How do I complete a fit and proper test
A fit and proper test must be carried out prior to completing the forex license and registration process. The fit and proper test is a necessary legal stage. A forex company cannot conduct brokerage services without first completing the fit and proper test.
The DeltaQuest team provide forex broker guidance and advice on what shall be required in order to pass the ‘fit and proper test’ successfully in all major jurisdictions that regulate forex business and investment business. Please Contact Us to learn more.
Completing a fit and proper test explained
A fit and proper test involves a thorough test being carried out to ensure that suitable people are running a forex brokerage or investment business.
The test is carried out by the regulatory body in place within the jurisdiction where your forex company is established.
In order to complete a fit and proper test, you must first submit an application form to the relevant regulatory body. This form must contain thorough details pertaining to your application.
Once the application has been received, the body will carry out a series of checks, to ensure that the information that has been provided by the application is accurate. Other information will be checked, including applicant’s information against their own records, and against the records kept by other regulatory authorities, government and law enforcement agencies and commercial organizations.
If the fit and proper test application is not approved, the licensing and registration procedures may be declined. Upon passing the fit and proper test, you will still be subject to regular checks by the regulatory authorities.
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