5 October, AtoZForex.com, Lagos – As the time for the full launch of the Russian Forex law draws closer, more steps are being taken to fortify the standards of operation in the region. The Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) is now trying to strengthen its status, to earn the recognition of a self-regulatory organization (SRO) of Russian Forex dealers. If successful in its bid, it would be the first of its kind in the region.
Going by the laid down requirements guiding on the procedure for becoming a self regulatory authority, the CRFIN has stated that it is working to meet the requirements of a mega-regulator, and is prepared in a timely manner to apply to the Bank of Russia for inclusion in the register of the SRO in the financial markets as SROs Forex dealers.
Russian law requirement
This effort is in line with the requirement of the upcoming Russian law requirement, which demands that all FX dealers have to be a member of a self regulatory body for Forex dealers, in order to be issued a license. So far, CRFIN seems the closest organization to gaining this status as an SRO, to be awarded by the Russian central bank.
CRFIN restructuring
In a bid to become a Russian Forex SRO, the CRFIN has been in a restructuring process, with an improved effort o enhance its internal structure and partnerships with state institutions. This effort is deemed necessary for development, transparency, civilized and convenient business environment and protection of interests for market participants, especially as the implementation process of the newly enacted Russian Forex law is about to commence this year.
The CRFIN also publicized that it is establishing three new committees to bolster its activities:
- Committee on legal issues of Forex companies;
- Committee on internal accounting;
- Committee on Forex software.
The importance of the CRFIN’s responsibilities in the Russian Forex law was again highlighted in the Bank of Russia recently published draft normative act “On the requirements for standards of the self-regulatory organization of Forex dealers”. The Central Bank accepts public comments on the document until July 7, 2015.
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