Our progress / MIFC News

17.08.2020 18:33 / The Bank of Russia

Financial institutions should migrate from LIBOR to alternative benchmarks In its Information Letter, the Bank of Russia recommends that financial market participants migrate from LIBOR (London Interbank Offered Rate) to other risk-free rates.

23.06.2020 14:15 / The Bank of Russia

Svetlana Zolotareva to head Financial Market Strategy at CBR Svetlana Zolotareva has been appointed Director of the Financial Market Strategy Department. This appointment will be effective from 29 June.

10.03.2020 16:16 / The Bank of Russia

Scope of specialised depositories’ activity may be expanded: Bank of Russia’s consultation paper The Bank of Russia proposes that market participants consider the possibility of expanding the scope of specialised depositories’ activity and modifying this institute. These initiatives are aimed at reducing market participants’ and investors’ costs, increasing competition, and improving the quality of services rendered by specialised depositories.

10.03.2020 15:45 / The Bank of Russia

Number of investors in equity market doubles in 2019 In 2019, the number of brokerage and trust management (TM) clients doubled, to total 4.3 million and 341 thousand persons, respectively. The significant inflow of investors was associated with a rise in the equity market and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important contributor to the expansion of the client base: banks attracted nearly one-half of the 2 million new retail clients receiving brokerage services by offering them conventional and structured bonds as an alternative to deposits.

16.01.2020 16:52 / The Bank of Russia

Bank of Russia Commission receives 555 applications for business reputation recovery The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.

29.11.2019 19:40 / The Bank of Russia

Russian joint-stock companies implement over 75% of corporate governance principles Russian exchange-traded public joint-stock companies (PJSC) demonstrate a stable trend towards the improvement of their corporate governance: in 2018, they increased the number of implemented Corporate Governance Code principles and improved the quality of reasoning behind incompliance. These results are contained in the annual Review of Corporate Governance in Russian Public Companies published on the Bank of Russia’s website.

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Bank of Russia Commission receives 555 applications for business reputation recovery

16.01.2020 16:52 / The Bank of Russia

The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.

During this period, the Commission upheld 239 complaints and dismissed 205 complaints. Another 17 inquiries were declined due to the absence of information on the subject matter. As of 1 January, 13 complaints were pending (under consideration). 81 complaints were not reviewed as they failed to meet the established requirements.

In addition, it is worth noting an upward trend in the number of complaints received by the Commission in 2019 (330) compared to 2018 (225). One of the reasons for this increase was the simplification of the procedure for individuals to find out whether databases contain information about them (the relevant service has been available on the Public Services Portal since 2 August 2019; as of 1 January 2020, inquiries numbered over 5,000).

Overall, as of 1 January 2020, the database included information on 7,504 persons whose activities are associated with financial institutions.

According to the effective law, appellants’ business reputation may be rehabilitated if they provide evidence of their non-involvement in the actions (inaction) that entailed adverse consequences for a financial institution. In this case, the Commission’s decisions constitute a legal ground for the Bank of Russia to remove the information on a complainant from the relevant database.

Financial markets megaregulatorProject Group №1

17.08.2020 18:33 / The Bank of Russia

Financial institutions should migrate from LIBOR to alternative benchmarks In its Information Letter, the Bank of Russia recommends that financial market participants migrate from LIBOR (London Interbank Offered Rate) to other risk-free rates.

23.06.2020 14:15 / The Bank of Russia

Svetlana Zolotareva to head Financial Market Strategy at CBR Svetlana Zolotareva has been appointed Director of the Financial Market Strategy Department. This appointment will be effective from 29 June.

10.03.2020 16:16 / The Bank of Russia

Scope of specialised depositories’ activity may be expanded: Bank of Russia’s consultation paper The Bank of Russia proposes that market participants consider the possibility of expanding the scope of specialised depositories’ activity and modifying this institute. These initiatives are aimed at reducing market participants’ and investors’ costs, increasing competition, and improving the quality of services rendered by specialised depositories.

10.03.2020 15:45 / The Bank of Russia

Number of investors in equity market doubles in 2019 In 2019, the number of brokerage and trust management (TM) clients doubled, to total 4.3 million and 341 thousand persons, respectively. The significant inflow of investors was associated with a rise in the equity market and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important contributor to the expansion of the client base: banks attracted nearly one-half of the 2 million new retail clients receiving brokerage services by offering them conventional and structured bonds as an alternative to deposits.

16.01.2020 16:52 / The Bank of Russia

Bank of Russia Commission receives 555 applications for business reputation recovery The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.