Russian Central Bank alerts on FOREX
On December 1st, the Central Bank of Russia issued a press release,
alerting that "the Forex market" is not licensed/regulated in russian federation.
Any forex site claiming to be legitimate and any so–called "self–regulating authority" aproving forex brokers
are not overseen and not monitored in Russia.
Quote:
Originally Posted by Central Bank of Russia
Information Notice
On activity of companies rendering services in OTC Forex market
In order to protect the rights and legitimate interests of financial service customers, the Bank of Russia informs of the cases of unscrupulous conduct of organisations offering services in the OTC Forex market.
In particular, some of these companies claim in their advertisements and information posted on their Internet websites that their activity as Forex dealers is supervised by the Bank of Russia.
In this regard, the Bank of Russia communicates that there is currently no legislative regulation of the OTC Forex market and the activity of Forex dealers is not licenced. The Bank of Russia does not exercise control and supervision over such companies marketed as self-regulatory organisations.
Information on Bank of Russia control over these companies and organisations is incorrect and misleads financial service customers.
The Bank of Russia advises the citizens to be prudent when deciding to enter into agreement with companies rendering services in the OTC Forex market.
1 December 2014
The reference to the Press Service is mandatory if you intend to use this material.
URL (RUS): http://www.cbr.ru/press/PR.aspx?file...1T18_12_31.htm
URL (ENG): http://www.cbr.ru/eng/press/PR.aspx?...2T10_15_10.htm
I believe that release was provoked by the ongoing investigations on a forex broker/massive ponzi scheme MMCIS.
Re: Russian Central Bank alerts on FOREX
Its a very lately alert because we know that forex trading was unregulated in Russian since a long time ago. Maybe its a way to wash their hands regarding MMCIS and other ponzis....
Re: Russian Central Bank alerts on FOREX
Quote:
Originally Posted by
Realname
Its a very lately alert because we know that forex trading was unregulated in Russian since a long time ago. Maybe its a way to wash their hands regarding MMCIS and other ponzis....
There 're thousands MMCIS victims hitting any possible russian agency they could, even wrote letters to V. Putin (not a joke, for real) :)
Well yeah, the forex law is in works. Central Bank just tired telling everyone they have no authority to investigate any so called forex-brokers, and they never were legal.
That's what provoked the press release I think.
Re: Russian Central Bank alerts on FOREX
The law regulating Forex was passed on December 16th and will take full effect/implementation in the october 2015.
The key features:
Central bank grants licenses to brokers and to SRO (self regulating organization)
Membership is SRO is required to apply for a license
SRO maintains the compensation fund for traders
Segregated accounts for traders
No offshores, and no RF companies founded by offshores will be allowed to get a license
Full law in Russian: http://asozd.duma.gov.ru/main.nsf/(V...257DB10037638C
