Our progress / MIFC News

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.

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Securities market: Bank of Russia lays groundwork to bring switch to proportionate regulation closer

06.02.2019 17:30 / The Bank of Russia

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.

Professional participants are classed into categories on the basis of the following simple criteria: the volume of broker / trust management transactions, the number of customers as per brokerage / trust management contracts, the cost of securities recorded in depository accounts and the number of persons with personal accounts in the securities registrar. This minimal set of criteria will enable professional participants themselves to select a category they belong, selecting optimal regulatory compliance for their business.

This regulatory act goes as far as introducing initial differentiations based on both licence type and the volume of business. Under new regulations effective from 1 October 2020, internal audit will only be the responsibility of major professional participants. Also, only major registrars will be obliged to form a board of directors and secure regional presence. Equally, the minimal qualified headcount requirements for depositories will be differentiated subject to their selected category.

‘When drawing up regulatory acts covering professional market participants, we now have the opportunity to roll out elements of proportionate regulation’, notes Larisa Selyutina, Director, the Securities Market and Commodity Market Department. ‘We are planning to use this approach in future as regards the requirements and deadlines for the submission of professional participants’ reports. Subsequently, following feasibility studies, internal controls requirements may also be differentiated, as well as risk governance, business continuity and corporate governance requirements.’

Key provisions of the ordinance enter into force 10 days after its official publication.

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