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.

News from 
till 

Russian joint-stock companies implement over 75% of corporate governance principles

29.11.2019 19:40 / The Bank of Russia

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.

Compared to 2017, the average level of implementation of the Code's principles increased by 5 pp. to 76% while the average level of reasoning quality grew 7 pp. to 60%. Since 2015, the Bank of Russia has annually measured the compliance of companies from the 1st and 2nd quotation lists with Corporate Governance Code principles based on their self assessment. 63 companies included in these lists were reviewed in 2018. In 16 companies, the level of principles implemented in 2018 exceeded 90%, whereas in 2017, there were only 7 such companies. At the same time, the number of companies whose reasoning requires significant improvement halved vs 2017.

In 2019, the Bank of Russia expanded the scope of monitoring of implementation of the Code’s principles and recommendations by Russian PJSCs. The Review contains, for the first time, the results of the analysis of annual reports of companies included in the 3rd quotation level of securities accepted for trading at PJSC Moscow Exchange. The exchange listing rules do not set any corporate governance requirements; therefore, as expected, the level of principles implementation by such companies turned out to be around 49%. The Bank of Russia intends to raise the awareness of such companies regarding the implementation of the Code’s recommendations, as it did earlier with PJSCs included in quotation lists.

The Review also contains recommendations and clarifications with regard to the practical implementation of some Code provisions, which pose certain difficulties to companies.

The Bank of Russia hopes that the information and recommendations included in the Review will help improve corporate governance practices and will promote the implementation of respective Code provisions by a wider range of companies.

Financial markets megaregulatorImprovement of corporate governanceProject 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.