MIFC: Key Facts

A source of basic facts about the International Financial Centre in Moscow

Task Assignments

06.12.2011 / Moscow

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session
on 28 October 2011.

MIFC Events

24.04.2018

Annual NAUFOR Russian Stock Market Conference

10.04.2018

Moscow Exchange Forum 2018

Events Calendar

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Media Coverage

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

06.04.2013 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

29.01.2013 / Interfax

MIFC Location to be Determined by Workgroup

Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.

Our progress / Hot Topics

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Duma Passes Central Depositary Act

17.11.2011 18:03 / Rossiiskaya gazeta

The Central Depositary bill has been passed by the State Duma in the third reading.

The CD is a non-bank depositary with a minimal capital amount of RUB 4bn. The CD has the right to ensure liability risk.

The CD has an exclusive right to open nominee accounts at registrars for listed securities.

The Act also provides a daily security accounts reconciliation between the Central Depositary and the nominee account at the registrar. In case of discrepancy, precious reconciliation results are deemed correct. The registrar must verify shareholder positions with the CD prior to disclosure to the issuer or the shareholders.

The CD status will be granted by the Federal Financial Markets Service (FFSM) according to the procedure approved by the Ministry of Finance.

Central Depositary cannot be managed by state officials, including the Central Bank of Russia.

Today, the only contender for the status of CD is the MICEX depositary CJSC National Settlement Depositary.

CD reorganization is only allowed under approval from FFSM and the Central Bank, voluntary liquidation of the CD is also forbidden.

The CD is restricted from acting as Central Counterparty or lending funds or securities.

The CD shall have a Member Committee in place comprised of no less than ? of all clients. The committee controls the monopoly raising of Central Depositary fees.

If the Committee vetoes a rise in fees, the Board of Directors can pass the amended fees only with a 2/3 vote in favour.

Enacted 1 January 2012, the Act allows the Central Depositary another year to open nominee accounts at registrars.

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