The Central Bank and the Federal Antimonopoly Service have taken a stand against illegal advertising in the Forex market in Russia?
SRO CRFIN receives a lot of questions from companies about the fate of advertising services in connection with the law "On" that entered into force on 01.01.2016.
Not all advertising is banned
According to SRO ZRFIN advertisers are guided by a misinterpretation of the law, when they say that in order to advertise any type of -services, the advertiser must have a license -dealer. However, the dealer's license does not cover the entire range of services Forex market.
In this situation, the misinterpretation restricts companies operating in a related field but requiring a different license (broker's license, management company license, educational license).
For this reason, SRO CSRFIN decided to apply to the FAS RF for the development of a balanced approach to the advertising of services in the Forex market, not related to the activities of -dealers.
In turn, the Federal Antimonopoly Service has already discussed with the CENTRAL BANK OF RUSSIA the need to combat the advertising of services of unscrupulous financial companies and dealers.
So-called "black lenders," which position themselves as microfinance organizations, in the end do not have registration with the Bank of Russia. Advertising the services of such companies is dishonest.
Also, companies that have not received a dealer's license since January 1, 2016 and have not joined the relevant SRO are not allowed to advertise their services. It is noteworthy that foreign legal entities also do not have the right to advertise their services on the market, but since 01.10.2015.
Thus, the Bank of Russia and the Federal Antimonopoly Service decided to establish work to identify inappropriate advertising of financial services.