The Financial Commission (FinaCom), an independent self-regulatory compliance specialist for the financial services industry, and the Association of Financial Market Development (ARFIN), have signed a memorandum of understanding (MoU) in a bid to help foster more favorable market conditions for ARFIN members, per a FinaCom statement.
The Financial Commission exists as an industry-focused dispute resolution service, with its Dispute Resolution Committee (DRC) acting as its paramount regulatory body. The DRC is staffed by executives from leading companies in the financial services industry with the aim of resolving trader-broker conflicts.
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For its part, ARFIN exists as a non-profit organization – the group’s cooperation with FinaCom will look to enable a more cohesive cooperation between the two entities with the hopes of improving the dispute resolution process in Belarus, with an emphasis on a more fluid information exchange between the two organizations.
The MoU follows on the heels of a recent development from the National Bank of the Republic of Belarus, which has been active in implementing new legislation and related rules with regard to foreign exchange (FX) companies.
FinaCom made headlines last month after it certified the technology of Forex Development Corporation after reviewing its platforms and Condor Prime back-office for MT4, as part of the technology certification process.