The Central Bank about Forex in Russia today: everything will be solved by March!
Bank of Russia perfectly understands the current situation on the Forex market in Russia and plans to issue the necessary number of licenses - dealers for the functioning of the regulated market by the end of March 2016, said Deputy Chairman of the Central Bank Vladimir Chistyukhin.
The Central Bank will try to get the Russian Forex in working condition as soon as possible
At the same time, Russian dealers providing services in the country on behalf of their foreign companies will be under close scrutiny of the Bank of Russia and FAS. In conditions of incomprehensibility and actually lack of proper conditions for work in the Russian legal field, Russian dealers work with clients as representative offices of foreign branches. In fact, the law "On" has not changed anything. On the Russian Forex market still operate foreign companies, whose services are advertised in Russia, subsidiaries and affiliates. This state of affairs does not suit the Bank of Russia, said Vladimir Chistyukhin.
The Deputy Chairman of the Bank of Russia points out the complexity of the situation due to the fact that In the new year, many companies found themselves without a license from the regulator because of the late submission of documents. If everything had been done in due time, now there would be 10 licensed companies in the Forex market and they would have been able to organize SROs in accordance with the requirements of the legislation. At the same time, the creation of SROs is the responsibility of market participants, not the Bank of Russia. Mr. Chistyukhin stressed that the Central Bank will encourage dealers to self-organize.
So far, only one company, Finam LLC, which is not a member of SRO CRFIN, has received a dealer license. It is the SRO CRFIN that is the main applicant for the SRO license, as it includes 6 other market participants who also applied for a license from the Bank of Russia. Vladimir Chistyukhin said that in total about 10 companies are under consideration by the Central Bank.
According to Law No. 460-FZ, in order to obtain a license from the Bank of Russia, an SRO must have at least 10 dealers in its membership. However, another law No. 223-FZ has seen the light of day, which states the procedure for determining the total number of non-credit financial organizations to obtain the status of SRO.
Thus, the priority in this matter is the norms of Law No. 223-FZ, which came into force on January 11, 2016, and then No. 460-FZ. According to the requirements of Law No. 223-FZ, the minimum number of participants in SROs must be at least 26% of the total number of financial organizations in the Russian Forex market.
Such constant changes, delays and inaccuracies have generated a lot of criticism of the Bank of Russia from market participants, as a result of which many have left the Russian jurisdiction and work with Russian clients through foreign companies.