Looks like the call from Russians for the adjustment of the forex law has not fallen on deaf ears. Late last year, the rule was signed prohibiting Banks and other financial institutions from offering retail forex trading. Therefore restricting the provision of this service to only the granted Forex dealers. The final development of the Russian forex law is scheduled to commence from fall of this year on. Amongst others concerns is the fact that leverage will be as low as 1:50.
On the 8th of April, deputy Chairman of the SRO CRFIN Governing Board, Evgeny Masharov made a speech to workers of the Bank of Russia. The CRFIN is a non-profit self-regulated partnership aimed to make the retail off-exchange Forex market a rightful member of the Russian financial industry. In line with its responsibilities, Evgeny Masharov addressed crucial issues that are fundamental to the Forex market. Laying emphasis on the environment for FX firms to conduct business in Russia, alongside with listing of planned events that are scheduled in preparation for companies working in the regulated Russian jurisdiction. This event showed the connivance of both the Bank of Russia and the CRFIN in their efforts to bolster the Russian FX market.
Today, the Bank of Russia held a workshop in coordination with L.K.Selyutina, the Head of Securities Market and Commodity Market Department. In attendance were representatives of the professional community, and the consensus was an amendment of the legislation on Forex regulation, with edits to the existing rules and some additions. It was agreed in this workshop that amendments should be prepared and sent to the Russian legislation of the Forex market, as the Stakeholders continue deliberation on Russian Forex law.