The CRFIN is a non-profit-self-regulated business collaboration whose aim is to make the off-exchange Forex and binary options market a proper member of the Russian financial industry.
CRFIN’s mission is to come up with unique and viable mechanisms for the off-exchange section of the forex market necessary in the developing, civilization and transparency of the finance market and in safeguarding the interest of the market players.
CRFIN is responsible in the development and implementation of licensing and standards of the activities of the members in partnership. They also carry out supervision on standards compliance and analyze the partnership of the members’ activities. This is a result that arises from the activities by partners is the improvement of services in the forex market. CRFIN is known to develop principles and guidelines of activities, equalize standards and the practices in the business arena.
Members of the organization are assisted in performing their legal rights and interests. The organization is fitted with the capacity to act as an arbitrator in the event of any conflicts between the customers and the members in partnership.
Background on CRFIN
The Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN) was established in Russia on December 20th 2010. This was followed by CRFIN receiving status as a self regulated organization on 15th June 2011. The CRFIN is in charge of conducting a research to come up with recommendations on the spread of government supervision to the market of forex-brokers’ services and unmanned sections of the nonbank derivatives markets.
What it takes to be part of CRFIN
- One needs to deliver in person or mail the required documents to the Governing Board Chair. The documents one should send include an application letter that indicates the desired CRFIN category, constituent documents and an administration warranty in all cases of the CRFIN membership admission.
- The Representative board will decide on your application in 30 days where you will be informed of the decision within 3 business days.
- If successfully admitted, you will be required to pay the admission fee and compensation fund fee
- To be approved as a CRFIN member, you will receive a membership certificate that will be signed by the Chairman of the governing board. All credentials will then be added to the register list of the CRFIN members.
Operations Structure at CRFIN
The CRFIN structure constitutes of various bodies that are tasked with different duties. There is the expert board, representative board, governing board, control commission, founder board, ethics committee, monitoring committee and the disciplinary commission.
The Disciplinary Commission
This is a permanent body that specializes in undertaking its designated activities under the charter of the CRFIN. This commission puts into consideration the activities of the CRFIN and law cases, as well as, other documents of regulation that have been violated by the CRFIN members. All penalty applications against the CRFIN members are the responsibility of the disciplinary commission.
Control Commission
This commission’s duties are also included in the Charter and other documents by the CRFIN. They are supposed to plan checks of members of the CRFIN, come up with suggestions and materials for transfers to CRFIN authorities charged with making decisions on enforcement of the disciplinary penalty measures.
Tribunal of Arbitration
The tribunal handles the arrangement of material exchange between arbitration parties and the arbitration tribunal and the arbitrators. They also offer help and abide to instructions presented by the presiding judge and arbitrators.
Ethics Committee
This committee acts on voluntary basis. This committee was established to monitor CRFIN’s members to make sure that they are ethical on their daily work and comply with the requirements in the legislation of the federation of Russia.
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