Москва - международный финансовый центр / Moscow

Central Bank to Develop Cryptocurrency Regulation Russia is making its own blockchain currency. According to the Russian News Agency, the chairwoman of the Russian Central Bank announced regulators now agree national cryptocurrencies are the future.

24.03.2017 17:15 / MIFC

10th Russian-British MIFC Joint Liaison Group meeting Alexander Voloshin, Head of MIFC Taskforce, Miles Celic, Chief Executive of TheCityUK and Nikolay Kosov, Chairman of the Board, IIB signed a Memorandum of Understanding at the 10th Russian-British MIFC Joint Liaison Group meeting today.

30.11.2016 16:22 / Vedomosti

Russia launched trading of a futures contract for Urals crude oil URL-E Russia launched trading of a futures contract for Urals crude oil URL-E in Moscow on Tuesday, in a step to secure greater prominence for the Russian export blend.

07.10.2016 11:41 / MIFC

Alexander Voloshin Comments on Government Decree 2085 of 5 October 2016 On 5 October 27, Russian Prime Minister Dmitry Medvedev signed Government Decree 2085, voiding Decree 1012 of 19 June 2013 (“Approval of Moscow IFC Roadmap”). Head of the Moscow International Financial Centre Taskforce Alexander Voloshin comments.

17.08.2016 16:27 / NAUFOR

NAUFOR Deems Bank of Russia Investor Rights Protection Excessive The National Association of Securities Market Participants sent a letter to the Central Bank with comments on the Bank of Russia report "Improving the protection of investors in the financial market regulation by introducing categories of investors and determine their investment profile."

28.07.2016 14:09 / TASS

Bank of Russia to Make Stress Tests Mandatory for NPFs The Bank of Russia will make stress tests mandatory for non-state pension funds (NPFs) to measure accepted risks, says a newly published directive of 4 July 2016.

26.07.2016 15:18 / The Bank of Russia

Microfinance: Ready, Set, Go! Microfinance companies can now apply to the Bank of Russia for licenses, according to the newly enacted Regulation 3984. To protect investor rights, the capital minimum is set at RUB 70M, so that only major and stable companies may apply.

20.07.2016 15:46 / The Bank of Russia

Russia's Love for Mobile Banking Grows The Bank of Russia has conducted a second annual financial inclusion survey, comparing 2015 ratios versus 2014. The regulator website states that Russia shows growth in the number of POS credit card terminals (up 15.7%), private (up 5.2%) and corporate (non-bank) accounts (up 1.1%).

20.07.2016 15:43 / slon.ru

Central Bank Publishes Financial Glossary The Bank of Russia has published online a Russian-English-French glossary of 1.8 thousand-plus finance and banking terms.

30.06.2016 17:03 / The Bank of Russia

Financial market offered new regulation of investor categories and determination of their investment profiles The Bank of Russia Consultation Report posted on the regulator’s website for the discussion with market participants covers new approaches to classification of financial market investors, to conclusion of their transactions and determination of investment profile and strategy. The document points out that current criteria of subdividing investors into qualified and non-qualified ignores a number of factors, first and foremost, the level of financial literacy of the population and its actual understanding of how various financial instruments operate, as well as capabilities to bear risks arising from investments in complicated financial instruments.

Financial markets megaregulator: 233 steps Corporate Governance Code implementation Financial Market Digitalization Improvement of corporate governance Non-state Pension Funds industry reform MIFC Project: Hot Topics

Hot Topics

Financial markets megaregulator

08.06.2017 19:27 / TASS

24.03.2017 17:15 / MIFC

07.10.2016 11:41 / MIFC

17.08.2016 16:27 / NAUFOR

Taxation of financial transactions

12.04.2016 17:13 / MIFC

Better IIA Terms Under Discussion, says Voloshin Head of MIFC Taskforce Alexander Voloshin says debates are underway with the Ministry of Finance on improved terms for Individual Investment Accounts (IIAs).

15.02.2016 16:09 / TASS

Putin Signs FCE Taxation Amendments President Putin has signed amendments to the Tax Code, improving foreign controlled enterprises (FCE) profit taxation and foreign enterprise income taxation.

29.01.2016 17:30 / TASS

Duma Amends FCE Taxation The State Duma has passed in the third reading amendments to the Tax Code, improving foreign controlled enterprises (FCE) profit taxation and foreign enterprise income taxation.

30.10.2015 12:00 / TASS

Minfin Expects to End Debate on CFC Law by December Minfin expects to finalize the debate on Controlled foreign corporation (CFC) law by December, said Deputy Finance Minister Sergey Shatalov at the AmCham Annual Tax Conference.

Corporate and contract law

28.03.2016 13:16 / Rossiiskaya gazeta

Ministry of Justice Proposes Information Access Limit for Minority Shareholders Minority shareholders' access to company information may be limited. A bill of amendments to the Joint-Stock Companies Act and Limited Liability Companies Act has been drafted by the Ministry of Justice and published online.

05.08.2015 12:00 / RBC

Russia to Ban Popular Management Scheme Treasury stock, or company shares owned by subsidiaries, will cease to vote, states a reform proposal by the Ministry for Economic Development, amending Article 49 of the Joint-Stock Companies Act (“GSM Decision”). According to the new version of the Article, shares owned by controlled companies as per the Joint-Stock Companies Act will not vote or be counted.

22.07.2015 12:00 / Vedomosti

Minority Shareholders Retain Control Over Major Transactions Major transactions involve assets or obligations which are greater in value than 25–50% of the Company&s existing assets, and must be unanimously approved by the Board or a majority shareholder meeting vote. If the transaction is worth over 50% of the Company&s assets, it has to be approved by 3/4 of voting shares. This spring, the Ministry for Economic Development drafted a bill to abolish control over transactions worth less than 50% of assets.

23.06.2015 12:00 / MIFC

First Securitization Deal Under Russia’s New Law The deal became a successful test case for new structural and legal mechanisms, implemented under the new Securitization Act (#379 of 21 December 2013), including bond issue by a new-type of Russian SPV, special-purpose financial vehicle, the use of an escrow account to secure the rights of bondholders, new ways to reduce risk of bankruptcy of the issuer and many others.

Improvement of corporate governance

28.03.2016 13:16 / Rossiiskaya gazeta

05.08.2015 12:00 / RBC

21.05.2015 17:59 / slon.ru

Moscow Exchange to Launch State-Owned Company Performance Index The Ministry for Economic Development (MED) and Federal Property Management Agency have requested Moscow Exchange to launch indexes reflecting the performance of state-owned companies, reports Interfax, quoting sources familiar with the Exchange plans.

25.08.2014 15:43 / vedomosti.ru

Ministry for Economic Development Proposes Extended Rights for Boards of Directors The Ministry for Economic Development has published a draft law granting Board of Directors members access to controlled company information. The draft has been commissioned by Prime Minister Medvedev following his meeting with the Government expert board.

Non-state Pension Funds industry reform

29.04.2016 14:27 / TASS

Privatization Must Be Expedited, says Voloshin Privatization in Russia must be expedited as it is vital for the economy, Head of MIFC Taskforce Alexander Voloshin told TASS. "I am certain that privatization must be expedited. We need to run privatization this year, and go for more of it in the years to follow. This process should be incremental, reaching the point where the state share in the economy is down to a reasonable minimum", he pointed out. Voloshin is positive that 'the right time' will never arrive.

30.03.2016 12:43 / TASS

NPF Association to Become SRO by Summer 2016 The newly-formed Non-State Pension Fund Association (ANPF) expects to finish the process of registration with the Ministry of Justice by April 20 and receive SRO status by Summer 2016, says ANPF release.

22.01.2016 12:00 / TASS

NAPF to Become First NPF SRO National Association of Non-state Pension Funds (NAPF) has approved the required documents for NAPF to apply for SRO status in the non-state pension market, says NAPF release.

06.08.2015 12:00 / TASS

Guarantee System to Cover 99% Pension Savings Over 99% pension savings will be covered by the guarantee system by the end of 2015 года, says the National Non-State Pension Funds Association.

Quotes

24.06.2016 00:00 / BANKS AND NON-BANKS WILL INCREASINGLY SHARE THEIR SCOPE OF SERVICES

Elvira Nabiullina

Elvira Nabiullina «Three years ago, the Bank of Russia became the financial market megaregulator, assuming all regulatory and oversight functions for the financial industry. Our task was to come up with balanced approaches to non-banking regulation, especially where statutory gaps exist. In banking regulation we have been continually pursuing the implementation of international standards. // read more

08.09.2015 14:10 / FINNOPOLIS: FINANCIAL TECHNOLOGIES TO DRIVE DEVELOPMENT

Olga Goncharova

Olga Goncharova «On 17 September, the inaugural financial innovation forum named Finnopolis 2015 will open in Kazan. The forum is a first for Tatarstan and in many ways, for the entire financial and banking sector. // read more

27.08.2015 15:08 / NEW ROLE FOR SROS: A WELL-PLANNED REVOLUTION

Alexey Timofeev

Alexey Timofeev «The new Financial Market SRO Act, signed by the President, is a revolution in Russian financial market regulation and oversight. // read more

28.11.2014 15:03 / OUR POLICY GOALS MUST BE CLEAR

Elvira Nabiullina

Elvira Nabiullina «A little over a year ago, the Bank of Russia became megaregulator, spreading its control and oversight functions to other financial market segments besides banking. It’s a mass of work, tens of thousands companies: 572 in insurance, 1790 in collective investment, almost 4.5 thousand in microfinance, some 8 thousand pawn shops et cetera. Compare this with a mere 842 companies in banking services, 790 of which are banks. // read more

29.04.2014 15:56 / THE IDEAL MODEL: WHY WE NEED THE NEW CORPORATE CODE

Denis Spirin

Denis Spirin «The new Corporate Governance Code, passed by the Government and Russia’s financial market megaregulator, the Bank of Russia, deserves to be the news of the day. Sceptics may object that the Code is merely a recommendation, and the best practice of corporate governance contained therein is detached from reality. // read more

09.04.2014 14:06 / IDENTIFYING PERFORMANCE RESERVES OF FINANCIAL MARKETS

Anatoly Karachinsky

Anatoly Karachinsky «Russia’s financial market produces a staggering billion-plus paper documents yearly. Every individual has to open a bank account, buy insurance, pay fines, taxes, and housing bills. Most people do it by signing papers and wasting time in queues. Most companies have to keep paper copies of their official reports and electronic transactions. // read more