Finam becomes second company to enter Russian securities SRO NAUFOR register

Finam becomes second company to enter Russian securities SRO NAUFOR register

Russian self-regulatory organization (SRO) National Association of Securities Market Participants (NAUFOR) said on Thursday it has included investment holding company Finam into its register of companies that fall under the association’s internal rules and control. Finam is the second company included in NAUFUR’s register.

The broker has to comply with the association’s standards and requirements, including these related to order execution, communication and information provision, accounting principles, and prevention of conflict of interest.

Although NAUFOR has about 320 members, its register includes a single other member – investment company Vivait, which was added in October 2015.

Finam has been a member of NAUFOR since 1997. It has licenses for securities broker and dealer, and for depository activities from the Central Bank of Russia (CBR).

NAUFOR is a self-regulatory organization that aims to improve the securities regulation in Russia by supervising and uniting securities brokers, dealers, trust managers and depositories that operate in Russia. It is a member of the International Organization of Securities Commissions (IOSCO). NAUFOR is accredited to conduct exams and issue certificates to players in the Russian securities market. Its members are required to have a valid securities license from the relevant regulatory bodies and to comply with NAUFOR’s mandatory internal rules and principles.

Finam is a well-known brand in Russia. Finam Forex, part of the Finam group, is the first and so far only company with Russian forex broker license. It obtained it mid-December 2015 from the CBR) which is in charge of the regulation of the forex market in the country.

Russia adopted last year regulatory amendments, requiring all forex brokers operating in the country to obtain a license from the CBR or to cease operations in the country after 1 January, 2016. Another three brokers – Alpari , TeleTrade and Forex Club have announced they have applied for a license to continue acting as forex brokers in the country, but so far no data has been provided regarding the status of their licenses.

Finam’s international trading brand is WhoTrades, which holds a license issued by the Cyprus Securities and Exchange Commission (CySEC).

Source: NAUFOR

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