Swissquote

Regulatory Licenses and Legal Entities

Swissquote operates a network of regulated banking and investment subsidiaries across major global financial centres. Oversight is distributed across several top-tier regulatory authorities, providing differing client protections, leverage limits, and legal jurisdictions depending on the entity onboarding the client.

Client Fund Protection

Swissquote implements strict institutional arrangements to protect customer capital. In accordance with FINMA and FCA statutory requirements, client monies are fully segregated from corporate operational balances and held at independent, tier-1 financial institutions in segregated bank accounts. This segregation prevents client capital from being utilized to satisfy corporate liabilities or operational debts during insolvency proceedings.

Depositor compensation protections depend on the contracting legal entity. Under Swissquote Bank Ltd in Switzerland, cash deposits are legally protected up to CHF 100,000 per client per banking license under the Swiss depositor protection regime (esisuisse). For UK clients under Swissquote Ltd, statutory protection is administered by the Financial Services Compensation Scheme (FSCS), subject to standard regulatory eligibility rules.

Negative balance protection is provided to retail clients trading forex and CFDs, primarily across the European Union and United Kingdom entities. This protection guarantees that client balances cannot drop below zero in rapid market movements, resetting any negative deficit caused by slippage or market gaps. Professional clients and certain non-EU entities are excluded from statutory negative balance guarantees and remain liable for underlying portfolio deficits. The broker also employs automated margin close-out protocols to liquidate open positions if total account equity drops below mandatory margin maintenance thresholds.

Company History and Transparency

Swissquote was founded in 1996 in Gland, Switzerland, where its international corporate headquarters remain located at Chemin de la Crétaux 33. The group has grown from an online financial information platform into a diversified digital bank offering securities brokerage, institutional services, foreign exchange, and asset custody.

The broker exhibits high corporate transparency due to its public ownership structure. Swissquote Group Holding Ltd has been listed on the SIX Swiss Exchange since May 29, 2000, under the ticker symbol SQN (ISIN: CH0010675863). Being an exchange-listed Swiss banking group, the company routinely publishes audited annual and interim financial statements, disclosures of regulatory capital adequacy ratios, and detailed shareholder structures. As a banking entity with a multi-billion-franc market capitalization, Swissquote operates under more rigorous public reporting and governance standards than privately owned brokerage competitors.

What Traders Say About Swissquote Safety

They pretend it’s regulation.

Other Options

For a like-for-like regulatory comparison, Saxo and HF Markets are the most relevant alternatives to Swissquote. All three carry the same tier-1 classification. Saxo overlaps with Swissquote under DFSA and FCA oversight, while HF Markets shares CYSEC and DFSA oversight with it. Investor compensation or comparable coverage is listed in all three profiles.

Who Can Open an Account?

Swissquote accepts applications from private retail investors, qualified high-net-worth individuals, corporate entities, and institutional participants across numerous international territories. Regional access depends on local regulatory compliance frameworks, with specific onboarding entities designated based on the applicant's country of tax residency.

Due to strict international regulatory compliance policies, residents of certain jurisdictions cannot open an account. Restricted territories include Afghanistan, Belarus, Botswana, Cameroon, Canada, Chad, Cuba, Democratic Republic of Congo, Egypt, Eritrea, India, Iran, Iraq, Israel, Ivory Coast, Japan, Laos, Lebanon, Liberia, Libya, Maldives, Myanmar, Nepal, North Korea, Pakistan, Puerto Rico, Republic of Congo, Somalia, South Korea, Sudan, Syria, Togo, Tunisia, the United States, and Zimbabwe.

Registration and Verification

As a regulated Swiss banking institution, Swissquote enforces rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) standards during the onboarding sequence. The account creation process begins with an online registration form detailing employment status, financial background, and prior derivative trading experience.

Verification requires prospective clients to submit clear digital documentation, including:

• Proof of Identity: A valid government-issued international passport or national identity card.
• Proof of Residence: A utility bill, local tax bill, or official bank statement dated within the preceding six months confirming the applicant's residential address.
• Source of Wealth Verification: Declarations or documentation regarding annual income, total liquid assets, and funding provenance.

Depending on the onboarding entity and jurisdiction, the verification pathway may include real-time biometric video verification or digital ID checks. Once compliance approves the documentation, the initial deposit must originate exclusively from a verified bank account registered under the client's own legal name.

Base Currencies and Initial Funding

Swissquote offers primary account base currency options in Swiss Franc (CHF), Euro (EUR), and US Dollar (USD), enabling traders to align their trading balances with their domestic funding source. Baseline entry requirements depend on the chosen product line. While standard banking and deposit accounts have no minimum deposit requirement ($0), dedicated forex and CFD trading accounts require a baseline opening balance of $1,000. Higher-tier retail or institutional accounts carry steeper capital thresholds, requiring $25,000 for Premium status and $50,000 for Prime accounts.

What Traders Say About Their Account Opening

Instead of a straightforward onboarding, I was put through an endless loop of document requests.

Which Account Should You Choose?

Swissquote divides its trading accounts into distinct tiers based on starting capital, trading volume, and institutional complexity. This structure matches client capitalization with specialized pricing and technical tools.

The Standard Account serves as the entry portal for retail forex and CFD execution, requiring an initial deposit of $1,000 with spreads averaging 1.8 pips on EUR/USD and zero trade commissions. The Premium Account lowers transaction spreads across major currency pairs in return for a higher deposit baseline of $25,000, catering to regular market participants. For institutional and high-volume traders, the Prime Account requires a minimum deposit of $50,000, unlocking raw floating spreads down to 0.6 pips, free VPS hosting facilities, and personalized technical integration.

The Professional Account is available to experienced market participants who qualify under regulatory elective criteria. Qualification requires fulfilling at least two out of three criteria: executing at least 10 transactions of significant size per quarter over the trailing four quarters, holding an investment portfolio exceeding EUR 500,000, or maintaining at least one year of professional experience within the financial sector in a derivatives-related role. Professional status unlocks higher leverage up to 1:400 and spreads starting from 0 pips, though clients must formally waive standard retail protections such as mandatory negative balance guarantees and specific regulatory risk warnings.

Islamic / Swap-Free Account

Swissquote provides Islamic (swap-free) trading accounts tailored to Muslim traders adhering to Sharia principles, which prohibit the payment or receipt of overnight interest (riba). These accounts waive standard overnight rollover debits and credits on leveraged forex and CFD trades held past market close.

Swap-free capability is primarily available upon formal request on Standard and Premium accounts trading on MetaTrader 4 and MetaTrader 5. Approval is administered through dedicated swap-free verification guidelines, and the broker reserves the right to review trading behavior or revoke swap-free terms if account activity indicates potential arbitrage or non-compliance with operational conditions.

Spreads and Commissions

Swissquote utilizes a floating-spread pricing mechanism across its retail forex and CFD catalog, incorporating execution charges directly into the buy and sell quotations. This spread-only framework eliminates per-lot ticket commissions on currencies, commodities, and index CFDs for retail account holders. Conversely, physical equities, ETFs, and listed options or futures involve separate direct commissions. Exchange-traded equity commissions typically start from 0.1% on major equity bourses, subject to regional transaction minimums such as 6 CHF for Swiss domestic shares or €14.95 across broader European markets, while exchange-listed futures and options start from EUR 2 or $2.50 per contract.

The baseline spread pricing reflects the broker's positioning as a premium Swiss banking counterparty rather than a discount brokerage. While an average spread of 1.8 pips on EUR/USD and 2 pips on GBP/USD is wider than retail discount ECN structures, costs contract meaningfully on Premium and Prime account tiers, which scale down spreads to 0.6 pips for accounts funded with $50,000 or more.

Other Charges

Deposits

Swissquote does not impose transaction charges on funding executed via standard bank wire or SEPA transfers. However, deposits conducted through debit or credit cards incur a direct surcharge ranging between 2.2% and 2.5%, depending on the client's country of residence. Additional intermediary banking fees may be levied independently by correspondent banks during cross-border wire processing.

Withdrawals

Bank wire withdrawals are generally free for standard forex and CFD trading accounts maintained under Swissquote Ltd in the United Kingdom. However, withdrawals conducted under other group banking entities or specialized accounts often incur outbound fees of approximately $10, €10, or CHF 2 for standard bank transfers, while international wire transfers outside SEPA zones and cryptocurrency payouts carry a flat $10 processing charge.

Inactivity

An inactivity maintenance fee of 10 units of the account's base currency (e.g., $10, 10 EUR, or 10 CHF) is debited monthly on accounts that exhibit no trading or transactional activity for six consecutive months. Extended dormant accounts holding securities custody may also face custodial administration fees.

Overnight Positions

Positions held open beyond 22:00 GMT (or daily market settlement) incur overnight financing costs known as swap fees. These charges are derived from interbank interest rate differentials between the underlying currencies, plus a fixed institutional markup. Swaps can result in either a debit or a credit to the account balance depending on market direction and yield differentials. Cryptocurrency positions generally carry substantially higher rollover financing rates.

Currency Conversion

Swissquote assesses a currency conversion spread of 0.95% for standard online currency conversions within multi-currency account balances. When executing trades on securities or assets denominated in a currency differing from the underlying account's base currency, a settlement spread of 0.90% is applied. Conversions involving emerging market or minor currency pairs incur higher conversion charges ranging from 1.25% to 1.50%.

What Traders Say About Their Costs

The fees are relatively high compared to other brokers such as Interactive Brokers or Degiro. The spreads and fees for forex and cryptocurrency trading are not always the most competitive on the market.

Other Options

ATFX and MultiBank Group both sit close to Swissquote on pricing, using floating-spread pricing with commissions. ATFX is compared at 1.7/2 vs 1.8/2 on EUR/USD and GBP/USD, while MultiBank Group is compared at 1.7/2 vs 1.6/2 on EUR/USD and GBP/USD.

Swissquote Bank Europe occasionally provides promotional asset-transfer incentives and trading credit schemes for newly onboarded clients, subject to strict jurisdictional eligibility. Under promotional campaigns such as promo code MKT_INVESTNOW, new non-forex trading clients funding an account with new capital or transferred securities can receive tiered bonuses up to €1,000, structured as €100 for deposits between €10,000 and €49,999, €250 for deposits up to €199,999, €500 up to €499,999, and €1,000 for deposits exceeding €500,000. These bonus credits require assets to be maintained on the platform for a minimum duration of 12 months. In addition, the broker operates client referral programs awarding CHF 100 in non-withdrawable Trading Credit for stock trading referrals or up to CHF 800 for qualified forex account introductions, a student incentive granting CHF 200 in Trading Credit via promo code MKT_STUDENTS, and asset-transfer fee coverage up to CHF 500. Traditional deposit bonuses are strictly prohibited for retail CFD and forex accounts operating under FCA and CySEC jurisdictions in compliance with European regulatory standards.

Other Options

CMC Markets and FXCM are both relevant promotion alternatives to Swissquote, although the exact overlap differs between them.

Advanced Trader

Advanced Trader is Swissquote's proprietary flagship trading terminal, available as a downloadable desktop platform, a web-based portal, and a dedicated mobile application. Designed to cater to multi-asset trading across forex, CFDs, and precious metals, Advanced Trader features fully customizable multi-screen workspace layouts, integrated position-sizing calculators, and advanced order types including OCO (Order Cancels Other) and if-done orders. The platform integrates more than 80 native technical indicators, advanced charting modules, and embedded financial market analysis.

Swissquote CFXD

CFXD is a specialized proprietary mobile trading platform developed specifically for margin trading in currencies, commodities, and index derivatives on iOS and Android devices. It delivers real-time market quotes, integrated position tracking, fast one-tap order entry, and built-in technical pattern recognition tools powered by Autochartist, enabling active market monitoring on mobile devices.

MetaTrader 4

Swissquote supports MetaTrader 4 (MT4), the widely adopted industry platform developed by MetaQuotes Software. MT4 provides comprehensive automated trading infrastructure, supporting algorithmic scripts and Expert Advisors (EAs) coded in MQL4. The broker provides MT4 across desktop software, web terminals, and mobile devices, connecting clients to live market pricing, custom technical indicators, and multi-timeframe charting packages.

MetaTrader 5

MetaTrader 5 (MT5) serves as the modern multi-asset successor to MT4, delivering expanded technical analysis capabilities and enhanced algorithmic processing. Swissquote's MT5 implementation provides 21 chart timeframes, native depth of market (DOM) liquidity views, an integrated economic calendar, and full hedging capabilities that permit holding opposing positions simultaneously on the same financial asset. Algorithmic traders benefit from the multi-currency strategy tester powered by MQL5.

TradingView

Swissquote allows clients to connect their live Forex & CFD (CFXD) accounts directly to TradingView via API integration. This connectivity allows traders to execute orders directly from TradingView's charting interface, leveraging community-published indicators, Pine Script backtesting scripts, and social analysis tools while utilizing Swissquote's underlying liquidity and trade execution.

Mobile App Experience

Swissquote provides mobile access through its proprietary CFXD application, designed for active derivative traders on handheld devices.

Alongside CFXD, the broker also provides the general Swissquote App, which is specifically optimized for banking, long-term wealth management, physical stock investing, and cryptocurrency custody.

Trading Tools

Swissquote provides an array of technical and quantitative trading tools across its platform suite. Clients access automated chart-pattern recognition via native Autochartist integration within the CFXD environment, real-time financial market news feeds streamed directly from Dow Jones Newswires, and interactive risk calculators embedded inside Advanced Trader. For passive and thematic investors, Swissquote provides Themes Trading certificates, allowing clients to invest in curated portfolios centered around macro trends such as technology innovation or sustainability.

Order Execution

Swissquote operates a hybrid execution model utilizing STP (Straight-Through Processing) and direct interbank routing to Tier-1 liquidity providers. Order execution speeds average approximately 9 milliseconds with reported fill rates exceeding 98%. In volatile market conditions or periods of illiquidity, orders are subjected to market execution dynamics where positive or negative slippage can occur, executing unfilled market orders at the next best available price.

Automated and Copy Trading

Automated trading is supported via MetaTrader 4 and MetaTrader 5 through Expert Advisors, operating without internal restrictions on algorithmic frequency, scalping algorithms, or grid structures. For high-speed institutional routing, Swissquote provides FIX API protocol solutions and REST API integration, requiring a minimum account deposit of $50,000 for FIX API provisioning across securities, forex, and derivatives.

Copy trading is facilitated through established third-party services rather than a proprietary retail copy-trading network. Clients can subscribe to signal providers via the native MetaTrader Signals marketplace or integrate their accounts with Myfxbook AutoTrade to mirror verified external strategies, typically requiring a minimum account equity of $1,000. For hands-off portfolio management, Swissquote also operates an automated Robo-Advisor service.

Virtual Private Server (VPS) hosting is available to maintain uninterrupted 24/7 automated EA execution. Swissquote grants free VPS access to clients maintaining a Prime Account with a deposit of $50,000 or equivalent high-volume activity, hosting cross-connects directly to primary execution engines located at London Equinix LD4. Clients with standard balances can connect their accounts to external VPS providers such as FXVM or ForexVPS365.

What Traders Say About Their Trading Platforms

The app is down so often that it makes the platform almost unusable.

Other Options

ActivTrades and Doo Prime both overlap closely with Swissquote on platform choice, with MT4, MT5, and TradingView shared in each comparison. Copy trading is available across all three. API trading is available across all three.

Swissquote delivers broad multi-asset market coverage spanning institutional derivatives and direct investment vehicles. Clients can trade foreign exchange and contract-for-difference (CFD) products across equity indices, commodities, individual equities, and bonds, alongside direct exposure to cryptocurrencies, traditional cash equities, and exchange-traded derivatives.

Market breadth provides solid institutional coverage across global currency markets and primary equity indices, though the dedicated CFD share offering (300 instruments) represents a more focused selection compared to specialized multi-thousand-asset share brokers. However, clients holding standard multi-asset custody accounts can access physical equities, listed options, and ETFs across major global stock exchanges through Swissquote's banking infrastructure.

Other Options

Orbex and markets.com are both close alternatives to Swissquote in terms of tradable-market coverage. Orbex has similar overall breadth (6 vs 5 categories). markets.com has similar overall breadth (6 vs 7 categories). Orbex is particularly close on stocks (300 vs 300) and forex (80 vs 70). markets.com is particularly close on stocks (300 vs 257) and indices (26 vs 25).

Leverage by Asset Class

Swissquote applies maximum leverage tiers determined by the governing regulatory jurisdiction, the contracting legal entity, and the client's retail or professional status. For standard retail accounts registered under European entities (FCA in the UK and CySEC in Cyprus), statutory leverage caps apply as follows:

• Forex: Up to 1:30 for major currency pairs and 1:20 for non-major currencies.
• Indices: Up to 1:20 on major stock benchmarks, scaling down to 1:10 for secondary indices.
• Commodities: Up to 1:20 on Gold; up to 1:10 on other commodities and energies.
• Stocks: Up to 1:5 on individual corporate share CFDs.
• Cryptocurrencies: Up to 1:2 on cryptocurrency CFDs (where permitted by local regulations).

For accounts operating under Swissquote Bank Ltd in Switzerland governed by FINMA, retail clients can access leverage up to 1:100 on forex trading. Qualified clients approved for Professional Client status under FCA, CySEC, or FINMA entities can utilize maximum leverage up to 1:400 on major currency pairs.

Margin Requirements and Stop-Out Levels

Margin monitoring is maintained continuously by the broker's automated risk management systems. The Margin Call level is fixed at 100%, indicating that when account equity falls equal to the mandatory margin requirement, the platform alerts the trader to deposit additional capital or reduce exposure. The Stop Out level is calibrated at 30%, which triggers automated position liquidation starting with the largest loss-making position if account equity falls to or below 30% of total margin requirements. For professional clients, customized margin covenants and institutional stop-out thresholds apply.

Position Limits and Trading Restrictions

The minimum permissible transaction volume on forex and CFD products is 0.01 standard lots (1,000 units of the base currency), allowing granular position sizing. Swissquote operates an open execution policy that places no structural restrictions on trading strategies: full hedging is permitted on MetaTrader 5 and CFXD, allowing traders to hold simultaneous long and short positions on the same instrument; scalping and ultra-fast high-frequency trading are unrestricted; and news trading during major macroeconomic releases is fully supported with direct STP market access.

Risk Protection Features

Risk management controls include standard pending order capabilities such as stop-loss, take-profit, trailing stop orders, and contingent OCO orders within Advanced Trader. Negative balance protection is automatically enforced for retail clients trading forex and CFDs under UK and European regulatory divisions, guaranteeing that retail accounts cannot fall into a negative balance. Guaranteed stop losses are not provided, meaning standard stop orders remain subject to market gap execution and slippage during severe market volatility.

Regional and Regulatory Differences

Regulatory protections and commercial trading terms vary substantially across Swissquote's operating divisions. UK and European clients under FCA and CySEC supervision receive statutory leverage restrictions capped at 1:30, mandatory negative balance guarantees, and access to domestic statutory compensation frameworks (such as the FSCS in the UK). In contrast, accounts booked under Swissquote Bank Ltd under FINMA oversight allow higher retail leverage up to 1:100 and fall under the Swiss banking depositor protection scheme of up to CHF 100,000. Clients classified as Professional waive mandatory negative balance safeguards in exchange for maximum leverage up to 1:400 and lower margin thresholds.

What Traders Say About Trading Conditions

In futures trading, being locked out of trading means you cannot set stop-loss orders, manage risk, or close open positions. If Swissquote cannot maintain 24/7 uptime for international markets like Globex, they must provide a dedicated 24-hour phone trading desk to handle emergency orders during outages.

Making a Deposit

Swissquote supports diverse electronic and traditional banking funding methods. Account funding must originate from bank accounts, cards, or electronic wallets registered in the exact legal name of the account holder, as third-party payments are strictly rejected under AML protocols.

While payment rails like Mastercard, Visa, Revolut, Wise, and Skrill process immediately or within approximately 2 hours, card transactions incur a processing surcharge of 2.2% to 2.5%. Wire transfers and SEPA payments incur no deposit fees from Swissquote, taking between one and three business days for bank settlement. Even though payment methods show a $0 broker processing floor, the initial deposit must satisfy the minimum funding threshold of the chosen account type ($1,000 for standard trading accounts).

Withdrawing Funds

Withdrawals are handled through the secure Swissquote account management portal, returning capital to verified payment methods previously utilized for funding.

Swissquote generally processes outgoing withdrawal instructions within one business day. Final settlement depends on banking channels, with SEPA transfers settling in one to two business days and international SWIFT wire transfers requiring one to three business days. While wire payouts under Swissquote Ltd in the UK are typically free of broker fees, international wires from Swiss banking accounts often incur a fee of approximately $10, €10, or CHF 2, and external correspondent banks may levy intermediary processing costs.

What Traders Say About Their Payment Methods

First it asks for a deposit to activate account then it refuses it then it accepts it Today after many days(about 2 weeks) I received email of refusal and money back.

Other Options

Bold Prime and Orbex are both close funding alternatives to Swissquote. Withdrawal-method coverage is also similar (5 vs 4). Shared deposit methods include Mastercard, Visa, Wire Transfer, while shared withdrawal methods include Mastercard, Visa, Wire Transfer.

How to Contact Swissquote

Swissquote provides customer assistance across multiple communication channels, operating specialized desks for general administration and dedicated foreign exchange trading support.

Support is offered across a broad spectrum of languages reflecting the broker's international presence, including English, French, German, Italian, Arabic, Chinese, Spanish, Russian, Czech, and Polish.

What Traders Say About Their Support

nice helpful AI chat help.

Other Options

ActivTrades and ACY Securities both sit close to Swissquote on customer support, with feedback in each comparison described as mixed. Across both comparisons, feedback highlights helpful guidance as a shared strength, while funding support issues appears as a common concern.

Research Tools

Swissquote provides comprehensive institutional and retail research tools across its platform infrastructure. Advanced Trader and the CFXD mobile app incorporate real-time financial market news delivered directly from Dow Jones Newswires, keeping active traders informed of breaking geopolitical and macroeconomic developments. The broker provides daily analytical market commentary, in-depth weekly economic outlooks, and an interactive economic calendar detailing upcoming global macroeconomic data prints with historical and consensus figures.

Technical market analysis is supported through native integration with Autochartist on mobile and MetaTrader platforms, delivering automated chart-pattern recognition, key support and resistance mapping, and volatility alerts. Active traders can also leverage direct TradingView integration to access social trading sentiment, custom Pine Script indicators, and shared analytical ideas. For macro-oriented thematic investors, Swissquote publishes dedicated proprietary research supporting its Themes Trading certificates.

Education

The educational resources developed by Swissquote cater to novice traders and established market participants seeking technical refinement. The educational library comprises downloadable instructional eBooks, step-by-step trading guides, and video tutorials detailing platform functionality across Advanced Trader, MetaTrader 4, and MetaTrader 5.

Swissquote hosts regular interactive webinars covering technical charting strategies, fundamental analysis concepts, and risk management frameworks. Educational content is further supported by an extensive financial glossary explaining derivative concepts, contract specifications, and margin terminology. In addition, Swissquote organizes university-level initiatives such as the Swissquote Campus Challenge, allowing student teams to design thematic investment certificates and compete for cash prizes, promoting applied financial literacy.

Swissquote stands out as an established institution within online trading, combining the security and capital backing of a publicly listed Swiss bank with institutional multi-asset market connectivity. Its primary strength lies in its tier-1 regulatory architecture, with oversight spanning FINMA, the FCA, CySEC, and other international regulators, backed by Swiss depositor protection of up to CHF 100,000 for banking cash balances. Corporate transparency is further enhanced by its listing on the SIX Swiss Exchange, setting a higher corporate governance standard than privately held brokerages.

However, Swissquote's premium banking positioning entails distinct trade-offs. The broker requires a steep baseline entry requirement of $1,000 for standard forex trading, scaling up to $50,000 for Prime accounts. Transaction costs on entry-level tiers are comparatively wide, averaging 1.8 pips on EUR/USD, and non-trading fees such as the 0.95% currency conversion spread and credit card funding charges between 2.2% and 2.5% add to overall friction. Furthermore, its CFD share offering of 300 instruments is relatively focused, though direct exchange access to global cash shares is available via custody accounts.

In conclusion, Swissquote is best suited for well-capitalized traders, institutional participants, and algorithmic specialists who prioritize institutional solvency, Swiss regulatory oversight, and flexible platform connectivity—spanning Advanced Trader, MetaTrader, TradingView, and FIX API—over the rock-bottom retail pricing models offered by discount brokers.

Our assessment considers relevant broker specifications, official documentation, regulatory records, pricing information, account and platform information, and third-party trader feedback where specifically required by the review methodology. Descriptive terms and classifications used throughout our reviews, including those relating to leverage and tradable instruments, are based on the criteria and definitions established in our review methodology. Broker conditions can change over time, and reviews reflect the verified operational parameters and regulatory frameworks applicable at the review date.