Central Bank Annuls Forex Dealers’ Licenses
28 December 2018 (09:56)
UrBC, Moscow, December 28, 2018. Russia’s Central Bank annulled the licenses of five Forex dealers: OOO Forex Club, OOO Fix Trade, OOO TrustForex, OOO TeleTrade Group, and OOO Alpari Forex. These businesses can no longer operate on the securities market or act as Forex dealers.
‘The decision to annul the licenses had to do with numerous violations of the Russian securities legislation throughout the year: the companies failed to comply with the Bank of Russia’s regulations, failed to keep up with the internal accounting standards, submitted inaccurate reports to the Bank of Russia, and violated the requirements as to the amount of funds their private customers place with the company,’ the Central Bank reports.
All the five companies must now stop operating on the securities market and return their private customers’ funds back to said customers by January 27, 2019.
‘The decision to annul the licenses had to do with numerous violations of the Russian securities legislation throughout the year: the companies failed to comply with the Bank of Russia’s regulations, failed to keep up with the internal accounting standards, submitted inaccurate reports to the Bank of Russia, and violated the requirements as to the amount of funds their private customers place with the company,’ the Central Bank reports.
All the five companies must now stop operating on the securities market and return their private customers’ funds back to said customers by January 27, 2019.
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