Russia’s CRFIN seeks official status of Forex self-regulatory organization

Russia’s Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) is pushing for further regulatory recognition, in a move that could lead to the birth of the first self-regulatory organization (SRO) of Russian Forex dealers (aka Forex brokers).

Under the Russian Forex law, in order to obtain a Forex dealer license, a Forex company should first become a member of an SRO for Forex dealers. So far, no organization in Russia has gained such a status, which should be awarded by the country’s central bank.

The process has been partially hurdled by controversies in the law, as there has been lack of clarity on whether there should be a single Forex SRO or several.

crfin_logo_englishIn an announcement, published on its website today, CRFIN states that it is working on some internal procedures in order to meet the requirements of the Bank of Russia. If CRFIN succeeds to meet the deadlines and regulatory demands, it could be the first Forex dealer SRO in Russia.

If CRFIN gains the coveted status, this would bring a piece of good news for Forex companies operating in Russia, as this would give them a chance to join the SRO and obtain Forex dealer licenses before the end of 2015. The end of this year marks a deadline for Forex companies operating in Russia without a Forex dealer license. After that, they would either have to exit the Russian market or face punitive actions.

To view the announcement from CRFIN, click here.

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