INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 13, 2015 No. 3797-U

About requirements to standards of self-regulatory organization Forex dealers

This Instruction based on Item 8.2 of article 42 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247; 2008; No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6985; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022; No. 27, Art. 4001; No. 29, the Art. 4348, the Art. 4349) (further - the Federal Law "About the Security Market") and the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; №52, of Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958; No. 27, of the Art. 4001, No. 29, of the Art. 4348) establishes requirements to standards of self-regulatory organization Forex dealers.

1. The standard of activities shall contain Forex dealers:

the provisions directed to non-admission (exception) of conflict of interest of members of self-regulatory organization and its workers when implementing activities Forex dealer;

procedure for pre-judicial dispute settlement;

procedure for informing the physical persons who are not individual entrepreneurs (further - clients), about the risks connected with the conclusion, execution and discharge of the agreement signed Forex dealer with clients in which general terms of obligations relations of the parties are determined (further - the framework agreement) and to the separate agreements signed by exposure Forex dealer of quotations and submission of requests by clients on the basis and in pursuance of the framework agreement;

procedure for informing clients that Forex dealer is tax agent in accordance with the legislation of the Russian Federation;

the provisions providing opening Forex dealer of the separate nominal account upon the demand of the client;

requirements to disclosure on the website Forex dealer on the Internet of information specified in Item 23 of article 4.1 of the Federal law "About the Security Market" including information on credit institution in which Forex dealer nominal accounts on which money of clients is considered are opened;

requirements to professional ethics;

the provisions providing the membership termination bases Forex dealer in self-regulatory organization Forex dealers specified in Item 5 of article 50.1 of the Federal law "About the Security Market".

2. The standard approving requirements to content of advertizing of services Forex dealer shall contain:

the requirement about specifying in advertizing of full name Forex dealer and data on the license granted by the Bank of Russia for activities implementation Forex dealer, including number, date of issue and effective period of the license;

the requirements directed to non-admission of unfair competition, and also the provisions establishing prohibition on making of the actions doing moral harm or damage to clients and other persons and also the actions causing damage of goodwill of self-regulatory organization;

regulations on observance of requirements of professional ethics.

3. The standard approving approximate conditions of the framework agreements Forex dealer shall contain:

procedure for the conclusion, change and termination of separate agreements;

procedure for confirmation and execution of separate agreements;

monetary commitment amount procedure of payments;

the exhaustive list of the bases of early termination of obligations according to the framework agreement and separate agreements, including the provisions establishing prohibition Forex dealer to establish other bases for early termination of obligations at its discretion;

the provisions providing sales charges and rates Forex dealer.

4. The standard approving conditions of the separate agreements signed Forex dealer shall contain requirements to conditions of the separate agreements signed Forex dealer, including:

the provisions providing the list of the traded currencies and countercurrencies;

the provisions providing the size of the amount of the traded currency;

the provisions providing transaction rate;

the provisions providing dates of payment under the concluded bargains.

5. The standard approving procedure, terms and conditions of exposure Forex dealer of quotations shall contain:

the provisions determining obligation Forex dealer to specify source of forming of quotations;

procedure and terms of drawing of quotations;

the provisions providing calculation Forex dealer of krosskurs of currencies;

the provisions providing that the prices on the currency pairs having analogs in the Russian or foreign stock foreign exchange market shall not differ from the current values of the corresponding best price (on purchase or sale) more than on 0,5 of percent.

6. The standard approving procedure, terms and conditions of the direction by the client of requests shall contain:

the list of types of the applications submitted by the client Forex dealer;

procedure for execution of requests of the client, including priority of execution of requests according to the procedure of their receipt;

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