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Procedural rules of consideration of claims

PROCEDURAL RULES

of consideration of claims against brokerage companies certified by
FMRRC NCP

The supreme authority of FMRRC non-commercial partnership (NCP) is the FMRRC board of members that is authorized to conduct expert evaluation of disputes that arose between two or more market participants and its settlement. The FMRRC Board makes all decisions related to the legality of brokers actions and regulates all payouts from the compensation fund performed in accordance with the Compensation Fund Regulations.

Rules of Filing a Claim:

  • The claims against brokerage companies not certified by FMRRC are not a subject for consideration by the FMRRC Board.
  • Customers claims against a company certified by FMRRC are considered only when the customer has received an official answer from the broker that does not meet his requirements or in cases when the company has not given a reply to the customers inquiries within 7 business days.
  • Consideration of claims is initiated after the receipt of the full set of documents requested by experts of the Center.
  • The Arbitration Committee of the Center is authorized to refuse in consideration of a claim in the following cases:
    • A claimant is reluctant to provide all necessary materials for the claim consideration and to render assistance;
    • Providing the materials regarding a claim 14 consecutive days later than specialists of the Center requested them;
    • Announcing details of consideration of claims and decisions of the Arbitration Committee of the Center on any external resources.
  • The information of considered claims, their availability and number is confidential and is not provided to the third parties.
  • The claim for consideration by the FMRRC Board can be filed via special form located in File a Claim section.

Time frames of claims consideration:

  • Claims regarding disputes with brokers are valid for consideration within 1 month from the moment of the dispute occurrence.
  • After a customers claim has been registered, FMRRC experts contact the company to ascertain the circumstances of the dispute. The stage of ascertaining details of the subject of the claim and arriving at a final decision usually takes up to 7 business days. The decision can be postponed depending on the circumstances of the situation.
    • Minimum period of the claim consideration is 7 working days.
    • Maximum term of the claim consideration is 1 month. The period of the consideration may be prolonged in view of new facts and materials provided by a claimant or a company.
  • The customer or a brokerage company can resubmit a claim for the review of the FMRRC Board decision within 3 business days after the initial decision only in the case of new evidence, facts and materials regarding a claim. The subsequent decision of the FMRRC Board after the review of the dispute is final.
File a Claim

 
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