Russia does not yet have adequate legislation to regulate financial markets and activities in financial markets. That is why an enlarged meeting of the SRO CRFIN with NP RTS took place. Among the issues discussed by the participants were the problem of the implementation of Russian legislation by forex dealers, organizational and technical issues, as well as many aspects of financial market regulation in accordance with the current legislation of the Russian Federation.
The question is also whether each company should take care of the solutions on its own, or whether it would be easier, cheaper, and even smarter to develop solutions that would guide everyone. The main task of the regulator is to summarize the practices of conducting financial activities in the country and take all necessary measures to ensure that the implementation of these activities is successful and as painless as possible. One of the most important aspects will also be monitoring compliance with the rules and regulations for conducting financial activities of this type, although at the moment there are no such rules and regulations yet.
There are still a lot of inconsistencies, but brokers and dealers hope for a productive dialogue with the regulator, as a result of which it will be possible to find a solution that is optimal for everyone. The first stage of the development of the relevant legislation should be completed in the spring of next year, but forex dealers are counting on its implementation in a year.
Tagged with: Forex • Regulation
