Financial Regulation Agency (KROUFR)

The rules of applications consideration in the FRA

With the purpose of increase of objectivity and quickness of clients claims to forex-brokers consideration, we have developed new applications consideration rules. The suggested code of rules is the first step to creation of the arbitration court. At the present stage the public commission is created. To this commission authoritative in our opinion companies, employees of the companies and representatives the public are invited. Participation of the invited commission members is extremely voluntary, that is, on a voluntary basis. Decisions of the commission are recommendatory for the parties and don't exclude subsequent trial in civil courts on an accessory.

The basic differences of the suggested rules from the rules of the arbitration court:

Absence of arbitration and other dues when considering the application;
Absence of an opportunity of a choice of judges - those who are members of the commission, those and participate in consideration;
As a rule, three representatives of court participate in the arbitration court - the senior on the case and two assistants. In our case it is supposed, that a plenty of commission members will participate, that will provide more objectivity;

Acceptance of each decision by voting.

For realization of this aim the special closed section is created on the Forums of the FRA web-page (www.kroufr.ru )

The order of consideration is published below.

The FRA accepts without fail all the applications of the working traders being real clients of forex-brokers which are the FRA members or founders.

Applications from traders not included in the above-stated group can be handed to the FRA, but will be considered only at reception of forex-broker involved in case consent. In this case, without the mutual consent of the trader and forex-broker, such applications will not be published at all on the web-page.

If the trader who has submitted the application, comes to the agreement of lawsuit with forex-broker before the consideration of the application termination it is removed from consideration.

The application to the FRA can be prepared with the help of on-line form which is located on the FRA web-page.

The application can be handed within one month from the end of the primary trial between the trader and forex-broker. The applications concerning the current open positions are not accepted and not considered in the FRA.

The primary application of the trader is published in the closed section of the web-page, then the answer from the forex-broker, and the application of the trader to the FRA on a dissatisfaction with forex-broker decision are also published.

Finally, one of the following decisions is accepted:

the client is right, it is recommended to satisfy his requirements at 100 %
the client is not right, it is recommended to reject the application;
the client is partly right or right, but claims overestimated requirements for compensation;
the decision is impossible, since the additional information is required.

The decision on a dispute is accepted by the simple majority of voices but provided that answers "the decision is impossible, since the additional information is required" do not exceed 30 % from the general number of answers. If answers on the given point excess over 30 % the missing information is requested and published, then the second voting takes place. The voting takes place three working days after the publication of the application. These three days are intended for the opinions exchange, discussion and specification of a question.

If the decision which is accepted by the majority of voices, is "the client is partly right or right, but claims overestimated requirements for compensation;" the FRA accepts and proves the decision on the size of compensation.

In case of equality of voices the casting vote belongs to the FRA.

It is supposed, that the application of the client will be exposed on voting within 5 bank days. After 5 days, either it is made a decision, with possible subsequent specification of the size of compensation, or the additional data and consideration are requested and 5 days after new consideration takes place.

The trader's application is published in bare mass media after the FRA final decision with the depersonalized results of voting.

The archive of investigations and applications is stored.

For simplicity of work the members of the commission will be sent the notice about reception of the new application by e-mail.

The list of forex-brokers and traders who are invited for participation in the above-stated project:

Forex firms and banks:

Alpari, Forex Club, Teletrade, FRA, АKMOS, FIBO, Lefko-bank, Admiral, Umis Forex firms and banks employees (who have agreed to participate in the project as private persons)

Sokologorsky Alexander - the employee of Joint-Stock Company "Guta-bank"
Novikov Pavel - the employee of FC Brezan
Timur Sultan-Zade - employee of Sembank

Traders from investo.ru

Offers and remarks on structure of the commission, the order of consideration of applications are accepted in private at forums investo.ru or kroufr.ru or on e-mail president@kroufr.ru

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