February 2, 2018, The Financial Commission, a leading member-driven External Dispute Resolution (EDR) organization serving participants in global foreign exchange (forex), derivatives and cryptocurrency markets, announced the participation of its Chairman, Peter Tatarnikov in a working session of the Expert Council of the Association of Forex Dealers (AFD), which took place in Moscow on Tuesday, January 23rd. The AFD is the sole SRO accredited by the Bank of Russia, unifying all licensed Forex dealers in Russia.
Following Mr. Tatarnikov’s appointment to the AFD’s Expert Council in November of last year, the Financial Commission has assisted the AFD in a variety of areas, including the regulation of CFDs, binary optionsand KYC requirements.
During the meeting in Moscow the AFD’s Council discussed proposed amendments to the law “Of the securities market” related to Forex regulations in the country. The Council formulated a strategy of cooperation to work with the Central Bank of Russia to enact the proposed amendments and further improve the Russian Forex market. Representatives of the Central Bank signaled their satisfaction with many of the proposed changes, while recommending additional consultations on several specific topics.
Association of Forex dealers (AFD) is a non-profit SRO in the field of financial markets, uniting Russian-based Forex dealers, and was established in accordance with the legal requirements of Russian Federation law.
The main objectives of the Association are:
- The development of the financial market of the Russian Federation, facilitating the creation of conditions for the effective functioning of the financial system of the Russian Federation.
- The implementation of economic initiatives of professional OTC market participants – Forex-dealers;
- Protection and representation of the Forex dealers’ interests in Russian Federation
The main objectives of the Expert Council are:
- monitoring and analysis of the over-the-counter financial market development;
- examination of the current Russian Federation legislation and its improvement with the view to the over-the-counter market participants interests;
- discussion and preparation of legal drafts and proposals on the improvement of the financial system legislation.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for market participants who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
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