Hot Topics

Financial markets megaregulator

06.02.2019 17:30 / The Bank of Russia

Securities market: Bank of Russia lays groundwork to bring switch to proportionate regulation closer The Bank of Russia has released an ordinance which sets forth indicators enabling conditional classification of professional securities market participants as small, middle-sized and major ones. The passing of this regulatory act marks the first step in the implementation of the regulator-approved concept and roadmap for proportionate regulation and supervision of non-bank financial institutions.

10.01.2019 17:52 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

04.01.2019 18:14 / The Bank of Russia

Microfinancing: new caps for marginal debt value and daily interest rate On 28 January 2019, amendments will be effected to the current legislation that will set forth a new uniform limit for the marginal debt of a borrower under a consumer loan agreement for the period up to 1 year totalling 2.5 times of the sum of a respective loan. Once this amount is reached, the law prohibits further accrual of interest, as well as penalties (fines), other payments and the application of other measures.

27.12.2018 18:40 / The Bank of Russia

Improving regulation: new initiatives of financial market participants The regulator selected 14 new initiatives suggested by financial market participants for implementation in 2019 at the strategic session held at the Bank of Russia. The proposals in question are central to improving the regulation of supervised institutions. They apply to insurance market players and professional securities market participants, and concern payment system operations, issuance and listing, corporate governance, fintech and information security.

04.12.2018 17:33 / The Bank of Russia

Russian public companies step up action to implement Corporate Governance Code principles In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.

30.11.2018 16:35 / The Bank of Russia

Sales of non-bank financial institutions’ products to follow universal scenario requirements The Bank of Russia recommends that the sale of financial products and instruments by all financial institutions be based on consumer interaction scenarios (scripts) that meet best practices for consumer rights and interests protection. Such standard scripts for the sale of non-bank financial institutions’ (NFIs) products will fall within the remit of self-regulatory organisations (SROs). This is highlighted in the regulator's information letter signed by Bank of Russia Governor Elvira Nabiullina, addressed to all financial institutions.

02.11.2018 17:06 / The Bank of Russia

Proportional regulation and risk-based supervision of collective investment market entities: outcomes of discussion with the professional community Several limitations on investing non-governmental pension fund (NPF) holdings could be gradually lifted once the results of NPF stress tests are available. There are also plans to extend the list of pension fund investment options. These are the outcomes of the public discussion of the Concept of Proportional Regulation and Risk-based Supervision of Collective Investment Market Participants.

17.07.2018 07:31 / The Bank of Russia

Plans on Proportional Regulation and Risk Based Supervision in Non-Banks  The Bank of Russia has drafted and posted for debate the outlines of Proportional Regulation and Risk Based Supervision implementation in non-banks, and details of current regulation approaches.

Corporate and contract law

04.12.2018 17:33 / The Bank of Russia

Russian public companies step up action to implement Corporate Governance Code principles In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.

Improvement of corporate governance

04.12.2018 17:33 / The Bank of Russia

Russian public companies step up action to implement Corporate Governance Code principles In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.