The Law "On" after the entry into force: once again with the comments of the CRFIN
On October 01, 2015 the law "On " officially came into force in Russia. SRO ZRFIN ("Center for Regulation of OTC Financial Instruments and Technologies") further clarified the situation on the regulation of market in Russia.
Obtaining a license from the Bank of Russia
As it was already known, acting on the Russian market -dealers can continue to operate without an appropriate license Bank of Russia until January 1, 2016, but new players in the market must submit documents to the regulator now, otherwise they cannot work with financial instruments, the underlying asset of which is a currency and currency pairs.
After a broker receives a license from the Central Bank, he enters the self-regulated organization (SRO) of dealers, which is created in accordance with the regulations of the Bank of Russia. Only after that the -dealer receives the corresponding status and receives the right to carry out activities.
To obtain a license a broker sends a package of documents, the list of which is contained in the instruction of the Bank of Russia "On the Licensing Procedure of Professional Activity in the Securities Market by the Bank of Russia and the Register Maintenance Procedure for Professional Securities Market Participants". The document is currently being registered with the Ministry of Justice. After receiving the package of documents, the Bank of Russia will consider them within 60 working days.
As a result of all manipulations, the Bank of Russia enters the dealer in the register, which is published on the website of the Bank of Russia in the section "Financial Markets" together with the register of SRO-dealers.
Separately SRO sites will publish their own registers - dealers who joined the organization.
Why do we need SROs in the Forex market?
Technically, SROs are needed to simplify the system of Forex market regulation in Russia. SROs will carry out additional monitoring of their members' activity, providing this information to the mega-regulator.
In addition, -dealers will be accountable not only to the SRO, in which they are members, but also to the Bank of Russia. The reporting package includes both accounting data and information on transactions.
Compensation fund or how to compensate for losses from bankruptcy of a broker
Very interesting. compensation fund topicThe SRO will be used to compensate traders for losses incurred from the bankruptcy of the -broker. When joining SRO, every broker will be obliged to contribute 2 million rubles to the compensation fund. It is at the expense of these funds traders individuals who are not individual entrepreneurs will be reimbursed the above losses on the results of the court decision on the bankruptcy of the dealer.
On Regulation in Russia
- The market will appear SRO from the Bank of Russia?
- Law "On": until the end of the year the license of the Bank of Russia is not needed!
- Regulation in Russia is postponed until 2016?
- Bank of Russia: the dealer will have two working days to return the funds