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Basic regulations

Content.

1. Introduction.
2. Terminology.
3. Main objectives and goals of the RAFMMM operation.
4. Structure of the RAFMM.
5. Participants of the RAFMM.
6. Regulating documents.
7. Licenses.
8. A decision-making order.
9. Penal sanctions.
10. Changes of the Basic Regulations.
11. Final provisions.

Appendix.

1. Appendix №1 to the Basic Regulations of the RAFMM. About public statements in the name of the RAFMM.

 

1. Introduction.

Basic Regulations is the higher regulating document of the Russian Association of Financial Market Members (further the RAFMM), defining the basic directions of activity, structure and decision-making system.

Basic Regulations imply presence of additional documents regulating an order of the RAFMM operation in certain ways of activity, designated in the Basic Regulations.

Basic Regulations can be changed according to the procedures described in its contents, and not any other way.

Any action of the RAFMM member contradicting the Basic Regulations, leads to penal sanctions or other procedures approved in the course of consideration by one of executive powers in case corresponding penal sanctions are not provided.

Basic Regulations form a basis of activity and transformations of the RAFMM documents regulating system, including the Basic Regulations, providing continuity and stability of major principles of operation in all directions.

Content

2. Terms and definitions.

Fully verified trading account - is an account in the broker company, undergone procedure of absolute verification.

Anonymous payment system - is a payment system which is not supposing opening of verified payment accounts.

Anonymous trading account - is an account in the broker company, opened on obviously false data.

Currency broker - is the broker company providing physical and legal bodies with the possibility of Forex trading accounts opening.

Verified payment account -is the account opened in verifying payment system which account owner was verified.

Verified trading account -is the account in the broker company, which was normally verified.

Verifying payment system -is the payment system, allowing to verify the payment account opened in this system, by providing of the owner's identifying documents and assignment of this data to the payment account.

Guaranteed account - is an absolutely verified trading account

The trading account replenishment - is the procedure of money transfer by payment systems, monetary or bank remittance on the broker company requisites with the subsequent display of these funds on the sender's trading account and a direct binding of the sum displayed on the trading account to commitments of the broker company to the client.

Information project - is a resource providing the online news and analytical information.

Investment project - is the project providing the service of collective funds investment in the different financial tools.

Not verified trading account - is the account in the broker company which was not normally or fully verified.

Procedure of full verification - is the request of the passport and other registration data and also notarized copies of the documents confirming the given data.

Procedure of nominal verification - is the request of the passport and other registration data.

Procedure of normal verification - is the request of the passport and other registration data and also scanned copies of the documents confirming the given data.

Withdrawal of funds from a trading account - is the procedure of money transfer by payment systems, monetary or bank remittances on the trading account owner requisites with their simultaneous or preliminary write-off from the trading account and reduction of commitments of the broker company to the client at amount of the sum written off from the trading account.

Forex trading account - is an account in the broker company, providing the access of its owner to trading operations with currency tools.

Stocks trading account - is an account in the broker company, providing the access of its owner to trading operations with the stocks circulating on one of organized stock exchanges.

Trading account on derivative tools - is the account in the broker company, providing the access of its owner to the trading operations with the derivative tools circulating on one of organized stock exchanges.

Trading account on unsecured trading tools - is the account in the broker company, providing the access of its owner to the trading operations with the tools which are not circulating on one of organized stock exchanges which pricing algorithm is in the general access or approved by one of the RAFMM Superior bodies.

Equity broker - is broker company, providing physical or legal bodies with the possibility of trading accounts opening for work at the stock market.

Content;

3. Main goals and objectives of the RAFMM operation.

3.1. The Russian Association of Financial Market Members is created for regulation of relations between the financial market participants within the agreements limits accepted by voluntary certification and licensing of the Association participants.

3.2. The reception of the licenses, which are given out by the Association, means acceptance by the participant of restrictions and the obligations imposed on the company-owner of the license.

3.3. Main principles of the RAFMM operation are:

a) division of activity directions;

b) standardization of each activity direction for maintenance of the highest level of the Association requirements conformity control;

c) quality control and relevant rating of services quality provided by Association Participants;

d) ensuring of carry out each Association Participant's obligations by means of guarantee granting to the Participant Counterpart.

3.4. The final aim of all RAFMM divisions' activity is ensuring of carry out each RAFMM Participant's obligations to the Counterparts, provided by activity specificity of each separate Participant, stimulation of the services quality improvement represented by Participants and also conformity of each Participant activity to internal and international legislations. A separate direction of the RAFMM activity is guaranteeing of the highest level of conformity to laws in struggle anti-money laundering.

Content

4. Structure of the RAFMM.

4.1. The RAFMM activity is provided with functioning of two basic bodies - the Council and the President. The RAFMM Committees, which are responsible for the operation directions, are formed on their basis.

4.2. The structure of the RAFMM Committees is following:

4.3. The Executive Committee is the higher executive body of the RAFMM, making following decisions:

4.4. Operation of each Committee is regulated by the regulating document defining a field of activity and powers within the limits of this field. Each Committee has the right to form conclusions, decisions, recommendations and the estimations provided by Regulations regulating its activity then the result of the Committee's operation is considered by the Executive Committee, which makes the final decision.

4.5. The President takes part in operation of the Executive Committee and possesses the powers provided in Regulations of the Executive Committee operation.

4.6. The RAFMM Council consists of all RAFMM Participants' representatives. The RAFMM Councilors and the President form Committees, thus the same councilor can be a member of several Committees.

4.7. The RAFMM Executive Committee is formed of the Council and the President. The Executive Committee acts as the single body of decision-making according to the system of the voices record described in this document. The Executive Committee controls operation of the Association and defines its policy.

4.8. Structure of the RAFMM can be described in the Basic Regulations and only in it, any RAFMM divisions which did not provided by the Basic Regulations cannot be legitimate.

Content

5. The RAFMM Participants.

The RAFMM Participants are representatives of the legal person who underwent the procedure of the joining Association which includes:

Each legal person received the status of the Association Participant, has an opportunity to include in the RAFMM Council number of representatives provided for the appropriate license type.

The Association participant influences the RAFMM decision-making by voting during the discussion of questions and offers by Executive Committee.

The Association participant can be excluded by the Executive Committee decision in order provided by Regulations of the Executive Committee operation.

Content

6. Regulating documents.

6.1. The RAFMM regulating documents are:

Basic regulations;

Committees' Regulations;

List of the licenses;

Technical regulations.

6.2. The list of regulating documents can be increased in case of such decision acceptance by the Executive Committee.

6.3. Operation of each committee should be regulated by appropriate regulations and cannot be made in the absence of it. Initiation of any committee takes place after formulation of the new committee regulations which is submitted to the Executive Committee voting.

Content

7. Licences.

7.1. To provide the greatest control efficiency and assessment of the objects activity, it were devised the standards including the list of criteria, which are necessary for each standard compliance and called as licenses. Conformity with the devised standards is established by the Executive Committee and confirmed by appropriate license assignment.

7.2. The licenses types are divided on kinds of objects to which they can be granted:

7.3. The list of criteria corresponding to each license is described in the List of the RAFMM Licenses, and it is the list of conditions necessary for the license reception, besides decision-making of the RAFMM Executive Committee.

7.4. Licensing conditions can be changed in case of such decision acceptance by the RAFMM Executive Committee in order provided by the List of Licenses.

7.5. The license can be called back in case of detection by one of committees of discrepancy to standards and approval of this decision by Executive Committee.

Content

8. A decision-making order.

8.1. The decisions, made by RAFMM, are any results of discussions or voting of one of the RAFMM committees.

8.2. The interim solution is the result of discussion or voting of any RAFMM committee, except the Executive Committee. Any interim solution is submitted to the approval by the Executive Committee in order described below.

8.3. The final RAFMM decision is the result of the Executive Committee voting.

8.4. The order of the RAFMM final decisions acceptance is based on cooperation of the Executive Committee with other committees and looks like the following:

8.5. The president of Association has the right to send any situation to the reconsideration, even if it was the Executive Committee voting, in case of the voting results disagreement.

8.6. The results publication of any RAFMM case consideration is made at the official site of Association according to the RAFMM technical regulations.

Content

9. Penal sanctions.

9.1. Penal sanctions concerning one of the RAFMM participants are expression of its responsibility within the limits of participation in Association in size and volume provided by its status in Association.

9.2. The volume of penal sanctions and an order of their imposing are integral part of licenses system; each of them describes not only reception requirements, but degree and size of responsibility of the license owner in case of non-compliance with conditions of participation in the RAFMM.

9.3. Imposing of the penal sanctions is made by the Executive Committee or the RAFMM President decision-making in case of discrepancy facts detection of the RAFMM participant activity to conditions, provided by its status.

9.4. Imposing of sanctions may be attended by the license call back, received by the RAFMM participant, thus the volume of penal sanctions corresponds to the volume provided by this license.

9.5. In case of refusal to pay full volume of means provided by penal sanctions against the RAFMM participant, he can be excluded from the RAFMM without right of the further reinstatement.

Content

10. Changes of the Basic Regulations.

10.1. Changes of the Basic Regulations can be made only by voting of the Executive Committee.

10.2. Number of voices necessary for the Basic Regulations change and given in favor of this decision is 75 % from total number of voices used in voting.

10.3. An indispensable condition of the Basic Regulations change is the consent of the RAFMM President with this change, expressed by positive voting on a question of regulations change.

10.4. In case, if according to the voting results in the Executive Committee the question of the Basic Regulations change won less than 75 %, but more than 50 % of voices, the list of the Basic Regulations changes goes on the new consideration.

10.5. In case, if according to the voting results in the Executive Committee the question of the Basic Regulations change won less than 50 % of voices, the final voting result will be refusal of the RAFMM Basic Regulations changes list acceptance.

Content

11. Final provisions.

11.1. The Basic Regulations describes all aspects of the broker companies' activity as part of the RAFMM and designated base principles of the Association operation.

11.2. Each Committee has the powers and rights described in the Basic regulations and corresponding to it Committee's regulations. Each Committee' activity relies both on the Basic Regulations and on the Committee' Regulations.

11.3. In case of disputes and disagreement on one of the Basic Regulations points, the RAFMM participants are obliged to solve them by means of consultations with the subsequent voting in order and on the conditions described in appropriate points of the Basic Regulations.

Content

Appendix №1 to the Basic Regulations of the RAFMM. About public statements in the name of the RAFMM.

1. The basic concepts

1.1. The public statements for purposes of this document are considered all announcements including: verbal, written, published in any form (text, audio, video or other), addressed to the mass audience (that is published and in a free access for acquaintance to all comers). And it is not important what number of people in fact familiarized with the statement (up to the absence of acquainted). In other words, if the RAFMM participant placed in a free access (at any information resource) the statement, it is considered as the public statement.

1.2. The presence of the signature with the indication of the fact that the particular person is the RAFMM participant, in that case, does not matter. All RAFMM participants are presented at the official web-site of the RAFMM, therefore for purposes of this document it is supposed, that any interested person may ascertain whether one or another person is the RAFMM participant.

1.3. The presence of the authorship evidence (of the belonging of this statement to the particular RAFMM representative) also does not matter, in case if it is clear from the context, that this statement most probably belongs exactly to him. So, for example, that does not matter if the publication is placed at the personal blog of the RAFMM participant or by his own news-line, instant messenger client, mail etc.

2. Realization of the public statements publication

2.1. Only the person specially authorized by the Association can publish the public statement in the name of the RAFMM. Moreover, any publications at the official RAFMM web-site should be referred to the official publications, presentations of press releases except the cases specified separately and relating to the force majeure category (for example the hack web-site attacks or web-site braking).

2.2. The list of persons who are officially authorized to make the public statements in the name of the RAFMM may be found at the official web-site of the RAFMM and it can be established (or reconsidered) by voting of the RAFMM Executive Committee members (it uses the standard procedure for the Executive Committee, described in the Basic Regulations)

2.3. The list of the public accessible resources, RSS-channels, news-lines, sending lists etc. and also accounts (profiles, nicknames), in the name of whom authorized representatives of the RAFMM can make official publications (statements), in the name of the Association is also placed at the official web-site of the RAFMM. This list can be changed as the need arises with the concurrence of the RAFMM president (without any necessity to initiate the voting procedure of the Executive Committee)

2.4. Any other persons (not authorized to make official statements in the name of RAFMM) can express only their own (personal) attitude (point of view) on any questions in a measure that is not contrary to the Russian legislation and also to the local rules and norms of one or another resource (information) or society (for whom this statement is made). These personal opinions can not be considered as the official position of the RAFMM on no account; moreover, they may contradict the official position of the RAFMM.

2.5. The RAFMM exerts every effort to protect the official channels of the publications, statements, releases, presentations, in order not to allow the unauthorized access to the accounts (profiles), in the name of which such publications are possible, but it can not (by virtue of the technical facilities imperfection) guarantee their immunity.

2.6. The RAFMM is not responsible for publications, made under the accounts which are similar in appearance with the accounts of the official RAFMM representatives.

2.7. The publication of statements, contained the obscene words, the calls for the violence, threats, insults, discriminatory statements and also publication of statements that break (one way or another) the Russian legislation or the local rules of one or another (information) resource is inadmissible and may be the reason of imposition to the person published such statement of the warning, reprimand, severe reprimand or caused the inclusion in the agenda of the voting regarding the exclusion of this person from the number of RAFMM participants.

2.8. The RAFMM has the right, but not the duty, to publish the official position concerning any issue after publication of personal opinion by any RAFMM participant.

3. Publication of other information about the RAFMM

3.1. Publication of information, relating to the internal documents of the RAFMM, which is not to be made public or being the private or secret information of some RAFMM participants is inadmissible.