MIFC: Key Facts

A source of basic facts about the International Financial Centre in Moscow

Task Assignments

06.12.2011 / Moscow

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session
on 28 October 2011.

MIFC Events

24.03.2017

10th Russian-British MIFC Joint Liaison Group meeting

Events Calendar

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Media Coverage

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

06.04.2013 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

29.01.2013 / Interfax

MIFC Location to be Determined by Workgroup

Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.

About us / Press

Press

Publication dates from 
till 

12.04.2016 / banki.ru

Волошин: проектом по созданию МФЦ надо заниматься дальше

Проект по созданию Международного финансового центра (МФЦ) в Москве является стратегическим, заявил руководитель рабочей группы по созданию МФЦ в России Александр Волошин.

14.12.2015 / Financial One

Что не так с российским МФЦ

Дорожная карта по созданию международного финансового центра в России выполнена на 99%, однако эффект от предпринятых шагов ощущается слабо по причине неблагоприятного экономического климата, сообщил журналистам в прошедшую пятницу руководитель Российско-Британской рабочей группы (РБРГ) по созданию МФЦ Александр Волошин по завершении ее восьмого заседания.

11.12.2015 / MIFC

Инвесторы должны иметь право запрашивать информацию у эмитентов, но нужно прописать объем - Волошин

Инвесторы должны иметь право запрашивать дополнительную информацию у эмитентов, но нужно определить ее объем, целесообразность и случаи, при которых эмитент должен предоставлять интересующие акционеров данные, считает руководитель рабочей группы по созданию Международного финансового центра (МФЦ) в России Александр Волошин

29.01.2014 / Interfax

Россия впервые вышла на 3-е место в мире по притоку прямых иноинвестиций

Потоки прямых иностранных инвестиций в развивающиеся страны и государства с переходной экономикой в 2013 году достигли новых рекордных уровней, говорится в докладе Конференции ООН по торговле и развитию (ЮНКТАД).

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

Central Bank Builds Financial Center

06.04.2013 / Kommersant

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

Yesterday, the three reps shared details on the megaregulator. According to Head of FFMS Dmitry Pankin, the need for change arises from a unified approach to regulation of diverse financial groups. FFMS also lacks resources. “The workload is building, at the same time jobs have been cut by 20%, the Service headcount is now below 13 hundred”, said Dmitry Pankin. He also stated that the salary is another key issue in regulation: “A local FFMS inspector makes 10-15 thousand Roubles a month, while a university graduate is offered 80-100 thousand in a bank”. This hinders effective financial markets control.

Dmitry Pankin was supported by Deputy Head of Minfin Alexey Moiseev, who said that FFMS has had some thousand functions. “We are in close contact with the parliament and count on their support to pass the law on FFMS –CB function transfer in the spring session”, says Moiseev. Deputy Head of the Central Bank Sergey Shvetsov called future changes “a complex technical challenge”. He said that current discussions include new workplaces for FFMS experts, their salaries, IT merger, etc. Deputy Head of the CB expects all changes to happen in a “non-revolutionary, careful manner, you don’t want to burden the industry with lot of new rules”.

This is why reform leaders and participants have reached an agreement that the CB Act will be only amended to facilitate the FFMS merger. “Inflation targeting is left out, otherwise the bill would have become too complex and difficult to pass”, explained Sergey Shvetsov, adding that CB goal adjustment would follow the FFMS merger.

Meanwhile, Head of MIFC Taskforce Alexander Voloshin expects a lot from the reform. “Our Taskforce planted the roots of the megaregulator”, he told the press yesterday, “this is a vital part of the MIFC process — a common approach will dramatically improve the quality of regulation”. He said that certain complications will arise: transition period risks, when the old model is out and the new one is not yet fully functional, however, this will be alleviated by a gradual dissolution of FFMS in the CB. “Besides, there is a substantial underlying issue: banking and its regulation is strictly conservative”, says Voloshin, “while financial markets are innovative by nature, therefore the regulator faces the challenge of fostering growth instead of suffocating new ideas”.

“Financial infrastructure and regulation are two areas we have been making strides in”, says Alexander Voloshin of the megaregulator in the MIFC context. Next on the MIFC Taskforce agenda is long-term money, better corporate management for the exchange, the CB exiting its own capital, qualified investors recognizing the Central Depositary.

As for Moscow becoming an international financial center, Alexander Voloshin admits that the financial regulation project is an easier task than solving city problems, with road capacity three times below standard for the densely populated Moscow. However, this is far from MIFC’s biggest problem, compared to the need for a better investment climate.

 

Tatiana Grishina