In Singapore:
- Monetary Authority of Singapore (MAS) - www.mas.gov.sg
- Singapore Exchange (SGX) - www.sgx.com

In each country the regulation of the financial sector is done by both: the Central bank and the Financial Services Authority (FSA), which could be a subsidiary of the Central bank or act as an independent body. The initial role of the FSA is to strengthen the monitoring and regulation of the financial markets, and in this way allow the Central bank to focus on other important areas of financial regulation.

FSA authorizes, supervises and monitors all financial entities which conduct financial activities in the country: including banks, investment funds, brokers, insurance companies and financial advisers. Forex brokers require a license from FSA or from the Central bank to conduct brokerage activity in the country.

The EU is not a direct regulator of the Forex industry and its participants. The European Union is a cross national independent economic and political union of, currently, 27 countries. Its executive body - the European Commission - is responsible for proposing legislation in a variety of different industries. When it comes to the financial industry, the EU is very active in developing rules for Europe's financial markets. European legislation comes in the form of Directives, which express the objective to be achieved. Among well-known directives you might have heard about:
- Markets in Financial Instruments Directive (MiFID)
- Third Money Laundering Directive
- Capital Requirements Directive (CRD) / Basel 2
- Transparency Directive

The rules of FSA domestic policy can differ from those suggested by the EU. But the idea is that while pursuing its own domestic policy, FSA is expected to be actively engaged in co-operation with the EU to achieve a better regulation in Europe.

XTB broker is regulated by Polish FSA. Regulation by either the National bank or by FSA doesn't allow any room for violation of proper business conduct. Any individual trader can submit a complaint about the misconduct of his broker, which will be investigated. When found guilty, a broker will either lose a license or get a warning and pay penalties.

Markets in Financial Instruments Directive (MiFID) is a directive, guidelines from European Commission.

Malta Financial Services Authority (MFSA) - is a financial regulator in Malta.

I'm not sure what you mean when asking about my opinion, but in every country there is a FSA or a similar organization that supervises and regulates financial sector. If you look to open an account with a Forex broker in Malta, seek first of all for those that are regulated with MFSA.

I understand we need to clarify about MiFID:

MiFID is not an organization. It's a document - a directive from the European Commission of the European Union (EU). This document contains rules and guidelines to be followed by financial organizations in the countries which are members of the EU.

When a Forex broker mentions about MiFID, it simply means that the broker complies with the guidelines and principles outlined in the directive.
(MiFID stands for "Markets in Financial Instruments Directive").

how about regulation in Brunei Darussalam?

Do you think MAS's powers are too severe? And if so, which powers would you regard as too severe???