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Screenshot of a breaking news alert e-mail from Q2 2017
The Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN), Russia’s self-regulatory organization for the Forex industry, today announced a new addition to its Expert Board. Vadim Marsovich Faizullin, head of Nefteprombank’s department for consulting clients about financial markets, is now one of the Board’s members.
Of importance are some of the main responsibilities of the Expert Board in that it considers issues, prepares suggestions, runs expertise and activities on enhancement of the Russian retail Forex market segment as a whole and the market of the Forex services in particular.
Although the decisions of the Expert Board are not strictly mandatory in their nature, they are still important as the body plays a crucial role in connecting and communicating with Russia’s state institutions. That is why it is a matter of course that many of the Expert Board members have substantial expertise in the areas of lawmaking.
CRFIN will play a crucial role in the Forex industry once the newly established Forex law comes into force. The organization will be responsible for drafting the rules for conduct in the industry and to monitor how its members comply with those rules.
CRFIN already has many Russian Forex brokers among its members, a matter of importance as participation in a Forex self regulatory organization (SRO) is obligatory according to the Russian FX law. If a Forex dealer is not a member of a Forex SRO, it will have to stop offering its services from January 1, 2016.
You can find out more about the members of CRFIN’s Expert Board here