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Screenshot of a breaking news alert e-mail from Q2 2017
Russia’s Centre for Regulation of OTC Financial Instruments and Technologies (CRFIN) today published a report regarding the activity of its Disciplinary Commission for 2015.
For the entire 2015, the Commission reviewed a total of 248 enquiries regarding Forex companies. Nearly half of these (48%) concerned members of the organization, with 10% of these used by Russian investors to claim their funds back.
The rest of the enquiries (128 enquiries, or 52% of the total) concerned non-members of CRFIN. Out of them, 82 enquiries were demands for help to get one’s funds back as a result of the bankruptcy of a financial pyramid. Amid others – 28 enquiries concerned the regulatory status of a given company and 16 enquiries were demands to include a certain business in CRFIN’s Black List.
CRFIN is currently seeking to obtain a status of a Forex self-regulatory organization. Membership in a Forex SRO is compulsory for Forex companies willing to operate as licensed entities in Russia.
You can view the official announcement from CRFIN by clicking here.