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 

Russian public companies step up action to implement Corporate Governance Code principles

04.12.2018 17:33 / The Bank of Russia

In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.

The Bank of Russia has by been publishing this review for three years. The Code was recommended for implementation back in 2014. The effort to monitor the progress of the implementation of its principles helps deliver clarity as to which principles are of practical importance to companies, which challenges they have to address in the course of implementation, and which best practices are already in wide use.

The survey shows that the reporting period saw a twofold rise in the number of companies that operate with 75% implementation of the principle. This takes the share of top tier quotation list companies compliant with the Code by at least 75% to over 70%. This correlates with the more than threefold reduction in the share of companies with low (under 50%) compliance. Many companies report that subsequent implementation of the Code principles is on their agendas.

At the same time, the surveys suggests that companies where the Code principles have yet to be rolled out or those that are still unwilling to do so due to their specific business circumstances have a more solid rationale for their lack of full implementation. The Code is implemented based on the ‘comply or explain’ principle, suggesting that a company failing to comply with a Code recommendation should provide its shareholders with a sound and meaningful explanation for the reasons. Between 2017 and 2018, the Bank of Russia’s activities targeting such companies included letters of explanation, meetings and workshops – to the effect that noticeable improvement was reported in the quality of explanations the regulator received.

The review presents information obtained in the course of monitoring annual company reports as regards the implementation of Code recommendations. The text analysis of annual reports revealed some companies had submitted compliance self-assessments with discrepancies. Companies should ensure the information they disclose is consistent, reliable, and not misleading for shareholders or investors. Inaccurate or discordant information disclosed in an annual report may lead to the need for a probe into its reliability.

Corporate and contract lawFinancial markets megaregulatorImprovement of corporate governanceProject 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.