The beginning of regulation in Russia wants to move to the end of 2016
Deputy Chairman of the Bank of Russia Vladimir Chistyukhin announced his intention to postpone the start of regulation of the Russian Forex market for one year.
Bank of Russia is ready to postpone the start of the law "On" for a year
In other words, Bank of Russia will not resist moving the deadline to 2017, if the State Duma and the government support this initiative.
Speech on the extension of the transitional period of entry into force of the law "On" from the beginning to the end of 2016 came after the application to the Bank of Russia of the Russian market Forex.
Recall that the amendments to the law "On the Securities Market", which are dedicated to the regulation of the market in Russia entered into force on October 01, 2015, but the regulator gave a deferment - to dealers until January 01, 2016 to obtain a license from the Bank of Russia and enter into SRO, which is mandatory for the legal implementation of activities in the country.
-dealers do not have time to prepare all the necessary documents and adapt to the new realities of the regulated market. At the moment only one company has submitted its documents to the mega-regulator, and even that company will not have time to register before January 1, 2016, unless the Bank of Russia gives an indulgence. Also -dealers do not agree with the limitation of the leverage to the maximum mark of 1:50 and the lack of possibility to hedge their risks on other markets in view of the exclusivity of the dealer activity, as written in the law.
For now, the Bank of Russia is ready to discuss only the postponement of the beginning of the regulation of the Forex market in Russia. This is justified by the fact that the policy of -companies offered too risky conditions, which resulted in the loss of money of many thousands of customers. Over the past 2 years the Bank of Russia has received 500 different complaints against -dealers.
It is worth noting that the services of -dealers must comply with specially developed standards, published in the "Bulletin of the Bank of Russia" on October 26, in the order of the regulator № 3797-U, among which the requirements for 11 mandatory standards of activity.