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.
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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.
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.
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.”
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.