Russia outlaws the word ‘forex’ on all websites and company names except FX dealers

Russia’s recently introduced Forex bill, which provides a full regulatory structure for the FX industry in Russia, has included a particular specification with regard to naming of domains and websites in that no entity other than an actual Forex dealer can use the word ‘Forex’ in its branding and company name.

In chapter 4.3 of the law, which was passed at the end of 2014 and signed by President Vladimir Putin, the bill states “The word “Forex”, its derivatives and combinations with it in a name of company can be used only by Forex dealers”.

This ruling will become effective on October 1, 2015, by which time all entities wishing to offer their services in Russia must have obtained a Forex license. Companies which do not offer Forex dealing services yet use the word Forex in their corporate branding and have not obtained a Forex license, will be subject to the Russian government obtaining a court order to block such websites after January 1, 2016.

This precludes all advertising sites, media sites and marketing firms which do not provide Forex dealing services to retail clients from using the word Forex in any aspect of their documentation, the full ruling relating to which can be viewed by clicking here.

Read Also: