Russia’s Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), which is seeking to obtain a status of Forex self-regulatory organization (SRO) from the Bank of Russia, has received feedback from the regulator regarding its internal standards projects.
The Bank of Russia has reviewed the proposals and has made clarifications and recommendations regarding these. Having such standards in place is amid the requirements for becoming an official SRO.
CRFIN aims to become the SRO for Russia’s Forex dealers, aka Forex brokers. For that, it needs to get a special permission from the Bank of Russia. One of the key conditions for obtaining such a status is that CRFIN has a certain number of members with Forex dealer licenses. However, up until now, the Bank of Russia has awarded only one Forex company – FINAM, a Forex dealer license. Other Forex companies active in the Russian market, such as Alpari, Forex Club and TeleTrade, are still waiting for the Bank of Russia to have its say on their license applications.
Being a member of a Forex-dealer SRO is a condition for Forex companies to legally operate in Russia. That is why CRFIN’s status is important.
You can view the CRFIN announcement by clicking here.