AtoZForex.com Lagos — In line with efforts by the Russian Central Bank and the CRFIN to develop a standard framework for Forex law in the country, the self regulatory body has established a Personnel Certification Control Committee for employees of Forex companies. The initiative is headed by Evgeny Masharov.
CRFIN, the Self-Regulating non-profit Organisation was created to increase the level of transparency and promote further growth in the Russian over-the-counter Forex market by developing an effective regulatory framework for the industry. Accordingly, it has shown serious effort in the development of the Russian Forex law, now with CRFIN certification of Russian Forex professionals. In more in depth, the self-regulatory body will be destined to: “Control observance of the legislation and legal acts of the Bank of Russia in companies-members of SRO CRFIN regarding complying of employees of Forex companies with qualification requirements, including maintaining the register of issued certificates to employees of Forex companies, issuing assignments to trainings and to receiving certificates.”
This involves CRFIN to cooperate with different organisations involved in certification of workers of the financial market as a priority for the Committee. This includes other professional bodies and certifications, as well as business schools and so on. Also, the committee will take part in developing a program of qualification exams for forex-dealers as well as provide expert support for the Bank of Russia for interaction with the Coordination Council of the Bank of Russia on certification of specialists of the financial market.
This development comes after the last meeting between the Bank of Russia representatives and the CRFIN held some weeks back. It was announced that all Forex dealers such as managers and accountants at FX firms will be required to obtain “First-category Certificates”. This is required to serve as a guarantee to show that such parties have the necessary competence and knowledge base required for executing these functions.
The new rule of certification of Russian Forex professionals is a followup from past deliberations on the Russian Forex law, which is scheduled to take operation this year. The general public of Russia have also shown disdain for the restrictions placed on leverage. The Russian Law introduced a maximum FX trading of 1:50, with the Central Bank holding the authority to increase this to 1:100 on some instruments when it deems fit.