Financial Commission Inks MoU with Belarus’ ARFIN

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) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) in a bid to help foster more favorable market conditions for ARFIN members, per a FinaCom statement.

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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.

Symbiotic Relationship

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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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.