Forex Brokers complain about the legislation

By sums on Monday,

Forex Brokers complain about the legislation of Russian.

Forex Brokers complain about the legislation of Russian.After a long period of development, Russian law of Forex is finally in the application. Dealers now have been to obtain the license until January 2016 or refrain from services in the Russian region.

The deadline for obtaining the full license found too tight. It took participants in the Russian foreign exchange market, to require an extension of the Bank of Russia. According to the apex bank at that time, the market players a sufficient do not seem understanding of the authorization process seems to have. The entry process in the respective self-regulatory organization (SRO) is also a cause of confusion. Forex Brokers complain about the legislation there this confusion is due to the fact there is no comprehensive regulatory framework, which will allow all legal actions and start of service. There is a dispute over the terms of entry, thus creating a lack of sufficient clarity in the process. The Bank of Russia has clarified that the requirements of Forex dealer license is consistent with established law “On the Securities Market” and regulations of the Bank of Russia, unobstructed a license application.

About Forex Brokers complain about the legislation Some time ago, the Bank of Russia published a draft legislative measure which refers to the creation of a compensation fund as an emergency in case of bankruptcy of the FX broker license. Like other regulators currency of its kind in other countries, are all forex broker in Russia forced to a self-regulatory organization currency (SRO) are belong to the organization and a fund compensation. The composition was mixed with a registration fee of two million RUB ($ 35.629), refusal to comply with properly by the authorities license withdrawals lead to duty made. The Law of the Russian currency is now available and ready for administration, it is expected that the region to become a safer place for dealers and distributors.

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