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.

News from 
till 

10th Russian-British MIFC Joint Liaison Group meeting

24.03.2017 17:15 / MIFC

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.

The MoU stems from the successful practice of the Russian-British Joint Liaison Group, established in 2011 with support from the heads of state.

In view of reforms in Russian financial markets regulation and infrastructure, including the new role of the Bank of Russia as the Russian financial markets megaregulator, global economy trends and new challenges faced by the financial industries of the two countries, the parties have identified the following five priorities for future cooperation:

♦ Development of new financial technologies and their regulation;

♦ Financial markets regulation and oversight;

♦ Development of market infrastructure institutions;

♦ Improvement of corporate governance;

♦ Development of cooperation and exchange of best practices in financial market education, training and qualifications.

Alexander Voloshin, Head of Moscow International Financial Centre Taskforce:

“The Russian-British Joint Liaison Group, established in 2011, has become an efficient and flexible bridge between the two countries’ financial industries. Throughout these years, we have successfully nurtured the spirit of professional debate over a variety of aspects in financial markets development.

Today, we have agreed on priority areas and highlights of our future efforts. The updated agenda reflects change that has happened in the Group’s lifetime. Primarily, these are crucial market development factors such as the Bank of Russia financial markets megaregulator strategy, an upgrade in market infrastructure, new laws as basis for the development of long-term finance mechanisms et cetera.

New challenges faced by the financial industry are, in my opinion, the result of the rapid growth of fintech. On the one hand, progress in technology poses a threat to existing business models, and on the other hand, it raises new issues for regulators in upholding stability not only in the financial markets, but in global economy in general. We also expect a certain surge in regulatory competition due to Brexit, and we will keep an eye on how our British colleagues deal with the new situation”.

Miles Celic, Chief Executive, TheCityUK:

“TheCityUK recognises the efforts of the Moscow International Financial Centre and Central Bank of Russia to establish a world-class market conduct supervision framework and welcomes the opportunity to continue professional business-to-business relations as recognised by the MoU we co-sign today”.

Nikolay Kosov, Deputy Co-Chairman of the MIFC Group, Chairman of the IIB Board:

“The IIB is cooperating both with the MIFC and TheCityUK in a very fruitful and successful way. The MoU signed today further diversifies the opportunities for our cooperation towards a common goal: the establishment of a robust regulatory framework and a supporting infrastructure to enhance Moscow's position as an International Financial Centre.

The IIB will do everything possible to ensure the successful implementation of the Memorandum, using the to its full extent the unique expertise of the Bank as a multilateral development institution to achieve such”.

Financial markets megaregulatorProject Group №1Alexander Voloshin