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 

Bank of Russia to reduce regulatory burden on banks

14.10.2019 18:11 / The Bank of Russia

As part of its efforts to reduce the regulatory burden on market participants, the Bank of Russia is looking into the abolition and simplification of certain regulatory requirements.

The changes will primarily affect prudential requirements on credit institutions. In particular, the regulator plans to abolish the ratio which limits aggregate requirements of a bank to its insiders (N10.1), update the procedure for calculating the N6 ratio for certain payment card transactions, and rule out that requirements may be duplicated following the enactment of the debt burden ratio. For banking groups, the regulator will abolish the restriction on their participation in the capital of other legal entities on a consolidated basis (the N23 ratio will continue to apply on a standalone basis).

For settlement non-bank credit institutions, there are plans to simplify the rules for business operations with legal entities and funds placement with non-resident central banks; this will boost the payment market, including in the CIS.

The amount of reporting which banks submit to the Bank of Russia and the scope of information they disclose will also be reduced. The number of banks which compile and submit statements under Form 0409122 ‘Calculation of liquidity coverage ratio (Basel III)’ will decrease. Changes in the procedure for calculating the basic return on deposits are another important innovation for banks. The abolition of the effective requirement that banks should publicly disclose information about the maximum interest rates on deposits is under consideration. The basic return on deposits will be calculated based on the data given in reports under Form 0409119 ‘Maximum interest rates on household deposits’,

In supervision, the methodology for the assessment of banks’ economic performance will be simplified by reducing the number of questions for certain indicators. For banks under resolution, there are plans to abolish the requirement for the compilation and submission to the Bank of Russia of capital recovery plans.

Draft amendments will be published for public discussion as and when prepared.

Financial markets megaregulatorProject Group №1