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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 Forex self-regulatory organization (SRO) is stepping up its efforts to enhance its internal structure and partnerships with state institutions.
The steps are being taken as the majority of the legal provisions in Russia’s Forex law are about to come into force in October 2015. These provisions include a requirement to all Forex brokers willing to obtain licenses in Russia to become members of a Forex self-regulatory body.
There is nothing surprising then that CRFIN announced today it will establish three new committees: Committee on legal issues of Forex companies; Committee on internal accounting; and Committee on Forex software.
In addition, the organization said it had signed two agreements. The first one is with the Institute of Stock Market and Management (ISMM) and aims at educating CRFIN’s members. The second one is with the Russian Financial Consumers Protection Union (FinPotrebSouz) and is aiming at improving transparency in the financial market.
Russia’s Forex self-regulator will play an important role in the future of industry. Forex dealers (the official designation of Forex brokers in Russia) that are expelled from the SRO or do not register with the SRO may have their licenses taken away.
The importance of the Forex SRO was underlined yesterday, as the Bank of Russia published a draft normative act “On the requirements for standards of the self-regulatory organization of Forex dealers”. The Central Bank accepts public comments on the document until July 7, 2015.
To learn more about CRFIN, click here.