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.
FX dealers to operate under a basic consumer protection standard
10.01.2019 17:52 / The Bank of Russia
The document specifically sets the minimum required information to be provided to financial consumers. FX dealers will be obliged to make the following relevant information publicly available online, in their offices, and via any other means: their full and abbreviated name, membership in a self-regulatory organisation (SRO), existence of representatives (agents), and commission fees and the procedure for paying out compensation in case of bankruptcy. In addition, FX dealers will be obliged to inform consumers about ways to protect their rights, complaint handling and dispute resolution procedures.
The standard places particular emphasis on the procedure for informing consumers about risks related to framework and other agreements, including their inherent financial losses, as well as the cost of obligation performance. The standard requires that such information be communicated to consumers before the conclusion of the framework agreement and included in the statement of risks to be signed by consumers. Besides, the sections of FX dealers' websites instructing how to open demo accounts shall make it absolutely clear that similar operations in real trading do not guarantee profits. All consumer information shall be written in clear language, explain terms used, and be understandable to customers without a special financial market background.
The basic standard also focuses on countering unfair practices. For example, FX dealers shall refrain from the unreasonable widening of spreads not caused by market situation changes; their actions shall not mislead customers as to the financial services provided by FX dealers; and they shall also not help consumers to enter into agreements with foreign financial institutions.
In addition, the basic standard establishes requirements for handling complaints from financial consumers. They oblige FX dealers to review complaints within 15 calendar days from the moment of their receipt. This period may be extended to 30 calendar days if the information received requires further study.
The basic standard will be mandatory for all FX dealers irrespective of their membership in SROs and for all their representatives (agents). This being the case, FX dealers shall be held liable for all violations of the basic standards’ requirements by agents.
Basic standard requirements linked to the provision of information to financial consumers will be in effect starting 1 April 2019. Basic standard requirements related to the representatives (agents) of FX dealers and to minimum servicing standards for financial consumers, as well as requirements for FX dealers’ employees will be in effect starting 1 December 2019.