CMB Grade B

Main requirements

1. Company Registration Documents: Proof of company registration in Turkey, including articles of incorporation that clearly state the nature of the business as a forex brokerage.
2. Detailed Business Plan: This should outline the brokerage's operational plan, target market, financial projections, marketing strategies, and risk management procedures.
3. Operational and Organizational Structure Documents: Information on the company's management structure, including details on the board of directors, shareholders, and key personnel. Biographies and resumes highlighting the experience and qualifications of the management team and key staff in financial services or related fields are often required.
4. Financial Statements and Capital Adequacy Proof: Audited financial statements for existing companies or initial financial projections for startups. There must be proof of meeting the minimum capital requirements set by the CMB for forex brokers.
5. Risk Management and AML Policies: Detailed descriptions of the company’s risk management policies and procedures, including how it will comply with anti-money laundering (AML) laws and counter-terrorist financing (CTF) regulations in Turkey.
6. IT Infrastructure and Security Measures: Documentation on the IT systems and trading platforms, including descriptions of the technological infrastructure, data security measures, and contingency plans for IT emergencies.
7. Client Protection Measures: Policies related to client fund segregation, investor compensation schemes, and dispute resolution procedures to protect clients' interests.
8. Compliance Program: A comprehensive compliance program that outlines how the brokerage will adhere to regulatory requirements and updates, including monitoring and reporting mechanisms.