Introduction to BCU Regulation

FX Empire Editorial Board
Last Update:
At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

The Central Bank of Uruguay was created in 1967 after passing 196 article of the Constitution. Its main function at the time was to issue currency of the country and to regulate the entire banking system. After a bank charter in 1995 it gained far more responsibilities, functions and powers. It became the main authority to create and implement monetary policy, supervise financial institutions that make up the financial system, regulate the financial system, fight against money laundering and financing of terrorism and encourage transparency in financial markets. The key department that does the monitoring of the financial sector is The Superintendency of Financial Services.

BCU Responsibilities

According to the laws of the State BCU is entrusted with responsibilities to develop regulations that are oriented towards achieving best result in supervising financial companies under its authority, transparency and efficiency of financial markets and creation of trust as well as confidence for the users of the system. It likewise, carries outs various tests and checks of new entrants in financial markets including competency of management of the companies that BCU is authorized to supervise. The Bank has a special customer care system that is meant to build investors’ confidence in the financial system by means of various educational programs. Finally, the institution constantly works on improvement of regulation following user requests and complaints as well as suggestions from investment brokers under its supervision.

How BCU Regulation protects you

The department of The Superintendency of Financial Services seeks to communicate with both users and providers of financial services and for that purpose it has established various ways to help the final recipient of the services. You can get a consultaiton or file a complaint against a specific Forex broker under BCU supervision. Your claim will be promptly analyzed and if found guilty a broker will have to repay the damage that has been caused for you. The department also carries out surveys about customer satisfaction and you can share your insights, problems or offer advise regarding services provided by various markets participants.

Guidelines for BCU Regulated Brokers

Forex brokers and any other financial institution that wants to be regarded as regulated has to be authorized to legally function as provider of financial services with prior favorable report from BCU and license from The Superintendency of Financial Services. Brokers also have to prove they have enough of substantial capital to function. Having acquired the authorization they will have to send financial reports in a timely and consistent manner, have adequate risk control in their transactions and comply with the regulation imposed on Forex brokers by BCU.

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US