-commission members.

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    Super Moderator Gulfstream's Avatar
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    Become a member of the Finance Commission can any company that provides financial services, regardless of the jurisdiction (location) meeting the requirements of the Commission and submit an application for membership, while paying the registration fee ($ 500).

    Submitted applications received will be examined by the Finance Commission within 21 days. And if the company - the applicant meets the criteria set for commission members, it is assigned a membership number and a certificate of membership.

    Financial Commission offers two main types of membership:

    · Crypto” Membership – applicable to Members engaged in trading crypto currencies; and
    · Non-Crypto” Membership – applicable to all other Members (not engaged in trading crypto currencies).

    Financial Commission reserves a right to provide sub-categories of membership within the above two types of membership with different charging fees and extra payments.

    Termination of the company membership in the Financial Commissions takes place in one of the following methods:

    1. Voluntary withdrawal from the commissions’ membership. This method is realized with addressing to the Financial commission the adequate notification for 3 month before the expected date of withdrawal from the commissions’ membership. Pointed notification is not mandatory for the company, considering to be the member of the commission less than 12 months.

    2. Expulsion the company from the commissions’ membership. Reasons for such expulsion can serve:
    · Non-compliance by the member of rules and regulations, which were set by Financial commission, as well as accepted decisions. (annually the commission carries out an audit of its members for the observance of active regulations);
    · Revocation of a license that does not allow to provide financial services in future;
    · The presence of debt to pay for membership fees
    · Failure to provide the required reports;
    · Bankruptcy.

    The Board, according to the Financial Commission Rules, may exclude Member from membership with the Financial Commission. If the Board passes such a resolution, the Member shall cease to be a Member on the day the resolution is passed.

    After cessation the company will not repaying back any membership dues or of any other fees which have been previously paid by the Member . And also its prohibited to use the Financial Commission branding (name, logo, etc.).

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  3. #3
    Super Moderator Gulfstream's Avatar
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    Key performance indicators of the International Finance Commission activity is Compensation Fund, which was created by it. The Compensation Fund acts as an insurance policy for members’ clients, which provides ensuring fulfillment of the financial obligations of members of the Finance Commission.

    The Compensation fund is formed from the share, released from monthly membership fees. The amount of such share is 10% of payments, if Financial commission doesn’t provide other.

    All bankroll of the Compensation fund is kept on the separate bank account and can be used only for its intended purpose designation.

    Herewith, it should be noted, that payments from Compensation fund realized only in the case, when the member of the Financial commission disclaims to pay the awarded amount to the applicant.

    Another important criteria here is the presence of restrictions on payments. They consist in setting the limit to the money compensation, which can the applicant receive. At this moment, the limit of money compensation per one applicant amounts 5 000 and 10 000 US dollars (depending from the members’ category). The amount of the existing can be changed at any time by the decision of the Financial commission. All changes and additions, adopted by the commission, are reflected on the official website.

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  4. #4
    Super Moderator Gulfstream's Avatar
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    Any customer of company – member of the International Financial Services Commission may simply use its services by submitting a complaint.

    The Complaint to the Financial Commission is sending in writing form by completing the complaint form which can be found at the Financial Commission’s website.

    By submitting a complaint, you must consider the following points:
    1. The complaint must contain:

    · description of the nature of the dispute with the Member in reasonable detail;
    · inform about the outcome of dispute while resolving the issue in company-member (initially customer should try to resolve the dispute inside the company, and only if they not come to a compromise, customer will send a complaint to the Financial Commission);
    · the compensation specification;
    · copies of supporting documentation and every document relevant to the Complaint

    The applicant's complaint is viewed only in if it relates to the consideration of the competence of the Finance Commission. If the complaint contains requirements that are not relevant powers of the commissions and / or the complaint is filed with any impairments, the Finance Commission shall provide the applicant a reasoned reply with a detailed description of why its application can not be considered.

    Another important detail: the Complaint is not brought within 90 days from when the Complainant received a final determination of his Complaint from the Members.

    The complaint resolution will consists of two phases. After complain reviewing, the Dispute Resolution Committee shall take one of the following decisions:

    · Fully or partially satisfies the requirements of the applicant; If applicant accepts such decision in writing within 14 days of the receipt of the written decision from the Dispute Resolution Committee, because at the end of this period, the claim will be closed.
    · If Commission decides in favor of member, the applicant should write a refusal from complaint within 7 days.

    Decisions and orders taken or issued by the Committee are binding on the member. Whenever the Dispute Resolution Committee makes an Award or issues an Order, the Member must comply with it fully and within the time period specified in such Award or Order. If the Dispute Resolution Committee’s Award or Order does not specify a particular time period, then the Member must comply with the Award or Order as soon as practicable.

    Every Financial Commission decision is final and binding on a Member and is non-appealable.

    You can learn more details about the activity of The Financial Commission on its official website - __financialcommission.org

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  5. #5
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    Nice explanation sir, you have really exposed us to knowing how the financial market and its regulating environments are working. But I would like to ask you some questions. Does country matters in the standards and power of regulators? Because in my view, they matter, and like this International Finance Commission(IFC) which is based in Hong Kong, we hardly hear their efficacy of monitoring and sanctioning.

    Besides, Since there are both Voluntary withdrawal and Expulsion as a means of leaving the commission, are there any security checks before the commission let the broker go? By security checks, I mean; scrutinizing them to know if they had cheated their client or manipulated their service in anyway. And if so, what would the commission do in case they find them guilty?

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    Last edited by cozard007; 01-02-2016 at 09:01 PM.

  6. #6
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    Broker makes money through financial commissions. If you want to make money as a broker you must charge money for every trade a client or trader opens. that is how the brokers makes money. Pretty safe money though as it doest matter your trade wins or not.

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  7. #7
    Trader layigold's Avatar
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    Can somebody like me file a complaint against any broker that has reneged from the terms and conditions of operations to which clients are made to sign for before opening an account and if the presence of such a complainant is required and the fellow does not have the means of travelling because of the distance, how would one expect justice to be served ?Any way , that is why it is good to always invest the money you can afford to lose

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  8. #8
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    thanks for these informations and this explanation that let us to know the goal of working of the organization and i think that when the broker become under regulation will be more trusted and the trader can trade with these brokers safely, but i want to know if the broker cheat their clients can this organization return the rights to the clients or will not do anything.

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  9. #9
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    the same when we have to work to the develop the same we have to work for the right choice we have to develop the same channels we have to see the right channel that we have to work its well in the same trading for the same working choice we work on these is the best institution we know that could help us avoid losing

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  10. #10
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    thank you so much my main man for this detail information about the financial commission and how they are run as to how they affect us traders, it is good to know there are bodies who are out there to help us handle our case if we have any issue with our brokers but very unfortunately many of us do n ot know about this bodies and so we operate in ignorance most of the time but one thing that we are yet to be acquitted with is how to go about it if we have any case with any of the broker who tries to play smart with us , we want to see how a retail traders like us can channel our complain to them.

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