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Knowledge Centre

Dealing in Capital Markets products

Who is exempt from the requirement to hold a CMS licence to deal in spot FX contracts for the purposes of leveraged foreign exchange trading?


  • Persons who are exempted under Paragraph 4(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations.

    Persons who are exempted under Paragraph 4(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations, including but not limited to the following, subject to specified conditions and restrictions:

    a. A person who carries on business in dealing in such capital markets products for his own account and with a related corporation or connected person or for his own account or an account belonging to and maintained wholly for the benefit of a related corporation or connected person, and with or through a specified licensed or registered entity.

    b. A person whose dealing in such capital markets products is solely incidental to his carrying on business in fund management.

    Paragraph 4(1) of the Second Schedule, Securities and Futures (Licensing and Conduct of Business) Regulations

    Written by KGP Legal LLC