As LeapRate has reported, Forex companies willing to obtain Russian Forex dealer licenses have to do so before the end of this year or stop targeting Russian investors. Many Forex companies, however, consider the deadline as too tight and practically impossible to meet.
Russian Forex brokers are now seeking that the Bank of Russia extends the period necessary to obtain the coveted licenses. Sources at VTB24 told Interfax that the bank, along with other participants in the Russian FX market, is working on measures to implement the newborn Russian Forex law. Extension of the period for obtaining a license is also discussed, VTB24 representatives said.
Amid the difficulties that the Russian Forex companies encounter in their pursuit of securing a Forex dealer license from the Bank of Russia is lack of information regarding the particular licensing procedure and becoming a member of a Forex self-regulatory organization.
The Bank of Russia’s press service told Interfax that as of November 9, 2015, no applications for Forex dealer licenses were received. The regulator noted that there are no obstacles to submit such applications and referred to the fact that the Forex Law is already in force.
The bulk of provisions in the Russian Forex law got into effect on October 1, 2015.