The Belarusian Non-Profit Partnership, the Association of Financial Market of the Republic of Belarus, better known in the field as ARFIN, recently announced that its General Meeting of Members unanimously approved the Code of Good Practice and Professional Ethics.
The Association said in a recent release that by their decision to approve the new Code, the subjects of the forex market – ARFIN members expressed their full support for the work being done by the National Bank of the Republic of Belarus to create a system of protecting the rights of consumers of financial services in the country, as well as promoting good practices in various segments of the financial market.
They also added, that putting the Code into practice would help build confidence in ARFIN members, who are unconditionally committed to the faithful provision of services and professional services to their clients,
The development and approval of the new version of the Code are related to the work being carried out by the National Bank of the Republic of Belarus on the creation in the Republic of a system of protecting the rights of consumers of financial services, as well as the promotion of good faith practices in various segments of the financial market.
Earlier, ARFIN members were guided by the Rules of Market Conduct and Professional Ethics approved by the General Meeting of Association Members on June 26, 2017, which were recognized by the National Bank as one of the best in the practice of protecting the rights of consumers of financial services and were recommended for use by other participants in the financial market of the Republic of Belarus.
At the beginning of the year, the National Bank developed and approved the general principles of good faith, which were implemented by ARFIN, agreed with all participants in the financial market.
The main goal of the Code is to increase public confidence in the OTC Forex market and its participants, creating a positive image of the activities of members of the Association. The Code aims to exclude the possibility of ARFIN members taking actions to the detriment of the interests of clients and the OTC Forex market as a whole. Each member of ARFIN is obligated to familiarize all employees with the provisions of the Code and take all necessary measures to comply with them.
Among the principles of good faith: honesty and impartiality; justice and protection; transparency; professionalism; a responsibility; cooperation. Monitoring compliance with requirements and principles rests with the executive body of the Association.
We should note that at the moment 12 out of 19 forex companies licensed in Belarus are members of ARFIN.