Membership Rules and Guidelines
This institution makes decisions completely independently. Its main purpose is to resolve controversial issues in the financial market. The Company is not controlled by any available jurisdictions; it does not need to register as an EDR.
Company membership is available to individuals, corporations, and businesses primarily engaged in financial activities. This membership sets forth fundamental rules and regulations that all members must follow.
The primary objectives of the Company are to:
- Provide clients with the opportunity to use an alternative service in the situation of controversial issues that participants cannot resolve on their own.
- Act as an independent third party with experience in resolving financial disputes.
- Offer traders and brokers who are members of the Company with fast and qualified assistance when they need to resolve an issue.
Financial resources can’t be used for any purpose other than replenishing the Fund and maintaining the Company in working order. Distribution of funds among the Company’s employees is strictly prohibited.
The Company is fully responsible for replenishing its Compensation Fund, which insures the brokers’ clients when they file a complaint. The Company also takes responsibility for opening a separate bank account for it. In addition to the existing assets, the Fund is replenished with the help of monthly deductions from each broker who is a member of the Company. The maximum compensation amount is set in advance, and losses that exceed it are not reimbursed from the Fund.
The amount of this compensation is temporary and may change. All changes are reported on the Company’s official website.
The Company compensates the client’s losses if he/she has filed a complaint and the broker who is a member does not agree with the Committee’s decision. Even if membership is cancelled, the former member has no right to claim the Fund’s money, as they are the property of the Company.
In a situation where there are several applicants and the maximum amount is not enough to fully cover the losses, the funds are distributed among them.
To qualify for membership, every broker is required to provide proof of working in the financial sector for a minimum of 3 years. All members on our list have a solid track record in the financial services sphere.
If brokers don’t have the required work experience, they must undergo an additional verification procedure. In this case, it is necessary to provide the Company with at least two professional recommendations from reputable organizations, their directors, shareholders or senior employees. These individuals must possess a minimum of 3 years of experience in this field.
The Company offers several membership levels that vary in cost, commissions, number of complaints processed and other additional services.
The Company has the right to impose additional fees on all members or those at a certain level. It undertakes to announce these payments on the official website.
Depending on the membership level, the Company may require additional information. The required analyses will be announced on the Company’s website.
The Company can apply to the self-managed financial committee in cases where a member has executed one of the following violations:
- Has failed to comply with the rules specified in the agreement concerning economic services concluded between the member and the applicant.
- Has acted in a manner contrary to generally accepted standards for the provision of financial services.
- Has acted unfairly or discriminated against the applicant.
Once a participant has been verified and has received a place on the list of reliable economic service providers, each contract it signs with a client must include a clause on the possibility for the client to file a complaint.
Each Member is required to develop a business continuity and disaster recovery plan. Following corporate policy, broker-members must have a strategy that will allow for the prompt resumption of business processes in the event of unforeseen circumstances. Such a plan facilitates the rapid rehabilitation of the business and the maintenance of its reputation.
This plan must contain information for the Company on:
- characteristics and components of backup sites;
- the sequence of actions when launching a disaster recovery or continuity plan;
- potential failures on the part of partners;
- regular annual audits;
- established procedure for informing the Company;
- contact information of third-party contractors;
- employees and connection details in emergency situations.
The Company reserves the right to conduct an annual audit of the Member. Throughout this process, the Company will evaluate the Member’s adherence to the specified regulations.
When an annual audit is initiated, it is the Member’s responsibility to cooperate with the designated inspection teams by granting them access to both the premises and its staff.
The Company operates as an independent organization. Its members do not influence its decisions or the manner in which they are reached.
A designated committee, tasked with resolving conflicts among the members, has the following responsibilities:
- it is entirely responsible for addressing grievances;
- it reports solely to the Board of Directors.
In this context, the Board of Directors oversees the Dispute Resolution Committee and its staff. The Board is responsible for managing the Company and its personnel, including any external factors that might impact how complaints are evaluated and resolved.
As the Company is an autonomous organization, its representatives are not permitted to serve as members of either the Dispute Resolution Committee or the Board.
The Company has the exclusive right to appoint members of the Dispute Resolution Committee. It grants it the following functions:
- Review of complaints, their assessment, decision-making in accordance with the previously established guidelines, and making determinations regarding subsequent Orders.
- Issuance of Orders related to the decisions taken.
- Making a resolution on the implementation of a decision.
The rules outlined herein pertain to the current authorities, responsibilities, and liabilities of the Committee. The Board retains exclusive authority to amend or revoke the Committee’s obligations.
Upon receipt of a complaint, the Company initiates a procedure to verify whether the broker it was filed against is a member of the Company. If so, the complaint is analysed in accordance with the regulations. If not, it is automatically rejected.
The complaint must be analysed within 10 days. During this period, the broker must provide the applicant with a comprehensive response. If the applicant does not agree with the participant’s decision, he/she can initiate the process of filing a complaint with the Company for consideration by the Committee.
This institution makes decisions completely independently. Its main purpose is to resolve controversial issues in the financial market. The Company is not controlled by any available jurisdictions; it does not need to register as an EDR.
Company membership is available to individuals, corporations, and businesses primarily engaged in financial activities. This membership sets forth fundamental rules and regulations that all members must follow.
The primary objectives of the Company are to:
- Provide clients with the opportunity to use an alternative service in the situation of controversial issues that participants cannot resolve on their own.
- Act as an independent third party with experience in resolving financial disputes.
- Offer traders and brokers who are members of the Company with fast and qualified assistance when they need to resolve an issue.
Financial resources can’t be used for any purpose other than replenishing the Fund and maintaining the Company in working order. Distribution of funds among the Company’s employees is strictly prohibited.
The Company is fully responsible for replenishing its Compensation Fund, which insures the brokers’ clients when they file a complaint. The Company also takes responsibility for opening a separate bank account for it. In addition to the existing assets, the Fund is replenished with the help of monthly deductions from each broker who is a member of the Company. The maximum compensation amount is set in advance, and losses that exceed it are not reimbursed from the Fund.
The amount of this compensation is temporary and may change. All changes are reported on the Company’s official website.
The Company compensates the client’s losses if he/she has filed a complaint and the broker who is a member does not agree with the Committee’s decision. Even if membership is cancelled, the former member has no right to claim the Fund’s money, as they are the property of the Company.
In a situation where there are several applicants and the maximum amount is not enough to fully cover the losses, the funds are distributed among them.
To qualify for membership, every broker is required to provide proof of working in the financial sector for a minimum of 3 years. All members on our list have a solid track record in the financial services sphere.
If brokers don’t have the required work experience, they must undergo an additional verification procedure. In this case, it is necessary to provide the Company with at least two professional recommendations from reputable organizations, their directors, shareholders or senior employees. These individuals must possess a minimum of 3 years of experience in this field.
The Company offers several membership levels that vary in cost, commissions, number of complaints processed and other additional services.
The Company has the right to impose additional fees on all members or those at a certain level. It undertakes to announce these payments on the official website.
Depending on the membership level, the Company may require additional information. The required analyses will be announced on the Company’s website.
The Company can apply to the self-managed financial committee in cases where a member has executed one of the following violations:
- Has failed to comply with the rules specified in the agreement concerning economic services concluded between the member and the applicant.
- Has acted in a manner contrary to generally accepted standards for the provision of financial services.
- Has acted unfairly or discriminated against the applicant.
Once a participant has been verified and has received a place on the list of reliable economic service providers, each contract it signs with a client must include a clause on the possibility for the client to file a complaint.
Each Member is required to develop a business continuity and disaster recovery plan. Following corporate policy, broker-members must have a strategy that will allow for the prompt resumption of business processes in the event of unforeseen circumstances. Such a plan facilitates the rapid rehabilitation of the business and the maintenance of its reputation.
This plan must contain information for the Company on:
- characteristics and components of backup sites;
- the sequence of actions when launching a disaster recovery or continuity plan;
- potential failures on the part of partners;
- regular annual audits;
- established procedure for informing the Company;
- contact information of third-party contractors;
- employees and connection details in emergency situations.
The Company reserves the right to conduct an annual audit of the Member. Throughout this process, the Company will evaluate the Member’s adherence to the specified regulations.
When an annual audit is initiated, it is the Member’s responsibility to cooperate with the designated inspection teams by granting them access to both the premises and its staff.
The Company operates as an independent organization. Its members do not influence its decisions or the manner in which they are reached.
A designated committee, tasked with resolving conflicts among the members, has the following responsibilities:
- it is entirely responsible for addressing grievances;
- it reports solely to the Board of Directors.
In this context, the Board of Directors oversees the Dispute Resolution Committee and its staff. The Board is responsible for managing the Company and its personnel, including any external factors that might impact how complaints are evaluated and resolved.
As the Company is an autonomous organization, its representatives are not permitted to serve as members of either the Dispute Resolution Committee or the Board.
The Company has the exclusive right to appoint members of the Dispute Resolution Committee. It grants it the following functions:
- Review of complaints, their assessment, decision-making in accordance with the previously established guidelines, and making determinations regarding subsequent Orders.
- Issuance of Orders related to the decisions taken.
- Making a resolution on the implementation of a decision.
The rules outlined herein pertain to the current authorities, responsibilities, and liabilities of the Committee. The Board retains exclusive authority to amend or revoke the Committee’s obligations.
Upon receipt of a complaint, the Company initiates a procedure to verify whether the broker it was filed against is a member of the Company. If so, the complaint is analysed in accordance with the regulations. If not, it is automatically rejected.
The complaint must be analysed within 10 days. During this period, the broker must provide the applicant with a comprehensive response. If the applicant does not agree with the participant’s decision, he/she can initiate the process of filing a complaint with the Company for consideration by the Committee.