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Thread: Russian Central Bank alerts on FOREX

  1. #1
    NikSam is offline AntiCon Artist
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    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.

  2. #2
    Realname is offline Member
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    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....

  3. #3
    NikSam is offline AntiCon Artist
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    Re: Russian Central Bank alerts on FOREX

    Quote Originally Posted by Realname View Post
    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.

  4. #4
    NikSam is offline AntiCon Artist
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    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

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