Russia’s Deputy Finance Minister Alexei Moiseev has struck a skeptical note regarding the possible delay in the implementation of certain clauses of the Russian Forex law, including the extension of the “grace period” for Forex licensing.
Under the current legislation, Forex brokers that wish to offer their services to Russian residents should obtain Forex dealer licenses by the end of this year. The deadline is seen as too strict and many Forex market participants are pushing for an extension of the grace period by one year, that is, until January 1, 2017.
Regarding the extension of the licensing deadline, Mr. Moiseev told Russian media:
“This matter has been actively discussed. On a personal note, I do not like the idea of extending the grace period, as it would be like opening a Pandora’s box… However, there are serious arguments in favor of the extension. For the time being, I’d treat the issue with caution.”
He added that at the present moment neither the Forex companies, nor the regulatory bodies are ready for implementing the new requirements.
The Bank of Russia has earlier said that it was ready to consider postponing the deadline for obtaining a Forex license. Currently, only one company – FINAM, has applied for such a license. The central bank has a maximum period of 60 business days to review the application and to announce its decision.
More media coverage on Mr Moiseev’s comments can be found by clicking here.