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.
Alexander Voloshin Comments on Government Decree 2085 of 5 October 2016
07.10.2016 11:41 / MIFC
Head of the Moscow International Financial Centre Taskforce Alexander Voloshin comments:
The roadmap passed by the Government in 2013 has become a major instrument in promoting the Russian international financial center project.
Over these past three years, the state and the financial industry have made significant progress in improving financial market regulation, building competitive financial infrastructure, establishing cutting-edge corporate governance standards, etc.
To mention just a few of our achievements:
• the Bank of Russia-based megaregulator is in place and fully functioning
• groundwork has been laid for industry SRO integration in the regulatory system
• non-state pension funds have been relaunched, a pension savings guarantee system has been set up
• Individual Investment accounts have been introduced and are successfully used by private individuals
• Moscow Exchange has dramatically improved quality of service and is highly valued by the market as a joint-stock company
• the Central Depositary has been established
• the Corporate Governance Code has been passed and is being implemented by major state-owned companies
• Civil Code reform has brought our legal system up to par with latest standards
Nevertheless, the MIFC project began to form prior to the 2013 Roadmap and will continue to develop after the Roadmap has expired. The initial action plan was approved by the Government under Prime Minister Putin in 2009, when we passed the Central Depositary and Clearing Acts, simplified IPO procedure, integrated MICEX and RTS into Moscow Exchange.
The 2013 Roadmap became a phase in the MIFC project when the critical mass of decisions had to be passed by the Government, state executive bodies and, of course, by the Parliament.
In the current phase, the financial market reform center is shifting towards the Central Bank as the megaregulator. The Central Bank has established its own strategy – the three-year financial market development guidelines, as well as annual roadmaps.
From our point of view, the MIFC Taskforce aims to see beyond short- and midterm plans, to think in terms of a strategy for the next 10-15 years. We have already started to draft this strategy and are planning, as we have done before, to carry on in the spirit of fruitful cooperation between the financial industry, related businesses, the Bank of Russia and government bodies.
Financial markets megaregulator, Project Group №1, Alexander Voloshin