Regulatory bodies play a critical role in ensuring the integrity and stability of financial markets by overseeing and enforcing rules and regulations for market participants. In the forex market, there are several regulatory bodies around the world that oversee and regulate forex brokers and ensure that they operate in a fair and transparent manner. Here is a comparison of different regulatory bodies and their regulatory frameworks:

1. National Futures Association (NFA): The NFA is a self-regulatory organization that oversees and regulates the futures and forex markets in the United States. The NFA enforces compliance with its rules and regulations by conducting audits, investigations, and disciplinary actions against its members.
2. Financial Conduct Authority (FCA): The FCA is the regulatory body that oversees the financial markets in the United Kingdom. The FCA regulates forex brokers, banks, and other financial institutions to ensure that they operate in a fair and transparent manner.
3. European Securities and Markets Authority (ESMA): The ESMA is an independent EU authority that oversees the financial markets in the European Union. The ESMA regulates forex brokers and ensures that they comply with EU regulations such as MiFID II.
4. Australian Securities and Investments Commission (ASIC): The ASIC is the regulatory body that oversees the financial markets in Australia. The ASIC regulates forex brokers and ensures that they comply with Australian regulations such as the Corporations Act.
5. Financial Services Commission (FSC): The FSC is the regulatory body that oversees the financial markets in South Korea. The FSC regulates forex brokers and ensures that they comply with South Korean regulations such as the Financial Investment Services and Capital Markets Act.
6. Financial Services Agency (FSA): The FSA is the regulatory body that oversees the financial markets in Japan. The FSA regulates forex brokers and ensures that they comply with Japanese regulations such as the Financial Instruments and Exchange Act.