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.
Self-regulation in financial market: current state and prospects
25.10.2019 16:12 / The Bank of Russia
The regulator’s consultation paper notes that the Russian SRO model approximates the foreign model of SRO associations. On the one hand, it respects the interests of financial institutions and prevents the monopolisation of self-regulation by a SRO quasi-regulator, which should include all financial institutions of a certain type. On the other hand, this model bears the risks of a conflict of interests and that the financial stability of an SRO may be eroded if its major players leave the organisation.
Market participants are invited to discuss measures to mitigate risks associated with the selected SRO model, and improve SROs’ control and disciplinary functions. The paper also raises the issue of empowering the regulator to appoint the SRO head and/or independent members of the SRO governance board.
The Bank of Russia finds it necessary to consider the expansion of SROs’ role in the financial market: the possibility of introducing a mandatory self-regulation for credit institutions, SROs’ potential role in regulating agency selling of financial products and control over the activity of key officers of financial institutions, and delegating additional supervisory functions in low-risk areas of the financial market to SROs.
Discussion participants are welcome to submit their comments on the consultation paper, including replies to the questions asked, proposals and remarks to the Bank of Russia until 25 November 2019.