Why the forex industry in Russia has not yet “started” at full strength, what happens to forex advertising and how is the self-regulation of this market prepared? About this, Ian Art, vice-president of the Association “Russia” and editor-in-chief of Finversia.ru, talks with Yevgeny Masharov, president of the Association of Forex-dealers.
On the website of the Bank of Russia, Bank of Russia Ordinance No. 548-P dated August 19, 2016 “On the procedure for calculating the equity of professional participants in the securities market, as well as job seekers of a professional participant in the securities market” was published.
Earlier this month, the process of licensing the participants of the domestic forex industry moved one step further. Or rather, two amendments were adopted and approved, which concern the regulation of the forex market in Russia and the activities of self-regulating organizations in the financial market (SROFR). The first obliges forex dealers to appoint an internal accounting officer, and the second sets the criteria for managing the SRO. For clarification, regarding these innovations, we turned to the Head of the Association of Forex Dealers (AFD) Evgeni Masharov.
The regulated forex market gradually began to acquire the form that was prescribed to it by the law, which came into force in January of this year. The central bank began issuing licenses to companies, and now they are already available to three participants of the forex market. Bankir.Ru tried to figure out what is needed to fully launch the regulated forex market in Russia.
Legislative regulation of Forex: what will change for Russians wishing to earn money in the foreign exchange market
Since today, the details of the AFD are changing.
The Bank of Russia published the Instruction of the Bank of Russia No. 4005-U of April 27, 2016 “On approval of the basic qualifying examination program for financial market specialists”.
This instruction for the first time contains a separate topic on the activities of the forex dealer, in particular, the specifics of carrying out the activities of the forex dealer, the requirements for forex dealers, including those related to protecting the rights of clients.
The Association of Forex Dealers sent a greeting to the winners and organizers of the Regional competition of financial journalism “The Rublevaya Zona”
The AFD Board (Minutes No. 2 of 01.04.2016) decided to accept the Limited Liability Company Finam FOREX as a member of the Association of Forex Dealers.
The Bank of Russia developed a brochure “Attention, the financial pyramid”. The Bank of Russia urges you to be careful and circumspect if you want to invest your money.
LLC “Teletrade Group” became a member of the Association of Forex Dealers (AFD). The decision to include the company in the ranks of the AFD was taken at a meeting of the Association’s Board on Tuesday, May 24, 2016.
The AFD Board (Minutes No. 4 of May 24, 2016) decided to accept the Limited Liability Company “Teletrade Group” as a member of the Association of Forex Dealers.
View: The Bank of Russia’s introduction of the “Qualified Investor” regime may lead to a wave of lawsuits by traders against licensed forex dealers.
The AFD Board (Minutes No. 3 of May 18, 2016) decided to accept the Limited Liability Company “TrustForex” as a member of the Association of Forex Dealers.
Restrictions on citizens wishing to work in the forex market are made in the framework of amendments to the current legislation on self-regulatory organizations. The amendments suggest a complete ban on such a trade for unqualified investors. Qualification of potential customers will be determined by forex-dealers themselves. However, if the customer incurs losses and it will be proved that the qualification was misappropriated, the forex dealer will pay him full compensation for losses.
Head of the Association of Forex-dealers Evgeni Masharov told Finversia.ru about the first steps to recognize SRO forex dealers by the Bank of Russia. Nothing like this in the market so far was not – no forex dealers with licenses, much less SRO forex-dealers. The first experience, as a rule, is not easy, but Masharov believes that the mega-regulator behaves correctly.
The battle for retail forex: Russian brokers are afraid of diversion of investors abroad; VTB 24: “There is no logic to limit the rights of people.”
Information letter on compliance by the participants of the financial market with the obligation to provide the Bank of Russia with notifications of the appointment (election) and release (termination of powers) of persons in the management bodies and other officials.
The Bank of Russia will prohibit poor and uneducated citizens from using the services of forex dealers. To protect the interests of wealthy investors, the state will not
The regulator will not protect rich citizens from forex dealers, and the poor and unskilled will limit access to this market.