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.
Sales of non-bank financial institutions’ products to follow universal scenario requirements
30.11.2018 16:35 / The Bank of Russia
The regulator recommends that standard scenarios should ensure the fullest possible information is provided to the consumer about the specifics and risks of a given financial product. At the same time, nothing should suggest the product is forced onto the customer. The seller should definitively specify the duration of the contract and its early termination clauses, while also making the customer aware of the procedure for returning funds in the event the customer decides to withdraw from an executed transaction. It is further recommended that SROs build a separate scenario for each essentially different financial product.
Financial institutions are welcome to independently develop interaction scripts for its in-house use – they should be agreed with the SRO and meet the principles and standards for financial consumer rights and interests protection. The SRO receiving a sales scenario for a new product to the Russian market should send the relevant information to the Bank of Russia's Service for Consumer Protection and Financial Inclusion, the document sets forth.
‘We find it unacceptable when the consumer is being misled or when its trust is being abused’, explains Mikhail Mamuta, Head of the BoR’s Service for Consumer Protection and Financial Inclusion. ‘Not only does this create reputational risks for the sector – this may well undermine public trust in the overall financial market. The new scenario requirements are meant to prevent the emergence of such problems’.
Importantly, banks acting as NFI agents are also recommended to use the scenario as guidance for their customer interaction processes. NFIs are recommended against executing agent agreements which lack the clause about the intermediary’s obligation to use SRO-concurred sales scripts as well as that about responsibility for incompliance.
The Bank of Russia directs market participants’ attention to the recommendation that the preferred intermediaries for sales of financial products are non-bank financial institutions or credit institutions (except when otherwise provided by law or approved SRO standards).
The unveiled recommendations feature an approach which is aligned to best global practices in financial markets where the quality of sales and customer interaction is a key element of conduct supervision.
Financial markets megaregulator, Project Group №1, Elvira Nabiullina