Russia to ban unregulated forex brokers?

Russia to ban unregulated forex brokers?

Russia

Following the enacting of the first of the basic standards for forex dealers operating on the financial markets, it appears Russian regulators are intending to make a step towards prohibiting the activities of unregulated forex brokers.

A roadmap on the development of competition in the financial services market drafted by the Federal Antimonopoly Service (FAS), proposes law amendments forbidding unlicensed forex brokers and dealers to attract clients, including through educational services and training centers.

The document does not provide specific details, except that the proposal would be addressed to the Bank of Russia and/or the government and this would happen by Q3 2017. The purpose of the changes is to create conditions for competition among licensed forex brokers and limiting the access of unlicensed entities.

Currently in Russia there are eight licensed forex brokers: Alpari, Finam Forex, Forex ClubInstaForexTeletradeTrustForexVTB 24 and Promsvyazbank. There are also many without a license who operate unhindered and attract clients through training seminars and representative offices. This happens despite the formal prohibition for unlicensed brokers to operate in Russia.

At some point last year there has been talk of actually blocking the access to “harmful financial sites”, but so far nothing has been done.

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