INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 13, 2015 No. 3797-U

About requirements to standards of self-regulatory organization Forex dealers

This Instruction based on Item 8.2 of article 42 of the Federal Law of April 22, 1996 No. 39-FZ "About the security market" (The Russian Federation Code, 1996, No. 17, Art. 1918; 2001, No. 33, Art. 3424; 2002, No. 52, Art. 5141; 2004, No. 27, Art. 2711; No. 31, Art. 3225; 2005, No. 11, Art. 900; No. 25, Art. 2426; 2006, No. 1, Art. 5; No. 2, Art. 172; No. 17, Art. 1780; No. 31, Art. 3437; No. 43, Art. 4412; 2007, No. 1, Art. 45; No. 18, Art. 2117; No. 22, Art. 2563; No. 41, Art. 4845; No. 50, Art. 6247; 2008; No. 52, Art. 6221; 2009, No. 1, Art. 28; No. 18, Art. 2154; No. 23, Art. 2770; No. 29, Art. 3642; No. 48, Art. 5731; No. 52, Art. 6428; 2010, No. 17, Art. 1988; No. 31, Art. 4193; No. 41, Art. 5193; 2011, No. 7, Art. 905; No. 23, Art. 3262; No. 27, Art. 3880; No. 29, Art. 4291; No. 48, Art. 6728; No. 49, Art. 7040; No. 50, Art. 7357; 2012, No. 25, Art. 3269; No. 31, Art. 4334; No. 53, Art. 7607; 2013, No. 26, Art. 3207; No. 30, Art. 4043, Art. 4082, Art. 4084; No. 51, Art. 6699; No. 52, Art. 6985; 2014, No. 30, Art. 4219; 2015, No. 1, Art. 13; No. 14, Art. 2022; No. 27, Art. 4001; No. 29, the Art. 4348, the Art. 4349) (further - the Federal Law "About the Security Market") and the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; №52, of Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958; No. 27, of the Art. 4001, No. 29, of the Art. 4348) establishes requirements to standards of self-regulatory organization Forex dealers.

1. The standard of activities shall contain Forex dealers:

the provisions directed to non-admission (exception) of conflict of interest of members of self-regulatory organization and its workers when implementing activities Forex dealer;

procedure for pre-judicial dispute settlement;

procedure for informing the physical persons who are not individual entrepreneurs (further - clients), about the risks connected with the conclusion, execution and discharge of the agreement signed Forex dealer with clients in which general terms of obligations relations of the parties are determined (further - the framework agreement) and to the separate agreements signed by exposure Forex dealer of quotations and submission of requests by clients on the basis and in pursuance of the framework agreement;

procedure for informing clients that Forex dealer is tax agent in accordance with the legislation of the Russian Federation;

the provisions providing opening Forex dealer of the separate nominal account upon the demand of the client;

requirements to disclosure on the website Forex dealer on the Internet of information specified in Item 23 of article 4.1 of the Federal law "About the Security Market" including information on credit institution in which Forex dealer nominal accounts on which money of clients is considered are opened;

requirements to professional ethics;

the provisions providing the membership termination bases Forex dealer in self-regulatory organization Forex dealers specified in Item 5 of article 50.1 of the Federal law "About the Security Market".

2. The standard approving requirements to content of advertizing of services Forex dealer shall contain:

the requirement about specifying in advertizing of full name Forex dealer and data on the license granted by the Bank of Russia for activities implementation Forex dealer, including number, date of issue and effective period of the license;

the requirements directed to non-admission of unfair competition, and also the provisions establishing prohibition on making of the actions doing moral harm or damage to clients and other persons and also the actions causing damage of goodwill of self-regulatory organization;

regulations on observance of requirements of professional ethics.

3. The standard approving approximate conditions of the framework agreements Forex dealer shall contain:

procedure for the conclusion, change and termination of separate agreements;

procedure for confirmation and execution of separate agreements;

monetary commitment amount procedure of payments;

the exhaustive list of the bases of early termination of obligations according to the framework agreement and separate agreements, including the provisions establishing prohibition Forex dealer to establish other bases for early termination of obligations at its discretion;

the provisions providing sales charges and rates Forex dealer.

4. The standard approving conditions of the separate agreements signed Forex dealer shall contain requirements to conditions of the separate agreements signed Forex dealer, including:

the provisions providing the list of the traded currencies and countercurrencies;

the provisions providing the size of the amount of the traded currency;

the provisions providing transaction rate;

the provisions providing dates of payment under the concluded bargains.

5. The standard approving procedure, terms and conditions of exposure Forex dealer of quotations shall contain:

the provisions determining obligation Forex dealer to specify source of forming of quotations;

procedure and terms of drawing of quotations;

the provisions providing calculation Forex dealer of krosskurs of currencies;

the provisions providing that the prices on the currency pairs having analogs in the Russian or foreign stock foreign exchange market shall not differ from the current values of the corresponding best price (on purchase or sale) more than on 0,5 of percent.

6. The standard approving procedure, terms and conditions of the direction by the client of requests shall contain:

the list of types of the applications submitted by the client Forex dealer;

procedure for execution of requests of the client, including priority of execution of requests according to the procedure of their receipt;

the provisions determining time of acceptance and the end of order taking Forex dealer;

methods of transfer of requests by the client Forex dealer;

direction term client of requests Forex dealer, and also effective period of such requests;

the provisions providing the right of withdrawal of the request the client before its execution;

procedure for execution of the request Forex dealer;

the provisions providing the cases of non-execution of requests Forex dealer which are not attracting responsibility Forex dealer;

the provisions providing responsibility Forex dealer for non-execution of requests of the clients.

7. The standard approving procedure for provision by the client of providing shall contain:

the provisions providing obligation Forex dealer to check sufficiency of the providing provided by the client before execution of its request;

the provisions providing determination of the minimum quantity of time during which the client can provide necessary providing, in case of exposure (direction) to the client Forex dealer of such requirement;

the provisions providing that the requirements Forex dealer which are not performed at the expense of the means of the client taken from it as providing are considered as extinguished.

8. The standard approving procedure of payments of the size of obligations of the client shall contain:

the provisions determining obligation Forex dealer in the continuous mode during the period in which it provides services to calculate the size of monetary commitments under the contracts with each client signed by it;

the provisions providing need of updating of information on calculation of the size of monetary commitments on the contracts with each client signed Forex dealer in process of change of this information;

the provisions determining that information on the amount of the providing provided Forex dealer by the partner is considered Forex dealer on the basis of the data on quantity of money received from credit institution on the nominal account Forex dealer on each partner taking into account information on the current obligations on separate agreements;

the provisions determining obligation Forex dealer by calculation of financial result in connection with execution (the termination, including with termination) each separate agreement.

9. The standard approving procedure for carrying out settlings with the client shall contain the provisions providing that the term of return of money to the client Forex dealer shall not exceed two working days from the date of obtaining customer requirement Forex dealer about return of money.

10. The standard approving requirements to program technical means Forex dealer shall contain:

the provisions providing Forex dealer of information security of processes of creation and operation of the automated systems which are part of its program technical means, in accordance with the legislation of the Russian Federation about technical regulation, and requirements about implementation Forex dealer of control (audit) of the specified processes at least once in three years;

the provisions determining obligation Forex dealer to organize placement of the equipment of program technical means generally and reserve data-processing centers (further - DPC), at the same time the equipment in reserve DPC shall provide functioning of program technical means in full;

the provisions providing that the distance between the main and reserve DPC shall make at least ten kilometers;

the provisions providing that the main DPC shall be provided with the following infrastructure:

availability of own connection of DPC with the main points of exchange of traffic of the Internet, at the same time connection shall be carried out by means of at least two independent data transmission channels laid by different geographical routes;

ensuring at least two independent electric inputs from the different feeding centers;

availability of system of the guaranteed uninterrupted power supply of the main DPC with double reservation providing electric utility service of the main DPC within at least seventy two hours;

availability of the precision control system and ensuring climatic parameters with double reservation in the range of 18 - 26 degrees Celsius and humidity of 30 - 70 percent without possibility of formation of condensate in the locations of processing equipment;

availability of system of early detection of ignition and automatic fire extinguishing;

availability of the round-the-clock support service of activities of DPC and engineering personnel;

availability of systems of the round-the-clock video surveillance and the control systems of access providing data storage at least ninety days;

availability of the round-the-clock protection of object;

the provisions providing that the reserve DPC shall conform to requirements to the main DPC for the purpose of ensuring functioning of program technical means in case of long-term failure of the main DPC;

the provisions determining obligation Forex dealer to perform complete backup of all data of internal accounting Forex dealer at least once a day, and backup of the exposed quotations, the accepted requests, agreements signed in the course of activities Forex dealer, - in real time. Forex dealer shall perform reserve data storage of internal accounting in reserve DPC at least five years from the date of execution or the termination, including termination of separate agreements in connection with which in internal accounting Forex dealer the relevant information is entered;

the provisions providing that program technical means Forex dealer shall provide the ciphered connection of the trade server with program technical means of the partner and also opportunity upon the demand of the partner to provide multifactor authentication in case of the conclusion of separate agreements and making of transactions;

the provisions determining obligation Forex dealer at least once a year to hold testing of reserve complex of program technical means according to the scenario of blackout of the main complex of program technical means;

to provide the provisions determining obligation Forex dealer on permanent basis support and servicing of system and the equipment of the main and reserve complexes of program technical means;

the provisions providing that program technical means Forex dealer shall provide logging (recording) of all actions Forex dealer during operating activiies Forex dealer and shall give opportunity to partners Forex dealer to make logging (recording) of own actions.

11. The standard approving structure of the reporting Forex dealer before persons with whom agreements, and also procedure and terms of provision of such reporting are signed shall contain:

requirements to structure, forms and signing of the reporting;

requirements to procedure for provision of the reporting, including in electronic form;

requirements to terms of provision of the reporting (the reporting is provided to the client with frequency at least once a month, at the same time, in case of the written request of the client Forex dealer it is necessary in time, not exceeding ten working days from the date of receipt of request, to provide to the client the report for the date specified in request and if such date is not specified - on the date of receipt of request Forex dealer).

12. Standards may contain other provisions which are not contradicting this Instruction.

13. This Instruction becomes effective after 10 days after day of its official publication in "the Bulletin of the Bank of Russia".

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info