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.

Events Calendar

August 2019
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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 / MIFC News

08.04.2019 16:18 / The Bank of Russia

Roadmap for implementation of guidelines for development of financial market in 2019–2021 published The Bank of Russia has obtained approval from the Government of the Russian Federation of a roadmap outlining the implementation of the Guidelines for the Development of the Financial Market over the next three years. The document was adopted by the Board of Directors in February 2019.

28.03.2019 18:24 / TASS

Bank of Russia develops requirements for basic standards for SRO investment advisers The Bank of Russia has outlined a list of mandatory basic standards and requirements pertaining to their content, which should now be developed by financial market self-regulatory organisations (SROs) that work with investment advisers. The draft ordinance is posted on the Bank of Russia website for expert discussion.

06.02.2019 17:30 / The Bank of Russia

Securities market: Bank of Russia lays groundwork to bring switch to proportionate regulation closer The Bank of Russia has released an ordinance which sets forth indicators enabling conditional classification of professional securities market participants as small, middle-sized and major ones. The passing of this regulatory act marks the first step in the implementation of the regulator-approved concept and roadmap for proportionate regulation and supervision of non-bank financial institutions.

10.01.2019 17:52 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

10.01.2019 16:22 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

04.01.2019 18:14 / The Bank of Russia

Microfinancing: new caps for marginal debt value and daily interest rate On 28 January 2019, amendments will be effected to the current legislation that will set forth a new uniform limit for the marginal debt of a borrower under a consumer loan agreement for the period up to 1 year totalling 2.5 times of the sum of a respective loan. Once this amount is reached, the law prohibits further accrual of interest, as well as penalties (fines), other payments and the application of other measures.

News from 
till 

FX dealers to operate under a basic consumer protection standard

10.01.2019 17:52 / The Bank of Russia

FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

The document specifically sets the minimum required information to be provided to financial consumers. FX dealers will be obliged to make the following relevant information publicly available online, in their offices, and via any other means: their full and abbreviated name, membership in a self-regulatory organisation (SRO), existence of representatives (agents), and commission fees and the procedure for paying out compensation in case of bankruptcy. In addition, FX dealers will be obliged to inform consumers about ways to protect their rights, complaint handling and dispute resolution procedures.

The standard places particular emphasis on the procedure for informing consumers about risks related to framework and other agreements, including their inherent financial losses, as well as the cost of obligation performance. The standard requires that such information be communicated to consumers before the conclusion of the framework agreement and included in the statement of risks to be signed by consumers. Besides, the sections of FX dealers' websites instructing how to open demo accounts shall make it absolutely clear that similar operations in real trading do not guarantee profits. All consumer information shall be written in clear language, explain terms used, and be understandable to customers without a special financial market background.

The basic standard also focuses on countering unfair practices. For example, FX dealers shall refrain from the unreasonable widening of spreads not caused by market situation changes; their actions shall not mislead customers as to the financial services provided by FX dealers; and they shall also not help consumers to enter into agreements with foreign financial institutions.

In addition, the basic standard establishes requirements for handling complaints from financial consumers. They oblige FX dealers to review complaints within 15 calendar days from the moment of their receipt. This period may be extended to 30 calendar days if the information received requires further study.

The basic standard will be mandatory for all FX dealers irrespective of their membership in SROs and for all their representatives (agents). This being the case, FX dealers shall be held liable for all violations of the basic standards’ requirements by agents.

Basic standard requirements linked to the provision of information to financial consumers will be in effect starting 1 April 2019. Basic standard requirements related to the representatives (agents) of FX dealers and to minimum servicing standards for financial consumers, as well as requirements for FX dealers’ employees will be in effect starting 1 December 2019.

Financial markets megaregulatorProject Group №1

08.04.2019 16:18 / The Bank of Russia

Roadmap for implementation of guidelines for development of financial market in 2019–2021 published The Bank of Russia has obtained approval from the Government of the Russian Federation of a roadmap outlining the implementation of the Guidelines for the Development of the Financial Market over the next three years. The document was adopted by the Board of Directors in February 2019.

28.03.2019 18:24 / TASS

Bank of Russia develops requirements for basic standards for SRO investment advisers The Bank of Russia has outlined a list of mandatory basic standards and requirements pertaining to their content, which should now be developed by financial market self-regulatory organisations (SROs) that work with investment advisers. The draft ordinance is posted on the Bank of Russia website for expert discussion.

06.02.2019 17:30 / The Bank of Russia

Securities market: Bank of Russia lays groundwork to bring switch to proportionate regulation closer The Bank of Russia has released an ordinance which sets forth indicators enabling conditional classification of professional securities market participants as small, middle-sized and major ones. The passing of this regulatory act marks the first step in the implementation of the regulator-approved concept and roadmap for proportionate regulation and supervision of non-bank financial institutions.

10.01.2019 17:52 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

10.01.2019 16:22 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

04.01.2019 18:14 / The Bank of Russia

Microfinancing: new caps for marginal debt value and daily interest rate On 28 January 2019, amendments will be effected to the current legislation that will set forth a new uniform limit for the marginal debt of a borrower under a consumer loan agreement for the period up to 1 year totalling 2.5 times of the sum of a respective loan. Once this amount is reached, the law prohibits further accrual of interest, as well as penalties (fines), other payments and the application of other measures.