LeapRate has been reporting a lot recently on the regulation evolution in Russia’s FX industry including their brokerages. Today we learned from Russian self regulatory financial organization CRFIN that they will be in charge of further developing and enforcing Forex broker advertising standards.
In addition, experts discussed the need to increase transparency in the Forex market by creating a possible repository and disclosure protocols. Following the meeting, it was decided to develop a strict disclosure criteria to Forex market participants.
Noted problem subjects are advertised services such as big bonus attractions, statements about commissions, guaranteed returns, etc… Particular discussion was directed to the resources that sell top positions in broker rankings as well as opaque “black lists” that are used to warn the public about a number of fraudulent companies.
CRFIN Discussions
To read the full report (in Russian) click here.