Russian FAS official argues against increasing fines for illegal Forex ads

Sourced from: https://financefeeds.com/russian-fas-official-argues-increasing-fines-illegal-forex-ads/

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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.

Russian c-bank’s plans for introduction of search engine labels for authorized financial firms face opposition

Sourced from: https://financefeeds.com/russian-c-banks-plans-for-introduction-of-search-engine-labels-for-authorized-financial-firms-face-opposition/

The new standards stress the importance of advising customers about the risks associated with entering into a contract, such as the dangers of expenditures or losses . Of the information needs to be made clear for all sorts of customers, even for ones who lack any special understanding of the financial markets.
At the moment, there are just four licensed Forex dealers in Russia. On April 1, 2019, a raft of brand new requirements for Russian FX traders entered into force.

Now, there are four search engines at Yandex Russia – Google, Rambler, and Mail. Yandex is already labelling with a sign that is colored authorized entities’ sites.

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The article Russian c-bank’therefore plans for debut of search engine tags for licensed financial companies face resistance appeared initially on FinanceFeeds.
Russia’s Ministry of Digital Communications Development and Mass Media has opposed the Russian Central Bank’s aims to introduce labels for financial market participants in search engines

Russian paper”Kommersant” reports that the central bank has drafted amendments to the law”On Information”, proposing requirements for search engine operators to introduce labels for licensed financial services firms, such as banks, insurance companies and Forex dealers. The entities that are authorized are the ones licensed by the central bank — information about them may be found on the website of the”mega regulator”.
Format, the schedule for executing the labelling plans as well as also the deadlines had to be dependent on the Ministry of Communications.
Under these new rules, a Forex trader must provide certain information on its website: its name (complete name and abbreviations( if any), membership in a self-regulatory organization, who its representatives are, as well as its policy for paying compensations in case of bankruptcy. Forex traders will need to publish details.
The Ministry adds that, at this point, the website of the fiscal companies displays information concerning those entities’ licenses. The Ministry also stated that the Internet section in Russia isalso a whole, adequately regulated.