The lower chamber of the Russian Parliament, formed by the State Duma, has voted in favor of Russia’s Forex bill, with 244 votes cast in support of the legislative document. Although all matters regarding this have not been concluded, the Committee responsible for the bill will still have to suggest amendments as about 41 proposals were rejected and accepting 8 signifying that the members of the State of Duma agreed only on the basics of the bill. Even so, a lot of vital decisions were made clear. Here is an highlight:
Forex brokers in Russia will be legally regarded as Forex dealers and must operate with a minimum capital base of RUB 100 million ($1.8 million)
Forex dealers will have to be licensed by a state regulator and to be members of a self-regulatory organization (SRO)
Leverage is to be set at a maximum level of 1:100 for some instruments and 1:50 on others. The specifics have not been decided.
Issues regarding CFDs have not been clarified.
As they join other nations in creating a well regulated environment for Fx dealers, the Governor of the Central Bank, Elvira Nabiullina, clarified that the bill has borrowed some provisions from US. and Japanese regulatory environments.