Financial markets megaregulator
Financial markets megaregulator
Bank of Russia Publishes Requirements for Forex Dealer Standards
02.11.2015 12:00 / The Bank of Russia
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.