Amendment of forex regulations were going to be talked in Russian lower house assembly (State Duma) on 19th March. However, a day before the hearing scheduled, it was suspended to unspecified later date. Yesterday (7/4) forexmagnates reported that the bill has reentered State Duma's calendar for a second hearing on April 23. Another tidbit has been included on the report, that is brokers based on certain offshore financial centres might not be welcomed by the new bill.
Amendment of forex regulations were going to be talked in Russian lower house assembly (State Duma) on 19th March. However, a day before the hearing scheduled, it was suspended to unspecified later date. Yesterday (7/4) forexmagnates reported that the bill has reentered State Duma's calendar for a second hearing on April 23. Another tidbit has been included on the report, that is brokers based on certain offshore financial centres might not be welcomed by the new bill.
Previously, it was said that two crucial points are going to be raised on the bill. The first is advertising restrictions related to forex businesses. The second is leverage cap which probably going to be settled on 1:50. There are also rumours that President Vladimir Putin himself wants the forex bill. Add to that, this new piece on the puzzle, then we may expect a particularly shocking forex bill.
Forexmagnates disclosed that there may be some points in the amended forex bill with aim to limit the participation of brokers residing in offshore financial centres (OFCs). The list might be taken from list of states and territories providing preferential tax regime and (or) do not provide disclosure and information during financial investigations (in other words: offshore tax haven). Cyprus, the capital city of forex industry, is excluded from the list, but there are more than 40 other locations on the list of places considered as offshore tax haven by Russian Ministry of Finance.
- Anguilla
- The Principality of Andorra
- Antigua and Barbuda
- Aruba
- Commonwealth of the Bahamas
- Kingdom of Bahrain
- Belize
- Bermuda
- Brunei Darussalam
- The Republic of Vanuatu
- British Virgin Islands
- Gibraltar
- Grenada
- Commonwealth of Dominica
- Hong Kong and Macao
- Island of Anjouan (Comoros)
- The Republic of Liberia
- The Principality of Liechtenstein
- The Republic of Mauritius
- Labuan Island (Malaysia)
- Republic of Maldives
- The Republic of Malta
- Republic of the Marshall Islands
- Principality of Monaco
- Montserrat
- The Republic of Nauru
- Netherlands Antilles
- Republic of Niue
- United Arab Emirates
- The Cayman Islands
- Cook Islands
- Turks and Caicos Islands
- Republic of Palau
- The Republic of Panama
- Republic of Samoa
- Republic of San Marino
- St. Vincent and the Grenadines
- Saint Kitts and Nevis
- St. Lucia
- Isle of Man and Channel Islands (Guernsey, Jersey, Sark, Alderney)
- Republic of Seychelles.
Well, now, that is what we call an extremely long list. We have to admit that we never thought that there are so many tax havens in the world. Some are quite surprising, while some others predictably included in it. Unfortunately, some of the most popular brokers HQ are there too, such as Malta and St. Vincent and the Grenadines. We are sure that it is just coincidence that we have just mentioned them yesterday in relation with other issue. On the other hand, we are not sure when and if Russia is actually going to officially approve and enforce the bill. Like you, we are awaiting further reports from Russia.