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.
Optimising regulatory burden: joint efforts of Bank of Russia and financial market participants
11.09.2019 19:09 / The Bank of Russia
The Russian government had launched a regulatory guillotine, a large-scale project aimed at the verification of effective regulations, including those introduced within the past decades. However, this project cannot be applied to the financial market as its regulation was largely formed within the past two decades. However, given the pace of the sector’s development, the financial regulatory framework may contain regulations which unreasonably overload financial market participants.
The Bank of Russia will rely on the professional community’s advice when updating the regulatory framework. Proposals will be considered by a special working group and assessed by subgroups representing core financial market activities.
Forum Analytical Center will be responsible for the collection of proposals and their primary analysis, as well as the provision of methodological support to subgroups.
‘We are open to every reasoned proposal from the market. Subgroups will hold a preliminary discussion of the effect of regulation reversal or update on inclusion, competition and confidence in the financial market, and the costs of its participants and financial consumers,’ said Sergey Shvetsov, First Deputy Governor of the Bank of Russia, commenting on the project.
Core proposals for regulation adjustment and update are expected to be offered by end-2019.