A: It depends on the conditions.
Trading of Forex Futures is captured and licensable under the Financial Services (Markets in Financial Instruments) Act, that transposes the Markets in Financial Instruments Directive (“MiFID”) into local legislation. However, trading spot FX falls outside the scope of MiFID and is not a regulated activity, hence, not licensable by the GFSC.
However, a firm will have to consider whether any of the activities and/or services it conducts, may be captured under the Financial Services (Investment and Fiduciary Services) Act or the Financial Services (EEA)(Payment Services) Regulations.
Please note that it is ultimately up to the firm to ensure it applies for the correct authorisation and we would, therefore, suggest that you seek independent advice from a local professional body such as a law or accountancy firm.