The absence of meaningful regulation, both in the United States and in other countries where introducing brokers or money managers solicited investments, was initially the norm.

However, the industry urgently needed regulation and the steps taken to realise this have been welcomed by both the public and the industry role players.

The FAIS Act is the "Financial Advisory and Intermediary Services Act" and all financial services advisors and intermediaries, including all forex advisors, Introducing brokers and account managers is be regulated in terms of this act. Financial Services Providers (FSP), including forex companies operating in South Africa, must have registered by 30 September 2004 with the Financial Services Board.

Due to a backlog in processing applications the FSB gave a general exemption to all FSP applicants that indeed made licence applications by the due date.

DayForex is an authorised FSP (No. 15315) to carry on business in respect of: