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Russia’s Central Bank mulls ways to supervise activities of forex-companies based abroad

February 16, 13:36 UTC+3
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MAGNITOGORSK, February 16. /TASS/. Russia’s Central Bank is considering approaches to supervise activities of forex-companies which are based abroad, Deputy Chief of the Central Bank Vladimir Chistyukhim said:

"The Central Bank is facing the problem of regulation of foreign participants in cases when the requirements of our legislation are breached. In fact we are on the threshold of some revolutions in legal area because it concerns supervision of participants who are under foreign jurisdictions."

The Deputy Chief of the Central Bank reminded that the US was the first to come up with an initiative in this area when they adopted FATCA (the law on taxation of foreign accounts - TASS)

"Considering the development of internet technologies and internet sales we will have to create our rules concerning legal entities, which are based in other states. That is an issue for a long and serious discussion. We should develop requirements to such websites, namely how data is provided, how products are described and consumer rights are protected," he said.

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