Financial and Capital Market Commission of Republic of Latvia

The Financial and Capital Market Commission of Republic of Latvia (FKTK) commences its activities in 2001. FKTK is an autonomous public institution, which carries out the supervision of Latvian banks, credit unions, insurance companies and insurance brokerage companies, participants of financial instruments market, as well as private pension funds, payment institutions and electronic money institutions.

FKTK supervises provision of currency exchange (FOREX) services, which are not performed for commercial purposes and have following characteristics – an initial security deposit in advance of a transaction is required, expected transaction settlements are net cash settlements, the investor’s financial results depend on the currency exchange rate fluctuations.

FKTK ensures enhancing stability, competitiveness and development of the financial and capital markets as well as protection of the interests of investors, depositors and insured persons.

Its mission is to take care for the public interests by regulating and monitoring the functioning of the financial and capital markets, by protecting the interests of investors, depositors and the insured persons, including financial literacy, the development and stability of the financial and capital markets.

1. Safety of Client Funds：

Brokers are required to put clients funds into segregated accounts.

2. Requirement on Forex Brokers' Reports：

Annual Audit Reports; Daily Transaction Reports.

Generally speaking, FKTK-regulated broker profile will be found at the INVESTMENT SERVICE PROVIDERS page on FKTK website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

1. Find the name of the forex broker, which you can get from the broker's website; 

2. Enter the name into the search bar on https://www.fktk.lv/en/market/investment-service-providers/;

3. And you'll get the broker's contents on FKTK website. At this time you need to check the 'Market segments' and 'Licenses / Types of activities':  check if the broker belong to 'Investment service providers' or 'Bank' under 'Credit institutions' and has the authorization to provide 'Currency exchange services where these are related to the provision of investment services';

4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on FKTK website matches the ones you'll go to trade with, especially the website and email etc. 

If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a FKTK-regulated broker, you can proceed the following ways:

1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way: If you're not satisfied with the broker's solution, try to contact FKTK, which helps to solve the disputes between the forex broker and the investor.

Contact

Address: Kungu Street 1, Riga, LV 1050, LATVIA

Phone: (371) 67774800 

Fax: (371) 67225755 

E-mail: fktk@fktk.lv

3rd way: If the first 2 ways above can't solve the dispute, the last way is to issue a case to the court in Latvia.