International and local financial regulatory bodies and agencies, including the Financial Stability Board (FSB), the European Securities and Market Authority (ESMA), the Islamic Financial Services Board (IFSB), the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) set prudential standards, regulations and guiding principles for the effective and sound supervision of the financial industry and the forex market to ensure investor protection and successful development of the securities market. A forex broker must comply with all set standards under the jurisdictions it is registered or licensed and must undergo regular audits.