Our progress / MIFC News

05.07.2022 18:55 / TASS

The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.

05.07.2022 18:51 / TASS

The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.

05.07.2022 18:41 / TASS

Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.

17.05.2022 16:18 / TASS

Central Bank to launch cybersecurity education course  The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.

19.04.2022 16:49 / The Bank of Russia

Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.

15.04.2022 16:36 / TASS

The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.

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NAUFOR Deems Bank of Russia Investor Rights Protection Excessive

17.08.2016 16:27 / NAUFOR

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."

The report suggests the introduction of a three-tier classification of investors (according to different combinations of their knowledge, experience and financial situation of the client) and the application of different rules of interaction with clients based on these categories.

According NAUFOR, the report contains "excessively paternalistic" approach to protecting consumers of financial services. In a letter NAUFOR noted that the redundancy in limiting the risks of investors lead to difficulty of access to financial services and reduce market liquidity. "There is a risk that the implementation of the provisions of the report will sharply decrease the volume of certain markets, in particular, of the exchange traded derivatives market, which is currently dominated by private individuals", says the letter.

NAUFOR believes that the level of investor protection should be balanced with the interest of investors in the stock market transactions. "Violation of this balance can lead to a loss of interest in the operations of the stock market and will deprive the meaning of the protection of investors' interests, as they prefer to ignore the stock market", states the letter.

NAUFOR proposes to maintain the approach to defining the range of operations available to different categories of investors, and the criteria for differentiating between categories of investors, currently in force. At the same time it proposed to supplement the regulation NAUFOR brokering requirement of evaluation of certain transactions in compliance with the client's investment profile.

The Bank of Russia has published a new report on the categorization of investors at the end of June this year. Shortly after the publication NAUFOR Board of Directors has formed a working group instructed to study the provisions of the report, taking into account their possible impact on the stock market.

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