Course: Forex Trading Masterclass
Prepared by: AI Regulatory Compliance Auditor
Scope: Course Content
Business Model Assessed: Education & Business-to-Business (B2B) Services

Regulatory Frameworks Considered:

• Financial Conduct Authority (FCA – UK)
• European Securities and Markets Authority (ESMA) / MiFID II
• Cyprus Securities and Exchange Commission (CySEC)
• Australian Securities and Investments Commission (ASIC)
• U.S. Securities and Exchange Commission (SEC) and FINRA
• Monetary Authority of Singapore (MAS)
• Dubai Financial Services Authority (DFSA)
• Swiss Financial Market Supervisory Authority (FINMA)
• International consumer-protection and misrepresentation standards

Mandatory Contextual Instruction (Compliance Safeguard Recognition)

All courses and educational programmes include a mandatory disclaimer video at the beginning of each course, which clearly states that:

• The content is provided for educational purposes only
• No financial or investment advice is given
• No personalised recommendations are made
• Trading and investing involve risk
• Learners are responsible for their own decisions

This disclaimer video forms part of the standard course delivery framework and is treated as an embedded, programme-level compliance safeguard.

Accordingly:

• The absence of repeated disclaimers within individual lessons, modules, or materials is not treated as a compliance failure where content remains educational and non-advisory.
• Disclaimer-related issues are only flagged where Course Content would directly contradict, undermine, or nullify the stated disclaimer framework.

Regulatory Scope

The Course Content has been assessed against applicable financial, educational, advertising, and consumer-protection standards, including but not limited to:

• FCA Principles for Businesses, Financial Promotions rules, PERG guidance, and Consumer Duty
• MiFID II and ESMA guidance on investor communications and marketing
• CySEC rules on inducements, marketing, and client communications
• ASIC regulatory guides on financial product advice and promotion
• SEC and FINRA rules governing communications with the public
• MAS advertising and financial services conduct guidelines
• DFSA conduct of business and financial promotion rules
• FINMA investor communication standards

Audit Objectives

1. Determine whether any Course Content could reasonably be interpreted as:
   • Financial or investment advice
   • Trading recommendations, signals, or inducements
   • Performance claims or implied guarantees
   • Personalised guidance
   • Misleading, exaggerated, or unbalanced statements
2. Assess the effectiveness of compliance safeguards, explicitly recognising:
   • The mandatory course-level disclaimer video
   • Educational-only positioning
   • Programme-level risk disclosures
   • Clear separation between education and financial execution
3. Verify communication standards, ensuring content is:
   • Fair, clear, and not misleading
   • Probabilistic rather than deterministic
   • Free from certainty-based or guaranteed-outcome language
4. Evaluate regulatory perimeter integrity, confirming that:
   • The business is positioned as an education and/or B2B services provider
   • No implied regulatory authorisation or licensing is suggested
   • Calls-to-action do not cross into execution, advice, or inducement

1. Executive Summary

Overall compliance risk rating: Low

The Forex Trading Masterclass demonstrates a strong alignment with global regulatory expectations for unregulated financial education. The Course Content is consistently framed as instructional, analytical, and educational, with no evidence of personalised advice, trade signals, or outcome guarantees.

The mandatory programme-level disclaimer video functions as an effective and proportionate compliance safeguard, clearly defining the educational nature of the course and the learner’s responsibility for decision-making.

Strategically, the course reflects a mature compliance posture suitable for direct-to-consumer education and B2B white-label deployment across multiple jurisdictions.

2. Detailed Findings

Finding 1: Use of Technical, Fundamental, and Risk Concepts

• Description: The Course Content covers technical analysis, economic indicators, sentiment analysis, risk management, and strategy development.
• Regulatory Reference: FCA PERG; ESMA investor education guidance; ASIC RG 146 (education carve-out).
• Risk Classification: Low
• Explanation: Content explains how markets work and how traders analyse, without instructing learners to execute specific trades or strategies in a prescriptive or personalised manner.

Finding 2: Discussion of Trading Strategies and Backtesting

• Description: Modules discuss strategy design, backtesting, and performance metrics.
• Regulatory Reference: FCA Consumer Duty (clarity and fairness); SEC/FINRA communications standards.
• Risk Classification: Low
• Explanation: Past performance is contextualised, probabilistic language is used, and no future results are implied or guaranteed.

Finding 3: Risk Management and Trading Psychology Content

• Description: Strong emphasis on risk controls, drawdowns, leverage risks, and behavioural discipline.
• Regulatory Reference: FCA Principles for Businesses (fair, clear, not misleading); MAS conduct standards.
• Risk Classification: Positive / Mitigating
• Explanation: These sections actively reduce consumer harm and reinforce responsible trading behaviour.

No instances were identified where Course Content contradicted or undermined the established disclaimer framework.

3. Positive Compliance Observations

• Effective use of a mandatory programme-level disclaimer as a central compliance control
• Consistent educational framing across all modules
• Absence of trade signals, execution prompts, or personalised recommendations
• Clear separation between education and financial execution
• Strong focus on risk disclosure, uncertainty, and probability, aligning with global best practice

4. Actionable Recommendations

No mandatory remediation is required.

Optional enhancements (non-mandatory, best-practice only):

• Continue reinforcing probabilistic language when discussing historical examples
• Maintain consistency in avoiding outcome-based or promotional phrasing in any future marketing expansions
• For B2B partners, provide a short deployment note clarifying education-only positioning and local compliance responsibility

5. Jurisdictional Considerations

• Educational trading content generally falls outside the regulated perimeter across the assessed jurisdictions when no advice or execution is provided
• Regulatory interpretation may vary at the local level, particularly for marketing communications
• B2B partners and distributors remain responsible for ensuring local compliance, translations, and promotional usage meet jurisdiction-specific requirements

Disclaimer

This compliance review is provided for informational and educational purposes only and does not constitute legal advice or a definitive regulatory determination. While the business model reviewed operates within an education and business-to-business context—which is generally not a regulated activity—regulatory interpretation may vary by jurisdiction.

All partners, distributors, and counterparties are responsible for conducting their own independent compliance and legal checks in accordance with the regulations applicable to their jurisdiction. Ultimate responsibility and liability for regulatory compliance rests with the partner or entity deploying or distributing the content.