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

October 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

16.09.2019 18:59 / The Bank of Russia

Bank of Russia outlines information security priorities The Bank of Russia Board of Directors has approved the Guidelines for the Advancement of Information Security in the Financial Sector for 2019–2021. The document is intended to specify the regulator’s objectives as regards the efforts to ensure financial market stability and improvements in its information security. The Bank of Russia’s Information Security Department acts as the relevant competence centre.

11.09.2019 19:09 / The Bank of Russia

Optimising regulatory burden: joint efforts of Bank of Russia and financial market participants The Bank of Russia has suggested that the professional community analyse the effective regulatory framework of the financial market in order to reveal outdated and excessive regulations.

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.

News from 
till 

Microfinancing: new caps for marginal debt value and daily interest rate

04.01.2019 18:14 / The Bank of Russia

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.

That means that if a borrower has taken out a loan of one thousand rubles, for example, their debt shall never exceed 3.5 thousand rubles (principal plus accrued interest and other payments). The law stipulates that starting 1 July 2019 the limit will be set at the two-fold amount of the loan, and starting 1 January 2020 – at the 1.5-fold amount of the borrowed sum.

A further innovation involves capping the interest rate at 1.5% per day and concurrently setting the limit on the total cost of credit. Starting 1 July 2019, the daily interest rate will be reduced to 1% per day.

Taking into account the average sum of short-term loans (the so-called “payday loan”), legislators introduced a special loan not exceeding 10 thousand rubles for up to 15 days. The interest accrued on such a loan shall not exceed 3 thousand rubles (or 30% of the original sum of the loan if less than 10 thousand rubles has been taken out for 15 days). The daily payment on such a loan shall not exceed 200 rubles. This loan shall not be subject to the above-mentioned caps, however it will be prohibited to extend it or increase its original sum.

Federal Law No. 554-FZ ‘On Amending the Federal Law ‘On Consumer Loans’ and the Federal Law ‘On Microfinance Activities and Microfinance Organisations’ was signed by the RF President V. Putin on 27 December 2018. The law will come into effect one month after its official publication.

The new law will also limit the number of potential assignees under consumer loan agreements. For example, no creditor shall be allowed to assign debt collection rights to rogue debt collectors.

Special attention shall be given to the provision of the law which stipulates that illegal creditors or illegal collectors shall lose the right to enforce, including in a court of law, the execution of a concluded consumer loan agreement or rights assigned under such agreement.

The new standards represent a more streamlined system of financial consumer protection, which includes measures against unfair practices related to issuing payday loans and debt collection, thereby making the law especially timely and socially important.

‘Microfinance organisations issuing loans at virtually maximum interest rates shall either have to change their business model or exit the market,’ said Ilya Kochetkov, the Director of the Microfinance Market Department. ‘We are fully aware of the fact that these innovations will not please everybody, however, they will benefit borrowers and help considerably alleviate their debt burden’.

Financial markets megaregulatorProject Group №1

16.09.2019 18:59 / The Bank of Russia

Bank of Russia outlines information security priorities The Bank of Russia Board of Directors has approved the Guidelines for the Advancement of Information Security in the Financial Sector for 2019–2021. The document is intended to specify the regulator’s objectives as regards the efforts to ensure financial market stability and improvements in its information security. The Bank of Russia’s Information Security Department acts as the relevant competence centre.

11.09.2019 19:09 / The Bank of Russia

Optimising regulatory burden: joint efforts of Bank of Russia and financial market participants The Bank of Russia has suggested that the professional community analyse the effective regulatory framework of the financial market in order to reveal outdated and excessive regulations.

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.