RULES AND GUIDELINES
The main goal of this organization is to help resolve disputes between brokers and traders. Since the Company is completely independent and is not under the control of a certain jurisdiction, it does not need to be registered as an EDR.
Individuals and various organizations can equally apply for membership, but they must take into account that it obliges them to comply with certain rules.
The Company pursues the following goals:
• In the event of a dispute, provide clients with an alternative position.
• To participate in the resolution of the conflict as an independent third party with experience in similar issues.
• To enable both parties to receive fast and qualified support when disputes arise.
The only purposes for which financial resources may be used are to replenish the Fund and ensure the Company’s operational status. It is not possible to distribute money among Participants.
The Company’s task, for which it is responsible, is to replenish the Fund intended for payments to clients who have filed a complaint against the broker. For this purpose, it is obliged to create a separate bank account. In addition, the Fund is also replenished by membership fees of brokers. The Fund undertakes to pay an amount of compensation not exceeding a pre-established maximum.
The amount of compensation may change, of which clients will be notified using information on the official website.
If a client has filed a complaint against a broker with membership status, and the latter does not agree with the Committee’s decision, the Company will compensate the client’s losses. At the same time, even having lost the Member status, the broker cannot claim payments from the Fund, since this money is the property of the Company.
The amount will be distributed among several applicants if the maximum possible compensation is not enough to cover all losses.
To be eligible for membership, the financial provider (broker) must demonstrate at least three years of experience in the financial sector. All listed members have established a proven track record within the financial services industry.
Brokers who lack the required work experience are subject to an additional verification process. This involves providing the Company with at least two professional references from reputable organizations or their senior representatives, such as directors or shareholders. These referees must each have a minimum of three years of experience in the financial sector.
The Company provides various membership tiers, each differing in cost, commission rates, the volume of complaints handled, and other additional services.
On the official website, the Company undertakes to publish the amount of payments from all members or from those who are at certain levels.
The Company has the right to request additional information from Members depending on their membership level. Such request will be announced on the official website.
Violations of the following by Members are cases where an appeal to the independent finance committee may be made:
• did not comply with the rules listed in the agreement that was concluded with the client;
• committed actions that contradict the generally accepted principles of providing quality services;
• mistreated the client or in a discriminatory manner.
From the moment of receiving membership status, the broker undertakes to include in each subsequent agreement with the client a clause stating that the latter has the right to file a complaint.
Company rules state that each Member is required to develop a Disaster Recovery Plan to continue business. Brokers must ensure they have a strategy in place to promptly resume business operations during unexpected disruptions. This allows for a quick recovery of the business while maintaining reputation.
The Plan should include items such as:
• information about backup sites;
• algorithm for launching emergency recovery;
• an algorithm for implementation during the third-party failures;
• conducting audits on regular basis;
• transfer of information to the Company;
• contact details of all necessary persons;
• workforce information, including emergency communication contacts.
The Company may conduct an annual audit of all members to ensure compliance with the rules required for membership status.
Members undertake not to interfere with the audit by providing the Company with access to both their team and the equipment they work on.
Only the Company may appoint members of the Dispute Resolution Committee. The latter must:
• In accordance with the Company’s principles, subject complaints to review and assessment, with subsequent decisions on their satisfaction or rejection.
• Issue orders on the implementation of the decision taken.
• Monitor the implementation of these orders.
The regulations outlined herein pertain exclusively to the Committee’s existing authority, responsibilities, and scope of liability. Any modifications, whether expanding or reducing the Committee’s obligations, fall solely under the jurisdiction of the Board.
Members cannot influence the decisions taken by the Company, as it is completely independent.
Dispute resolution is entrusted to a Committee, which is required to do the following:
• be responsible for the process and outcome of complaints;
• oversight solely by the Board of Directors.
The Board of Directors is responsible for the work of the Dispute Resolution Committee. It has sole control over the work of the Company and employees, including any external factors that may influence the dispute resolution process.
As a completely independent organization, the Company does not allow its representatives to be part of the Committee or the Board of Directors.
Having received a complaint about a certain broker, the Company is obliged to first check whether it has a membership status. Only if the latter has been confirmed, the complaint will be analysed. If not, it will be automatically rejected.
The complaint analysis process may not take more than 10 days. If within this period the broker with membership status has not responded to the sender or if the complainant is not satisfied with the response, he/she has the right to send an appeal to the Committee.