Russia’s Forex self-regulatory association announces relief for brokers
Russia’s Association of Forex Dealers (AFD) has announced some relief for its members – the brokers that have Forex dealer licenses issued by the Central Bank of Russia.
Some of these companies, such as VTB Forex, have had their operations seriously affected by the sanctions imposed on related business entities. VTB Forex has halted all Forex services but deposits and withdrawals are carried out as usual.
Effective immediately, all control checks, including unplanned inspections of Forex dealers are suspended. The suspension is set to run until May 11, 2022.
In an effort to reduce the operational burden on AFD members, the members are allowed not to submit any accounting reports to the Association.
AFD is the single Forex self-regulatory body in Russia. Membership in it is compulsory for entities with Forex dealer licenses, that is for regulated companies that provide OTC Forex services.