Russia’s Duma Financial Committee signs amended forex bill, ready for second reading

Unclear if and when bill will actually be brought to the Duma

An amended bill in Russia effecting FX brokers and dealers, as constituted, would ban all foreign forex brokers from doing business with Russian clients. Only properly regulated Russian brokers will be allowed to operate legally, if and when the bill is actually passed into law.

We have been covering regulation out of Russia and the changes taking place. Some of the things being talked about are a leverage cap similar to the USA which would be instituted at 50:1. Further, a ban on deceptive advertising promising high and easy returns, and making sure to include proper risk disclosures as not to deceive the public. Russian PM Vladimir Putin has also chimed in and would like to see a separate type of license with specific requirements for the operation of a forex dealer, segmenting it away from more traditional capital market activities.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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