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CB to Impose Total Reporting on Forex Dealers

21.05.2015 12:00 / Vedomosti

In October, the Central Bank will impose on Forex dealers a mandatory requirement to keep records of the entire progress for all trades and report it to the regulator, according to a new Bank of Russia draft regulation as quoted by Vedomosti and Kommersant.

The draft stipulates that the internal records of a Forex dealer must contain exhaustive information on counterparties, quotes, bids, cash receivables, debts, collateral, financial results of contracts, etc.

The bookkeeping system must allow instant reporting to the regulator. Forex dealers also have to store records for five years after the execution, termination or annulment of contract.

The Central Bank requirements will enable Forex dealer clients to defend their rights in court in the event of contract dispute.

The key provisions of the Forex Market Act, signed by President Putin on 30 December 2014, will be enacted on 1 October.

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