Alpari Prepares to Appeal Bank of Russia License Suspension

One of the brokers which the Bank of Russia singled out on Thursday does not intend to leave the matter unattended. Alpari is preparing to appeal the decision of the Russian central bank to suspend its license.

Earlier on Thursday, the central bank headquartered in Moscow publicized its decision to suspend the licenses of several brokers. The news came as a surprise and is biased to leave the regulated Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term market in the hands of companies controlled by local big banks.

The apparent lobbying effort was sloppily disguised by the Russian central bank. Without delving into specifics, the message on the part of the mega-regulator stated that brokers had repeatedly been violating the prescriptions of the Bank of Russia.

Alpari Mounts its Defences

In an official statement, Alpari shared that the Russian central bank has been acting in contradiction with the local rules and regulations. The company shared with Finance Magnates that Alpari Forex LLC, which is the Russian legal entity of the Alpari brand, has not received any official license revocation notice from the Russian regulator.

The company intends to continue serving its clients in full Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with the Russian law. The company plans to appeal the decision of the regulator “as prescribed by law.”

As we noted, the information shared by the Russian central bank on the matter has been quite vague on details. Alpari’s position is that the information published on the Central Bank of Russia’s website does not give an understanding of why it intends to revoke the licenses of all companies that are not subsidiaries of banking institutions.

“The international financial brand Alpari has been serving clients in various countries for over 20 years in strict accordance with the law. On numerous occasions throughout its history, the company has received licenses in different jurisdictions and has never been faced with a decision by regulators to cease activities for noncompliance with licensing requirements,” a company spokesperson shared with Finance Magnates.