Russian Forex self-regulatory body reschedules inspections of FINAM Forex and VTB Forex
The Association of Forex Dealers shifts the planned inspections of FINAM Forex and VTB Forex by several months.
The Association of Forex Dealers (AFD), the self-regulatory organization for Russia’s OTC FX sector, has changed the timing of the inspections of FINAM Forex and VTB Forex. The decision was made at an AFD meeting held on March 27, 2020. The majority of the participants voted in favor of the new schedule.
In October 2019, FinanceFeeds reported that the check of FINAM Forex was set to be conducted from April 1, 2020 to June 1, 2020. The check of VTB Forex was set to last from September 1, 2020 to October 31, 2020.
According to the new schedule, the inspection of FINAM Forex will be conducted from August 14, 2020 to October 14, 2020. The inspection of VTB Forex will be conducted from December 1, 2020 to February 1, 2021.
The last such inspection targeted Alfa-Forex. The check did not reveal any violations of the basic standard requirements or non-compliance of business documents.
In December 2018, the Central Bank of Russia annulled the licenses of some of the major participants in the Russian retail Forex scene, including Alpari, Forex Club and TeleTrade. In its official announcement back then, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, were taken away due to violations of the Russian law by the brokers.
As a result, there are only four licensed FX dealers in Russia at present. One of these licensed brokerages – PSB-Forex, had been put up for sale but the auction failed due to lack of candidates to acquire the company.
