Russian National Association of Securities Market Participants (NAUFOR) currently undertakes an active part in elaborating suggestions related to Forex regulation in Russia. Russian National Association of Securities Market Participants (NAUFOR) is a Russian Self-regulatory organization including companies with licenses of a professional participant of securities market or management company. History of this regulating body contains several stages. In 1994 year 15 companies having top positions on stock exchange market united within framework of Professional Association of Securities Market Participants setting its main goal in introducing unified rules of processing finance documents and supporting information openness in financial sphere. On November 30th of 1995 year Russian Self-regulatory organization was declared, whereas June, 21, 1996 is considered its official date of registration. By the moment Federal Financial Markets Service and NAUFOR represent an example of 2-level structure purposed to regulate financial market, which can be employed for the Forex market.
Goals and tasks of this association include developing and improving system of securities' regulation, maintenance of NAUFOR members' activity, establishing rules and standards of NAUFOR members' activity and control over their compliance, monitoring of their activity, undertaking measures for conflict settlement. NAUFOR is an affiliated member of IOSCO (International Organization of Securities Commission). NAUFOR published “The concept of regulating retail forex market in Russia” containing 13 suggestions for regulation over-the-counter currency market in Russia.
Within the framework of activity on stock market regulation NAUFOR implements following functions:
- Regular examinations of SRO members;
- Control over compliance with the laws and standards of SRO, as well as control over the Federal Financial Markets Service;
- Setting rules of work for SRO members;
- Monitoring of the activity of SRO members.