Bank of Russia executive members agreed on a new approach towards companies without a license. Any forex brokerage house, that does not have a foxer dealer license, is not eligible to advertise its services, as it is not a member of a Forex supervision. The change took effect in January 1, 2016.
Other foreign entities got into the same category of non-accepted subjects and they won’t be allowed to advertise for Russian clients as well. This amendment took effect from October 1, 2015
Also foreign corporate entities in Russia are not allowed to promote their Forex services to Russian clients as of October 1, 2015.
In Cyprus, the CySEC watchdog strengthened its grip, with the latest sanctions and issued a directive ordering investment companies to obtain regulatory APPROVAL FOR A CORPORATE OR BRANDING NAME CHANGE.
CySEC is mostly focused on forex and binary options brokers in this case. It mentioned misleading information in the name of the companies like an ‘asset management’, which could evoke a wrong interpretation by the client.
