Regulatory organization FFMS
The FFMS is the Federal service for financial markets of Russia, formed in 2004 by presidential decree. In 2013, the FSFM was abolished and its functions were transferred to the service of the Bank of Russia financial market. Later in 2014 SBRM was also abolished and its powers transferred to different departments of the Bank of Russia.
The tasks and functions of the FFMS
The regulator is the FSFM, and then his successors, were state bodies and directly subordinate to the Government of the Russian Federation. The main objective of the FFMS is the security of investments and protection of the rights of individual traders and investors. In the conduct of FFMS of the Russian Federation are the following functions:
- the development of regulations for the Ministry of Finance of the Russian Federation;
- control over the securities market;
- state registration of securities;
- control in the sphere of insurance activities, including the issuance and revocation of licenses for insurance and brokerage companies;
- supervision of professional participants of the securities market, joint investment, mutual funds, commodity exchanges, private pension funds, credit bureaus and other financial companies, excluding banks and audit firms.
The procedure for obtaining the license of FFMS
Broker, carrying out professional activity on the financial markets on the territory of Russia, is obliged to provide all the necessary documentation for obtaining the license of the FSFM. The license is issued for a period of 3 years, after which the broker must perform a second procedure obtaining a license. Despite the fact that the FFMS of Russia has been abolished, licenses issued previously continue to apply until the end of their term.
The broker state license FFMS is a good sign. But it should be understood that the FFMS does not supervise the foreign exchange markets, its objective is the control of the securities market, so if you are going to trade Forex, in the case of conconflict situations or bankruptcy of the company governing the company, the FSFM, as well as its successors, will not help you. Moreover, the FFMS is a very low level of trust on the part of traders and investors.
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