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CRFIN regulator for Forex
Over-the-counter Forex market in Russia for many years was in need of a regulator that can protect the rights of customers to resolve disputes, create and control some rules in the financial market. As in Russia there was no law on Forex, the state could not create a structure that would take over the functions of the regulator.
Organizations such as CRFIN (Centre for regulation in OTC financial instruments and technologies), kroufr, and others, are self-regulated and operate at its discretion. To impose their rules they never could, but brokers still tried to volunteer to join one or another organization, which took over the functions of the regulator, that would be in the eyes of potential customers look more attractive.
Agree, it's one thing when a broker is subject to the laws, for example, the virgin Islands, and the other when he kroufr - the degree of credibility on the part of traders is quite different. The situation began to change dramatically, when it was reported that the law about Forex in 2015 is expected to come into force.
There is information that during the final adoption of the law about Forex in 2015, the state can transfer the functions of the regulator CRFIN. The organization that will be able to get powers from the state, will be immediately recognized as the most cool and be able to dictate terms to companies wishing to work officially in Russia.
What is the PARTNERSHIP?
CRFIN registered in December 2010, and the status of self-regulatory organizations were received in mid-2011. The structure of the controller is quite simple:
• the Board (headed by Chairman - Vinogradov St. A.);
• the Advisory Council (at the time of writing, it consisted of 20 people);
• tip (14).
The Board includes representatives from interested parties such as brokerage firms. At least officially, members of the Board of CRFIN are not represented as employees of a broker. The Council and the expert Council there are the representatives of brokerage companies and banks, and independent experts in the field of Finance.
Other regulators:
• FMRRC
• CySEC
Among the observers, experts and members of the Council and so on, you can see representatives of the following companies:
• Alpari
• Forex club
• Exness
• Roboforex
• Teletrade
• Alfa-Forex, and many others.
As you can see, the PARTNERSHIP was able to collect the elite of the Forex market in Russia. Now let's see what tasks CRFIN today:
• development of standards and rules for participants of the centre;
• analysis of activity of participants of the center;
• monitoring compliance with the rules developed by the participants of the centre;
• to help members of the center in cooperation with the authorities in Russia.
Companies that enter into the composition of the PARTNERSHIP, pay certain amount of money for participation, as well as make a contribution to the compensation Fund. That the Council makes the decision to join a particular organization to members of CRFIN.
Blacklist CRFIN
Today, it is still a law about Forex in Russia, has not entered into force, the PARTNERSHIP can only updates its blacklist certain fin. organization, but has no authority to influence their activities in Russia. It should be noted that the Black list, which can be seen on the official website of the regulator, very "fat".
At the end of December 2014, there were 38 organizations. Suspicious activity, signs of financial pyramids, not the fulfillment of their obligations to customers - the main reasons of falling into the blacklist of CRFIN.
The state can transfer the functions of the fin. regulator in the Forex market it is the CRFIN what the media has to say, as a fait accompli. In this case, the powers will expand, and the amount of leverage also will increase substantially.
Body that will have the opportunity to decide who can be of Forex companies to work in Russia, and who does not, will be able to set their own rules, and monitor compliance with all established standards. Centre for regulation in OTC financial instruments and technologies have, perhaps, ready to become the official regulators in Forex in Russia.
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| Category: Forex | Added by: (06.11.2017)
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| Views: 364
| Rating: 0.0/0 |
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