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Bank of Russia Publishes Requirements for Forex Dealer Standards

02.11.2015 12:00 / The Bank of Russia

On 1 October 2015, amendments to the Securities Market Act were enacted. From now on, in order to become forex traders, companies must be licensed as forex dealers, then join an SRO and comply with its standards. Requirements for forex dealer standards are listed in the Bank of Russia Instruction 3797, published on 26 October.

The Instruction sets requirements for 11 professional standards. For instance, the advertising standard for forex dealers stipulates that the full name and license number be present in adverts. Unfair competition and libel are mentioned as unacceptable advertising practices.

A separate standard covers Master Purchase and Sale agreements between forex dealer and client: these should include risks, settlement procedure, fees, grounds for termination etc.

The dealer-client settlement standard stipulates that money should be returned to client within two business days from receiving the order.

The Bank of Russia continues to draft rules and regulations for forex dealers and SROs.

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