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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Roadmap for implementation of guidelines for development of financial market in 2019–2021 published

08.04.2019 16:18 / The Bank of Russia

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.

Financial market development measures are divided into four areas: developing competition; establishing a trusting environment; maintaining financial stability; and ensuring access to financial services and capital.

With the aim of ensuring competitive access to financial market infrastructure and data, the Bank of Russia has outlined the following plans for the next three years: developing the Faster Payments System and biometrics-based remote identification mechanism; and launching the Marketplace and digital profile project. Furthermore, the regulator plans to expand the rights of credit history bureaus to receive, process and transfer personal data, as well as use alternative scoring models including behavioural scoring based on social networks and other legal sources.

In its work to increase confidence in financial institutions, the regulator intends to define the concept of conflict of interest in the sale of financial products and develop recommendations on how to avoid or mitigate this conflict. It is planned that the Bank of Russia will work jointly with the Government of the Russian Federation to build a regulation and supervision framework to oversee the activities of auditors.

One of the priorities in ensuring financial stability is increasing the promptness and timeliness of supervisory response. The Bank of Russia intends to expand the use of professional judgment in the supervisory process. This will facilitate early response to problems in financial organisations.

In its goal of increasing access to financial services and capital, the Bank of Russia intends to expand the list of authorised assets for NPFs and insurance companies, and remove barriers to launching and implementing public-private partnership projects and issuing concessionaire bonds. There are plans for measures aimed at stimulating the inflow of direct investments to finance socially responsible projects, which includes issuing so-called “green bonds”.

“The implementation of these planned measures will allow the financial market to respond to arising challenges and the needs of its participants as well as increase confidence among the general public and businesses in financial institutions and the work of the regulator,” said Vladimir Tamozhnikov, Director of the Financial Market Strategy Department.

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