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Forex and contracts for difference (CFDs) brokerage group Forex Club group, said on Tuesday it has applied, through its Belarusian unit Financial Company Forex Club, to be included into the Belarusian central bank’s register with companies that provide forex services.
The the National Bank of the Republic of Belarus (NBRB), which established and develops the register, has to come up with a decision within 30 days.
In the beginning of June 2015, Belarisan president Alexander Lukashenko signed a decree on a new set of laws for companies on the financial market. Under the regulation, the NBRB has to maintain a register of all forex brokers, as well as a national forex center for supervision of the compliance with requirements of the decree. The changes must be implements within a nine-month period after the decree’s signing.
At the end of 2015, Forex Club applied for a Russian forex license and it is still awaiting a status. Russia also implemented new regulations regarding forex regulation. Since 1 January this year, Russia-based forex brokers are not allowed to target local citizens, unless they have a license issued by the Central Bank of Russia (CBR). However, foreign forex brokers can still target Russian citizens even without a local license.
So far, Finam Forex is the only entity to have obtained a Russian forex license.
One of the prerequisites for acquiring a Russian license is that brokers need to join a self-regulatory organization (SRO) with at least 10 participants. Earlier this week, the country’s central bank announced it will include several existing organizations in a single register of SROs.
Earlier this year, Forex Club became a member of the The Financial Commission, a Hong Kong-based external dispute resolution (EDR) organization.
Forex Club is a collective brand of several entities that provide trading in forex and contrast for difference (CFDs). The group companies serve clients in more than 120 countries.
The Russian branch of Forex Club is a founding member of CRFIN, the Russian self-regulatory organisation.
Source: Forex Club