Rules and Guidance
1. General provisions
Financial Services Regulation Scheme is an independent, non-profit, non-governmental organization dedicated to the regulation of financial markets and providing its participants with official licenses, certificates and other authorized documentation.
1.1. Our Organization operates in strict compliance with existing Russian and international legislation, as well as with the legal customs generally accepted in the financial markets.
2. Goals and Objectives
2.1. The main objective of Financial Services Regulation Scheme is to maximize the transparency, openness and reliability of financial markets, including recently developing e-currency and cryptocurrency market, as well as to attract investments through ICO.
2.2. We are professionally engaged in resolving disputes, discrepancies and other conflict situations between financial organizations and other market players, regardless of their jurisdiction.
2.3. We form compensation fund for the clients of companies that have a license of Financial Services Regulation Scheme.
2.4. We organize independent financial audits of banks, credit organizations, brokerage companies and other participants in financial markets.
2.5. We provide information and analysis services and access to various legal information.
3. Obtaining a license
3.1. In order to obtain a certificate Financial Services Regulation Scheme, the brokerage company is required to apply in a prescribed manner and to submit necessary authorization documents.
3.2. The application is carefully reviewed by the Committee within three working days.
3.3. In case of a favorable decision and after payment of necessary contributions to the brokerage company, a license is granted.
3.3.1. If the application was incorrect or the brokerage company found errors or violations, it is given back to the applicant for its correction. Once the breaches are resolved, the regulator may reconsider the application again.
4. Termination of license
4.1. The brokerage company or any other member of Financial Services Regulation Scheme has the right to recall the received license. The relevant application is processed for this purpose. The payments made are not returned.
4.2. Brokerage companies and other participants of Financial Services Regulation Scheme may revoke licenses if they are brought to justice for violations of these rules and existing legislation.
4.3. Once a decision about termination of the membership of Financial Services Regulation Scheme has been taken, the license will be automatically set to expire.
5. Rights and obligations of participants FSRS
5.1. Brokerage companies and other members of Financial Services Regulation Scheme are obliged to comply with the rules established by these Regulations and other regulatory instruments adopted by the regulator.
5.2. Brokerage companies and other members of Financial Services Regulation Scheme are obliged to provide information on changes in their organizational and legal structure in a timely manner.
5.3. Members of Financial Services Regulation Scheme are prohibited from doing anything that in any way may adversely affect the activity or reputation of the regulator.
5.4. Brokerage companies and other members of Financial Services Regulation Scheme should pay their dues on time and in full and make other mandatory payments.
5.5. Brokerage companies and other members of Financial Services Regulation Scheme are obliged to submit detailed financial reports on their own activities.
5.6. The regulator reserves the right, if there are sufficient grounds, to perform an exception review or to organize an independent audit of its members.
5.7. Brokerage companies and other participants of Financial Services Regulation Scheme are entitled to receive qualified and comprehensive assistance from the regulator in optimizing work and resolving other possible issues.
5.8. Brokerage companies and other participants in Financial Services Regulation Scheme have the right to inquire into any matters in any way related to the regulator's activities.
6.1. Brokerage companies and other participants of Financial Services Regulation Scheme are fully responsible for violating the rules established by these regulations and other regulatory instruments adopted by the regulator.
6.2. Fine sanctions proportional to seriousness of the offense may be imposed on breachers.
6.3. In the case of a malicious or repeated violation of the regulations and requirements of regulator Financial Services Regulation Scheme, the license may be revoked from the brokerage company by decision of arbitration or committee without the right to challenge the decision
6.4. Decisions on attracting brokerage companies and other participants of Financial Services Regulation Scheme shall be taken by a special committee or arbitration after careful and comprehensive consideration of all the circumstances of the dispute.
6.5. The decisions taken are bound and are not subject to appeal.
7. Settlement of disputes
7.1. Disputes between brokerage companies and their clients are handled by independent arbitration.
7.2. The basis for the consideration of the dispute is the fulfilled application and the description of the conflict situation provided by the client. As justification the documents, printouts and other evidence are admissible.
7.3. A brokerage company has the right to provide its own representative to defend its rights and for argumentation of its position.
7.4. Independent arbitration takes the decisions collectively.
7.5. The decisions taken are bound and are not subject to appeal.
8. Compensation Fund
8.1. The participants of Financial Services Regulation Scheme, through their registration fees and regular financial contributions, form a compensation fund, the funds of which may be designated to provide the financial liability of the regulator members for the obligations arising from the losses of the clients of brokerage companies because of poor service delivery.
8.2. The funds of the Compensation Fund are accumulated in the regulator's accounts and are not used to meet the current needs and other aspects of the Organization's activities.
8.3. Regular payments of participants are the source of the Compensation Fund. In addition, the brokerage companies may, upon their own initiative, make additional contributions to the Compensation Fund.
8.4. In the event of a decision on damages compensation and funds provision to clients of the Financial Services Regulation Scheme brokerage company, the funds shall be transferred to the specified requisite details of the injured party within five working days.
9. Transitional provisions
9.1. The regulator reserves the right to make amendments and to supplement these rules.
9.2. The regulator undertakes to inform the brokerage companies and other members of the organization about all changes in advance.
9.3. These rules have been approved by the Board of Directors and shall enter into force upon official publication on the site. These regulations are bound for fulfillment in its entirety.
The Financial Services Regulation Scheme seeks to build relationships with brokerage companies that are members of our Organization on the basis of mutual trust and respect. We are always open to a dialog, proposals and to compromise in dealing with various dispute situations. On this page, we are considering basic rules that are mandatory for each member of Financial Services Regulation Scheme. FSRS administration is not responsible for the information posted on the site