Bank of Russia hosts meeting on Forex law

Work on implementing the newborn Russian Forex law continues at the Bank of Russia, the Megaregulator that will be responsible for the oversight of this market segment too.

Earlier today, a working session was held at the Bank of Russia, with the special participation of Larisa Selyutina, head of the Securities Market and Commodity Market Department. Representatives of Russia’s Forex industry also took part in the meeting.

The main goal of the event was to reach consent over necessary changes to the regulations, as bylaws and subordinate acts need to be agreed and published before the bulk of the Forex law provisions come into force in the fall of 2015.

Although the brief announcement about the meeting on the website of CRFIN – Russia’s Forex self-regulatory organization, does not specify what changes and amendments precisely were discussed at the meeting, we can suppose that these covered problematic issues like:

  • nominee accounts;

  • maximum leverage, which the law says should be at 1:50, but many think should be higher;

  • banks (not) offering retail FX services;

  • Forex dealers allowed/prohibited from offering CFD trading;

  • accounting and reporting rules for Forex dealers.

To view the announcement about the meeting, click here.

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