Regulatory organization NAFD
NAFD (national Association of Forex dealers) is an independent non-governmental organization, the main mission of which is to create a transparent off-exchange Forex market, which is a full sector of the Russian financial industry. Previously, the Association was called CRFIN (Centre for regulation in OTC financial instruments and technologies), but on July 15, 2016, has changed its name to NAFD. The PARTNERSHIP was formed in 2010 and had the following objectives:
- build the Foundation of a civilized regulated OTC market
- the fight against fraud and unfair competition;
- increasing the transparency of the market.
During this time, the PARTNERSHIP managed to develop the criteria for the selection of reliable brokers to establish their regulation and interaction with traders as well as to make a black list of companies.
With the advent of the law on the Forex dealers NATD aims to develop a robust self-regulatory organization that is able to unite under a brokers licensed by the Central Bank of the Russian Federation, and also to develop national standards for brokers. In the near future NAFD should be accredited by the Central Bank of the Russian Federation self-regulatory organization and to stand on a par with other associations of professional participants of financial markets.
The duties NAFD includes:
- the development of basic rules and principles of professional activity of Forex brokers-members NAFD;
- introduction of unified standards of business reputation, professional ethics and conduct of the participating broker NAFD;
- monitoring and audits of brokers over compliance with requirements of legislation of the Russian Federation and other normative documents NAFD;
- the analysis of the activities of the member companies NAFD;
- training and consulting on legal issues of traders and investors.
Thus, NAPD is another attempt byto create an independent self-regulatory organization in Russia, which would stand up to protect the interests of traders and investors, but this time it is supported by the law on the Forex dealers and the direct participation of Bank of Russia. It is too early to speak about the reliability of such a regulator, as yet too few participants, its members, and no disciplinary action. Besides, we must note that the Board NAFD includes representatives from brokers, so the decision of the Association may not be deemed independent.
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