She made the comments during a roundtable in the Russian State Duma (the lower chamber of the Russian Parliament) on July 9, 2019.
Ms Nikitina explained that advertisers need definite examples of what compliant and lawful Forex advertising is. She advised that the Russian Association of Forex Dealers must supply these cases.
Ms Nikitina clarified that raising fines did not help reduce the volume of ads. These ads did not incorporate all conditions about the pricing of the loan. In the face of the increase in fines, these ads continued to circulate, the FAS official stated.
Let’s recall that the Association of Forex Dealers, ” the self-regulatory organization for Russia’s OTC FX industry, is proposing a increase in the fines for prohibited Forex ads. At present, the Russian law envisages fines of RUB 2,000 — RUB. The fine for authorized entities (businesses) is out of RUB 100,000 into RUB 500,000.
The article Russian FAS official claims against increasing fines for illegal Forex ads appeared initially on FinanceFeeds.
Earlier this month, FAS said it had introduced a probe to the ads of online trading company InstaForex spread via Yandex. The advertising material says”InstaForex- documented site — agent licensed by the Central Bank”. The government remind the public that an entity cannot advertise products and services that it is not licensed to offer. FAS has concluded that InstaForex doesn’t have the permit by Russia’s Central Bank. The ads in question violate the Law on Promotion. The respondents in this probe are a representative of InstaForex and Yandex.