Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of June 4, 2015 No. 231

About implementation of activities in the Forex curb market

(as amended of the Presidential decree of the Republic of Belarus of 31.05.2016 No. 184)

For the purpose of regulation of activities of legal entities for making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments (activities in the Forex curb market):

1. Determine that in the Republic of Belarus activities for making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments (activities in the Forex curb market) have the right to perform:

the legal entities registered in the Republic of Belarus whose authorized capital is created taking into account requirements of this Decree in the amount of at least 200 thousand Belarusian rubles, and included National Bank in the register in Forex companies (further - Forex company);

National Forex center;

banks;

non-bank credit and financial organizations.

Making of the transactions initiated by physical persons and legal entities with non-deliverable off-exchange financial instruments by the individual entrepreneurs and legal entities who are not specified in part one of this Item is illegal and is forbidden.

2. Transaction with the non-deliverable off-exchange financial instrument is the off-exchange transaction, consists of two parts - opening and position closing, does not provide the rights and does not establish obligations of the Parties on purchase (sale) of underlying asset, but creates obligation to pay (the right to receive) difference amount between the price of underlying asset at the time of position opening and at the price of underlying asset at the time of position closing.

Position opening is made by the legal entity or physical person which signed the agreement on making of transactions with non-deliverable off-exchange financial instruments about Forex company National Forex center, bank, the non-bank credit and financial organization (further - the client), by the direction of the order about fixing of the price of underlying asset.

Position closing is made by the client by the direction Forex company, National Forex center, to bank, the non-bank credit and financial organization with which the agreement on making of transactions with non-deliverable off-exchange financial instruments is signed (further - the agreement), orders about fixing of the price of underlying asset. Position closing can be made Forex company, National Forex center, by bank, the non-bank credit and financial organization according to the procedure, established by the agreement, way of independent fixing of the price of underlying asset, if the foreign currency cash brought by the client for opening and (or) maintenance of the open line item (further - marginal providing), there is not enough for maintenance of the open line item.

As underlying assets on transactions with non-deliverable off-exchange financial instruments the foreign currency, precious metals, securities, oil, and also other underlying assets determined by Council of Ministers of the Republic of Belarus together with National Bank can act.

Transaction with non-deliverable off-exchange financial instruments can be performed concerning set of underlying assets.

3. Transactions with non-deliverable off-exchange financial instruments are made Forex company, National Forex center, by bank, the non-bank credit and financial organization based on the agreements signed with clients. National Forex center only Forex company, banks, the non-bank credit and financial organizations performing conclusion of cumulative open line item of the clients (the amount of open line items of clients) on separate underlying asset on National Forex center can be clients.

Under the terms of the agreement Forex company, National Forex center, bank, the non-bank credit and financial organization assume liabilities to make on its own behalf and at own expense by means of communication with the client through the global computer Internet and (or) with use of other technical means the transactions initiated by the client with non-deliverable off-exchange financial instruments.

Essential terms of agreement are:

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.