FCMC Regulatory Entity
The Financial and Capitals Market Commission is an independent regulatory entity set up in Latvia in 1997. The company works mainly on financial and capital markets. The FCMC ensures the financial stability of the markets of Latvia and strives to protect the interest of its investors, depositors, and insured persons.
Thus, the company makes people’s lives easier while keeping in mind what is good for the markets.
Table of contents
About the company
It is an autonomous institution, and its primary aim is to carry out the banks’ mission, credit unions, insurance companies and insurance brokerage companies, and participants of the financial instruments market in Latvia. In addition, the FCMC is also responsible for private pension funds, payment institutions and electronic money institutions.
Company’s mission
The company’s mission is to take care of the interests of the public by monitoring and regulating the functioning of the capital and financial markets.
Protecting the interests of the investors, depositors, and insured persons, along with financial literacy and development of the financial capital markets, is what the FCMC strives to do.
They keep a strictly professional environment and ethical code to maintain their reputation, and so they do not fall behind on their work.
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Values
The FCMC takes great pride in the values it has within its company. This includes accountability, professionalism and development.
Accountability
If an employee messes up or does something that could cause any kind of damage to the client or the financial market, that employee will be held accountable for their actions. If you let one person, get away with it, where would the rest go?
Professionalism
A company and its employees should always remain professional. If anything happens beyond that company’s ethical or professional boundaries, it will cause problems for everyone else.
The FCMC strives to remain a professional work environment so their employees and the overall market can benefit. A strong professional code is what puts the company on top.
Development
The FCMC wants to keep developing more useful strategies for its company to benefit the financial and capital markets.
The company must come up with basic financial marketing strategies to give a boost to its company. Still, if it comes up with even more innovative ideas that other regulatory bodies have not yet considered, it would be a cherry on top.
Latvia, and its geographical position
Although the FCMC has done considerable work in the financial markets of Latvia, the country itself has a huge advantage because of its location. Since it is located between Germany, Scandinavia, and Russia, due to its location, it has enjoyed being the main trading hub for many of its neighbours, which has also proved to be beneficial for the state itself.
Not only this, but Latvia also has a very well-developed foreign exchange industry which gives it an even more boost in the financial world. The foreign industry has been able to cater to both locals and international clients or overseas traders.
Forex trading in Latvia
Forex trading has become a favourite form of trading for the Latvians. Such appreciation for the forex trading sector has led to the financial and capital markets developing even more in recent years.
It is similar to many other countries worldwide, where there is a whole range of forex traders to choose from.
What should the traders be concerned about?
If you live in Latvia and start up as a new trader, you must consider regulation. The FCMC was set up to regulate the financial and capital markets in Latvia. This commission was created to merge many bodies into one collaborative body from where the job can get done. It happened because the financial markets were expanding at such a fast rate.
FCMC’s services
The FCMC was able to provide better service than the rest of the companies because it is more efficient. The company was able to oversee the overseas markets in a more objective way, which was the need of any good company. When the FCMC started to make such improvements, risk factors were much easier to identify and prevent. In this way, the markets and clients could better be protected.
Before the FCMC was created, the Securities Market Commission, the Insurance Supervision Inspectorate, and the Credit Institutions Supervision Department of the Bank of Latvia did this supervision.
After a series of unfortunate incidents, the FCMC decided to take the regulations more seriously and tightened any loose ends. The forex traders in Latvia started to become more cautious after they went through several scams and frauds. After this, the FCMC was forced to level up its rules and regulations to prevent any such incidents in the future.
The US is one of the few countries that have pointed out that the rules in Latvia are too easy going which is why such things happen in the first place. It has even called for serious action to be taken by the FCMC and to use stricter supervision after a string of money-laundering issues came to light.
To keep everything smooth and prevent any further unnecessary investigation, the commission’s head decided to take one step ahead and resign from their position.
Customer Service at the FCMC
The FCMC comes up with different ways to help out its consumers and to clear out any queries if they have any. In addition, the FCMC provides information about the procedure that needs to be followed to get the complaints about the FCMC or the Forex market registered.
The company has a strict rule against getting involved between the clients and their providers. So the only thing that the FCMC can do is point the parties in the right direction.
The FCMC is popular for many reasons, and one of them is its professional and ethical boundaries. Moreover, it has helped the Latvian financial and capital markets evolve greatly in recent years.
Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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