The National Treasury of Kenya has recently introduced a groundbreaking regulatory fee on online forex brokers, creating an additional source of revenue for the Capital Market Authority (CMA).
As part of the amendments to online forex trading regulations, the Treasury announced that brokers will now need to submit an annual fee to CMA.
An annual fee, determined by the gross trading revenue encompassing commissions and rebates from third-party service providers for the respective year, is mandated for online forex brokers to pay to the CMA. Under the updated regulations, both dealing and non-dealing online forex brokers are required to submit 3% annual fee to the CMA. This fee is calculated based on their gross revenue, inclusive of commissions and rebates.
The change aims to alleviate the risks and losses linked to investments in CFDs products and maximize investor protection when trading on such products. This will create a balance between incurred losses and revenues earned by dealing and non-dealing brokers when executing clients’ trades.
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