Certification

Finspection certifies the platforms in order to ensure that conflict situations arise in an effective and fair manner. The certification aims to provide the minimum basic requirements, which will be presented below. Providers working with Finspection are required to provide the extended information described in this statement.

Important! Some of the requirements provided may not apply to specific technology providers. This category includes providers that provide services on the licensee’s servers without control over this infrastructure.

Finspection is required to perform a comprehensive analysis of the prescribed procedures provided by its providers. This action is aimed at confirming the level of security as well as the stability of the platform. It is Finspection’s responsibility to ensure that the declared providers meet the requirements.

Established certification guidelines – questionnaire (mandatory for all applicants).

1. SYSTEM SECURITY

• Description of the authentication process;
• Provision of data on encryption algorithm and tracking of suspicious activities;
• Description of the authorization procedure within the system;
• Тестирование системы безопасности;
• Проведение операций по системному администрированию.

2. SYSTEM CAPACITY

• Providing information about the server infrastructure and specifying the process of data reservation;
• Provision of information to control system capacity;
• Conducting a stress test;
• Regular software updates.

3. TOOLS AND TYPES OF APPLICATIONS

• Provision of all instruments specified in the application;
• List of stationary and binary options represented in the system.

For example, American, European, Bermudan, Canary, Verde, capped-style, compound, shout, double, swing, composite, quanto, exchange, basket, rainbow, LEPO, Boston, loopback, Asian, Russian, game, cumulative Parisian, standard Parisian, barrier, double barrier, cumulative Parisian barrier, standard Parisian barrier, reoption, chooser, cliquet, etc.

4. OPTION PRICING AND EXERCISE POLICY

• Providing full information about quotation providers;
• Indication of the possibility of imposing restrictions on bidding (process description);
• Description of supported restriction logs (if any);
• Description of the broker’s regulation process (if any);
• Description of the journal system for manual entry and price changes (if any);
• Description of the “bad print” protection system (if any);
• Description of the issuance or execution of orders by a broker on behalf of customers (if possible);
• Description of the system of manual execution of orders in the journal (if possible);
• Description of option value calculation methodology and calculation method of payments;
• Description of features of changes in the amount of payments during the term of the option (if any);
• Description of features of changes in the amount of payments, taking into account market volatility (if any);
• Description of incentives for trading in a certain direction (if any);
• Description of the system for changing payments in the journal (if any).

5. REPORT PREPARATION AND DATA STORAGE

• The information in the system is stored for 45 days;
• The system stores all data with a complete description of transactions and orders from customers or the company;
• The system contains Breakdown procedures containing the full names of employees who are responsible for the operation of the large blocks of the system.

6. BUSINESS DISASTER RECOVERY PLAN

A disaster recovery plan for the business is of great importance. According to Finspection, suppliers of trading technology are obliged to take a proactive stance, which is the guarantee that an adequate business recovery plan is in place.

The following data is provided in the disaster recovery plan:

• Name of equipment intended for data backup;
• Implementation plan for disaster recovery of the business;
• Possible interruptions on the service side;
• Testing;
• Features of interaction with Finspection;
• Contact details of employees who take up their duties when an emergency situation develops.

The completed questionnaire must be submitted to Finspection in any format convenient for the customer at the post office: info@finspection.org

Finspection has established an ICO Certification Committee, based on experts from the fintech-industry and the foreign exchange and cryptocurrency markets. The Certification Committee has full authority to implement and oversee certification standards and processes.

The main objective of the certification is to assess the issuer’s cryptocurrency platform against a set of criteria that have been adopted by the Committee. Some criteria are mandatory for successful certification.

Finspection certification is only possible if all established requirements are met in full. At the same time, certification standards are subject to regular changes and development.

The certification process is designed to meet a number of criteria, including the following:

• Place of registration of the guarantor (issuer);
• Compliance with established norms and requirements;
• Suitability of the industry for ICO certification;
• Crypto-currency financing;
• The issuer must reflect changes in the sewage system;
• The project must be safe;
• It is mandatory to use Smart Contract Design and Blockchain Network;
• Adherence to token specifics;
• Compliance with ICO details;
• Availability of third-party products used in ICO;
• The presence of active ICO communication;
• Availability of the company’s website.

As part of ICO certification, Finspection recommends compliance with the established rules. It is advisable to establish a minimum basic level of criteria, which the ICO Certification Committee considers necessary. This action will enable the certification procedure to be successfully completed. Important! Be sure to read the ICO Disclaimer.

Establishing a reliable and transparent industry for working with financial exchanges requires interaction with educational services. Finspection is actively cooperating with educational service providers to certify the educational products presented. The main purpose of such cooperation is to provide comprehensive support to traders in acquiring new knowledge, skills and invaluable experience.

In order to cooperate with Finspection, educational service providers must provide the Certification Committee with detailed information on specific aspects of training materials, including:

• Authors of educational material;
• Competences of authors of educational material;
• The last update of the proposed material;
• The full content of disclaimers;
• The full number of trading examples (hypothetical);
• The full number of examples that can lead to losses;
• A full range of examples that can lead to profit;
• Source of price charts in training materials;
• The source of correct pricing in training materials;
• The full cost of an educational product or material;
• The target audience for which the product/material has been developed.

You can get a full list of questions when applying for certification at Finspection.

The Company may leave a request by e-mail, after which it will receive a certification agreement and an accompanying list of documents and materials. Important! Finspection conducts a detailed examination of the organisation and the subsequent certification process.