/ / News

Financial market association registered in Belarus

MINSK, 30 April (BelTA) – The financial market association (FMA) has been registered in Belarus, BelTA learnt from President of the Association Alexander Sabodin.

The Association includes major brokerage companies from the CIS and Eastern Europe.

The Association will focus primarily on the Forex market and will also work on other sectors of the financial market (stock market, the market of precious metals) as they are closely interrelated.

The Association will aim to establish transparent rules for regulation of the Forex market, explained Alexander Sabodin. Together with government bodies the FMA will draft a law on the Forex market regulation before the end of the year.

“Rules should be convenient for business, meet the interests of the state, protect the rights of the client and at the same time stimulate the market development,” he said. There is a possibility to get customers from neighboring countries, the expert believes. In particular, this may be facilitated by the abolition of taxation for clients - natural persons, he said.

Alexander Sabodin expressed hope that the activities and expertise of the FMA will promote sustainable cooperation with the National Bank and the Government of Belarus for the sake of development of an effective regulatory environment, modern financial products and services for all market participants, and high standards of corporate governance and protection of the rights and interests of investors.

The establishment of the Association is the first step towards the development and regulation of services on the Forex market in Belarus and is fully consistent with the objectives of the socio-economic development program of Belarus for 2010-2015, the policy of the Government and the National Bank in the financial market in the current five-year period.

The FMA will draw on the experience of the financial companies in the market of Belarus, and will work closely with the organizations from other countries of the CIS, especially with the Center for Regulation in OTC Financial Instruments and Technologies (CRFIN) of Russia.