Membership Rules and Guidelines
The actions of this organization have a completely independent basis and aim to find an adequate solution in controversial situations that arise in the trading sphere. The company does not need control by any authorities or registration as an EDR.
Both individuals and companies operating in the financial industry can apply for membership. It is important to note that membership is based on principles established by Digital Crypto Commission, which everyone is required to adhere to.
The Company’s objectives are listed below:
• To enable clients to turn to an authority in this field in situations where they need an alternative opinion.
• To assist clients as an independent third party that has relevant experience in resolving disputes in the financial sector.
• To help brokers and traders in resolving disagreements that arise during the course of cooperation.
The funds are strictly reserved for maintaining the Company’s operations or replenishment of the Compensation Fund itself. Under no circumstances may these funds be distributed among Participants.
The Company is required to allocate a set amount to the Compensation Fund to safeguard customers in the event of a dispute. It is also its responsibility to create a special account for the management of the Fund. Contributions to the Fund include these deposits and a fixed percentage of monthly membership fees from Participants. Compensation limits are pre-set, and if claims exceed these limits, the Fund is not obligated to cover the full amount. Compensation amounts are temporary and subject to adjustment, with any changes announced on the official website.
The Company is authorized to use the Fund to resolve customer complaints when a Member rejects the Committee’s decision. Once a membership is terminated, the former Member has no right to claim any portion of the Fund, as it remains Company property. In cases where the Fund cannot fully cover losses, the available resources will be distributed proportionately among claimants.
Before applying for membership, a broker is obliged to provide evidence of its operational activity in the financial industry for at least 3 years. This way we ensure the experience factor of our members.
Those brokers who do not have relevant experience can apply for membership only if they can provide at least 2 references from authorities in the field, including company directors, their senior employees or major shareholders. Each person who provides a reference must have at least 3 years of experience in the field.
The Company provides multiple membership tiers, each varying in crucial aspects such as commission rates, the extent of complaint evaluations, and additional exclusive benefits, etc. ensuring a tailored experience based on its individual needs.
Members of all or certain levels may be subject to fees. The amount will be indicated on the Company’s official website.
The Company may require additional data from all members or those at a certain level. Information about such requirements will be posted on the official website.
The reasons for the Company’s appeal to the Committee for compensation may be:
- Failure to fulfil the obligations listed in the agreement between the client and the broker.
- Actions that contradict the standards of fair provision of financial services.
- Unfair or discriminatory actions towards clients.
From the moment a broker receives membership status and is identified as a reliable participant in this industry, it is obliged to include a complaint option in each subsequent contract with a client.
Every broker applying for membership status is required to have an action plan that will ensure emergency recovery of the business in the event of a disaster. Corporate policy states that in the event of any unforeseen circumstances, brokers must have an algorithm, the consistent implementation of which guarantees the recovery of the business. This contributes to the enhancement of reputation.
This plan must include the following:
- information on additional sites and their characteristics;
- information on how to initiate a disaster recovery or ensure continuity;
- sequence of actions in case of failures on the part of partners;
- information on regular audits;
- procedure for conducting the operation for informing the Company;
- contractor contact information;
- essential employee and connection details to be utilized in case of emergencies.
Each Member may be subject to an annual audit, which must confirm that it complies with all required rules in full.
The Member is obliged to cooperate in the audit: to provide access to the team and property, etc.
All actions of the Company are carried out on an independent basis. Members cannot influence the decision-making process. A specially appointed Committee is involved in conflict resolution, the list of duties of which is presented below:
- responsible for the complaints handling process;
- report to the Board of Directors.
The only party that can control the Committee is the Board of Directors. It also has full responsibility for the personnel and management process of the Company, including all factors that may affect the final decisions.
Representatives of the organization cannot be members of either the Dispute Resolution Committee or the Board of Directors, since it is completely autonomous.
Members of the Dispute Resolution Committee may be appointed exclusively by the Company. They have the following duties:
- To review complaints, assess them for compliance with the Company’s principles and decide on further action on them.
- To issue orders in accordance with the decisions made.
- To issue resolutions on their implementation.
All of the above applies to the powers and obligations of the Committee at the current time. Only the Board of Directors may cancel or change the decisions of the Committee.
The first thing the Company checks after receiving a complaint is whether the broker it was filed against is on the list of Members. If the broker is not one, the complaint is automatically rejected. If it is, the complaint is considered in accordance with the Company’s rules.
The broker must provide the applicant with a response to his/her complaint within 10 days. If no response is received or the applicant does not agree with it, he/she can forward his/her complaint to the Company for consideration by the Committee.