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

May 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 

Improving regulation: new initiatives of financial market participants

27.12.2018 18:40 / The Bank of Russia

The regulator selected 14 new initiatives suggested by financial market participants for implementation in 2019 at the strategic session held at the Bank of Russia. The proposals in question are central to improving the regulation of supervised institutions. They apply to insurance market players and professional securities market participants, and concern payment system operations, issuance and listing, corporate governance, fintech and information security.

The proposed initiatives include lifting restrictions on forex transactions in the Russian financial market, optimising quarterly reporting by securities issuers, introducing performance standards and self-regulation mechanisms for payment facilitators, developing methodology for information security audit, and increasing responsibility on information security auditors.

The selected proposals from the professional community have been included in the main and reserve portfolios. The Bank of Russia implements initiatives from the main portfolio, whereas proposals from the reserve portfolio are taken into account and the feasibility of including them in the main portfolio is further assessed.

An updated portfolio and the status of initiative implementation is to be released in early 2019.

Annual strategic sessions with market participants were first held in autumn 2013. At first, the list of initiatives formulated by the market contained 233 items. Today, a number of tasks have already been accomplished. The Bank of Russia will continue to use the proven format of dialogue with the professional community.

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.