MIFC: Key Facts

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

MIFC Events

24.03.2017

10th Russian-British MIFC Joint Liaison Group meeting

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.

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session on 28.11.2011

 

Moscow
6 december 2011

TASK ASSIGNMENTS
by the President of the Russian Federation
following the MIFC International Advisory Board session
on 28 October 2011


  1. To the Government of the Russian Federation:

    a) continue measures to improve the transparency of the budgets of the Russian Federation and effectiveness of budget spending control in accordance with international principles and standards, including managing-by-objectives and the implementation of an integrated online state budget management system.

    To be completed by 1 April 2012;

    b) expedite the decision to establish the Russian Sovereign Debt, Reserve Fund and National Welfare Fund management authority.

    To be completed by 1 March 2012;

    c) consider introducing amendments to the tax laws of the Russian Federation regarding the settlement of regional debt arrears;

    d) prepare drafts:

    of a bill of amendments to the Placement of State and Municipal Orders for Goods, Works and Services Act of the Russian Federation, with added focus on financial services rendered by consultants and contractors in the process of sovereign and municipal bonds placement.

    To be completed by 1 April 2012;

    of a simplified regulation of trading in foreign securities in the Russian financial market and disclosure of information pertaining to such securities and the issuers thereof to qualified investors in the accepted foreign language of business communication.

    To be completed by 1 March 2012;

    of unified disclosure standards based on international standards accepted by leading international financial centers, with a provision that disclosure by Russian Federation residents placing securities in a foreign market be made in accordance with said international standards.

    To be completed by 1 March 2012;

    e) develop measures to stimulate private pension funds, voluntary and compulsory pension and life insurance, attract long-term pension fund and insurance company resources to the Russian financial market and to state infrastructure projects.

    To be completed by 1 March 2012;

    f) draft amendments to the Russian Federation laws:

    on providing security and adequate returns of pension savings in private pension funds, including pension savings and pension reserves management;

    on investing institutional investor funds (private pension funds, insurance companies): setting investment policy requirements, financial stability criteria for institutional investors, defining qualitative and structural limits for investment in order to increase the security and financial stability of investors, and introducing personal accountability for pension and insurance fund managers;

    g) increase the safeguarding level of insurance company reserves, consider the possibility and feasibility of amendments to the Russian Federation law stipulating the mandatory use of a specialized depositary for investment of insurance reserves and introducing standard procedures of asset security control for all types of institutional investors;

    h) pass regulations in accordance with the Clearing Act, amendments to the Russian Federation laws related to the Clearing Act, the Central Depositary Act and amendments to the Russian Federation laws related to the Central Depositary Act;

    i) consider the feasibility of introducing the concept of Family Capital in the Russian Federation in order to provide for personal and family needs (education, healthcare, property acquisition etc.), property retaining and effective rights protection based on the practices accepted in the leading international financial centers.

    To be completed by 1 April 2012;

    j) draft proposals:

    on extending the powers of the Federal Financial Markets Service to prevent financial market crime, protect investor rights, including court protection, and vesting the FFMS with the right to draft and submit to the Government of the Russian Federation drafts of federal bills and other legal acts pertaining to financial markets regulation;

    on the possibility and feasibility of issuing sovereign bonds of the Russian Federation convertible into shares of open joint stock companies slated for privatization.

    To be completed by 1 February 2012;

    on expedited divestment of non-core assets of state controlled companies;

    on limiting the ability of state controlled companies to purchase a stake in charter (share) capital of competitive market companies;

    on management performance evaluation in state controlled companies, based on criteria used by leading international investors, including pension funds and insurance companies, with capital revenue as the priority indicator, including Return-on-Equity and dividend amount.

    To be completed by 1 March 2012;

    on the possibility and feasibility of launching a marketing campaign aimed at attracting new residents to special economic zones of all types.

    To be completed by 1 February 2012;

    on improving the mechanism of budget investment through public-private partnerships with the State Investment Fund of the Russian Federation, with a focus on project selection guidelines to stimulate economic growth in Russian regions and promote import substitution.

    To be completed by 1 April 2012;

    k) develop tax incentives to enhance the investment attractiveness of the Russian securities market, including amendments to the Russian Federation laws regulating the taxation of RDRs and foreign securities traded in the Russian stock market;

    l) draft amendments to the Russian Federation laws regulating the trade settlement of derivatives to improve taxation of such trades;

    m) consider the feasibility of lowering restrictions on transfer of locally produced encryption (cryptographic) equipment and software abroad and adopting international data protection standards, and submit relevant proposals.

    To be completed by 1 March 2012.

    Supervised by: V.Putin

  2. To the Government of the Russian Federation and the Bank of Russia:

    a) draft amendments:

    to the securities laws of the Russian Federation in order to enable Russian Federation residents to issue bonds in foreign markets.

    To be completed by 1 March 2012;

    to the laws of the Russian Federation, simplifying derivatives trading, with the option of using cash as collateral and guaranteed court protection of derivatives transactions;

    on creating a trade repository for financial instruments and OTC financial markets, introduction of central clearing for OTC derivatives in accordance with international standards.

    To be completed by 1 April 2012;

    on creating a liquid futures market for key exported raw materials produced in the Russian Federation.

    To be completed by 1 March 2012;

    b) take measures to ensure mandatory posting of consolidated IFRS reports for exchange-traded companies, starting with 2012 year-end reports.

    To be completed by 1 March 2012.

    Supervised by: V.Putin, S.Ignatiev

  3. To the Supreme Arbitration Court of the Russian Federation: provide special composition of courts for disputes related to financial instruments, including derivatives.

    To be completed by 1 March 2012.

    Supervised by: A.Ivanov

  4. To the Government of the Russian Federation and the Moscow Government:

    а) submit drafts:

    of amendments to the Russian Federation laws and the laws of the City of Moscow to improve the mechanisms of non-budget financing and public-private partnership development;

    of simplified approval procedures for infrastructure investment projects;

    b) consider the feasibility of amending the Land Laws to enable non-auction plot allocation for public-private partnership development, as well as expanding project-related land seizure opportunities (with guaranteed compensation to owners).

    To be completed by 1 April 2012.

    Supervised by: V.Putin, S.Sobyanin

  5. To the Moscow Government:

    а) draft a long-term city social and economic development plan in accordance with the 2025 Moscow Development Strategy, Moscow Agglomeration Development Concept and the City of Moscow General Plan;

    b) draft and submit proposals for the implementation of security, comfort, city planning and waste management practices of global financial centers.

    To be completed by Q2 2012;

    c) provide:

    conditions for private investment in housing infrastructure, including public-private partnerships;

    modernization of city transit infrastructure by expedited development of municipal transport, including private investment projects;

    development and global standards compliance of education and healthcare in Moscow through public-private partnerships and private investment projects.

    To be completed by 1 January 2013.

    Supervised by: S.Sobyanin

  6. To the Moscow Government and the Ministry of Natural Resources and Environment of the Russian Federation: draft an ecology standards compliance plan for Moscow, based on the standards applied in leading international financial centers.

    To be completed by – Q2 2012.

    Supervised by: S.Sobyanin, Y.Trutnev

  7. To the Ministry of Internal Affairs of the Russian Federation, the Federal Security Service and the Moscow Government: establish a taskforce to draft an integrated security concept for ‘critical infrastructure’ as defined by leading international financial centers, and to study international financial centers’ security policies.

    To be completed by Q1 2012.

    Supervised by: R.Nurgaliev, A.Bortnikov, S.Sobyanin

  8. To the Moscow Government, the Moscow Region Government, State Authorities Relocation and New Moscow Territories IFC Infrastructure Development Taskforce, and the Presidential Council for Financial Market Development MIFC Taskforce: submit new location proposals for state authorities.

    To be completed by Q1 2012.

    Supervised by: S.Sobyanin, B.Gromov, S.Naryshkin, A.Voloshin

  9. To the Bank of Russia, the Presidential Council for Financial Market Development MIFC Taskforce and financial market participants: study the process of relocation of Russian financial institutions in the process of creating an international financial center in the Russian Federation.

    To be completed by Q1 2012.

    Supervised by: S.Ignatiev, A.Voloshin

  10. To the Moscow Government and the Moscow Region Government: provide infrastructure conditions for the proper functioning and development of the financial industry as well as for the relocation of Russian financial institutions in the process of creating an international financial center in the Russian Federation.

    To be completed by Q2 2012.

    Supervised by: S.Sobyanin, B.Gromov