The Financial Commission, an independent provider of compliance solutions and self-regulatory framework for international forex, cryptocurrency, binary options and CFD brokers, has announced today a partnership with the Russia-based Center for Regulation in OTC Financial Instruments and Technologies (CRFIN).
CRFIN is a Self Regulatory Organization (SRO) for online forex brokerages in Russia. CRFIN has a strong presence in the Russian Forex industry and has steadily evolved since it was founded in 2010 and was an ideal partner for the Financial Commission in the region.
The partnership announced today between FinaCom LTD and CRFIN will allow members of the Financial Commission, in certain cases, to use services of both organizations. CRFIN and the Financial Commission agreed to coordinate complaints resolution process with each other. In particular, it involves the joint consideration of claims, transfers of claims, as well as mutual exchange of expertise to ensure effective resolution of disputes.
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Advising on Russian Developments
In addition, the Financial Commission will provide certain of its services to CRFIN to help develop the existing and future regulatory framework in Russia with regards to solutions already proven effective by the Financial Commission and based on the unique challenges facing the FX landscape in Russia.
Commenting on the announcement, Financial Commission Chairman Peter Tatarnikov said “CRFIN has evolved into a leading SRO in Russia and the agreement with Financial Commission made sense as both organizations strive towards a common goal and serves unique needs of the online trading industry. We believe this synergy with CRFIN will help current and future members in a variety of scenarios.”