Our progress / MIFC News

23.06.2020 14:15 / The Bank of Russia

Svetlana Zolotareva to head Financial Market Strategy at CBR Svetlana Zolotareva has been appointed Director of the Financial Market Strategy Department. This appointment will be effective from 29 June.

10.03.2020 16:16 / The Bank of Russia

Scope of specialised depositories’ activity may be expanded: Bank of Russia’s consultation paper The Bank of Russia proposes that market participants consider the possibility of expanding the scope of specialised depositories’ activity and modifying this institute. These initiatives are aimed at reducing market participants’ and investors’ costs, increasing competition, and improving the quality of services rendered by specialised depositories.

10.03.2020 15:45 / The Bank of Russia

Number of investors in equity market doubles in 2019 In 2019, the number of brokerage and trust management (TM) clients doubled, to total 4.3 million and 341 thousand persons, respectively. The significant inflow of investors was associated with a rise in the equity market and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important contributor to the expansion of the client base: banks attracted nearly one-half of the 2 million new retail clients receiving brokerage services by offering them conventional and structured bonds as an alternative to deposits.

16.01.2020 16:52 / The Bank of Russia

Bank of Russia Commission receives 555 applications for business reputation recovery The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.

29.11.2019 19:40 / The Bank of Russia

Russian joint-stock companies implement over 75% of corporate governance principles Russian exchange-traded public joint-stock companies (PJSC) demonstrate a stable trend towards the improvement of their corporate governance: in 2018, they increased the number of implemented Corporate Governance Code principles and improved the quality of reasoning behind incompliance. These results are contained in the annual Review of Corporate Governance in Russian Public Companies published on the Bank of Russia’s website.

25.10.2019 16:12 / The Bank of Russia

Self-regulation in financial market: current state and prospects The Bank of Russia has analysed the results of the work undertaken by self-regulatory organisations (SROs) of non-bank financial institutions and invites professionals and experts to discuss the prospects of self-regulation in the financial market.

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Bank of Russia to reduce regulatory burden on banks

14.10.2019 18:11 / The Bank of Russia

As part of its efforts to reduce the regulatory burden on market participants, the Bank of Russia is looking into the abolition and simplification of certain regulatory requirements.

The changes will primarily affect prudential requirements on credit institutions. In particular, the regulator plans to abolish the ratio which limits aggregate requirements of a bank to its insiders (N10.1), update the procedure for calculating the N6 ratio for certain payment card transactions, and rule out that requirements may be duplicated following the enactment of the debt burden ratio. For banking groups, the regulator will abolish the restriction on their participation in the capital of other legal entities on a consolidated basis (the N23 ratio will continue to apply on a standalone basis).

For settlement non-bank credit institutions, there are plans to simplify the rules for business operations with legal entities and funds placement with non-resident central banks; this will boost the payment market, including in the CIS.

The amount of reporting which banks submit to the Bank of Russia and the scope of information they disclose will also be reduced. The number of banks which compile and submit statements under Form 0409122 ‘Calculation of liquidity coverage ratio (Basel III)’ will decrease. Changes in the procedure for calculating the basic return on deposits are another important innovation for banks. The abolition of the effective requirement that banks should publicly disclose information about the maximum interest rates on deposits is under consideration. The basic return on deposits will be calculated based on the data given in reports under Form 0409119 ‘Maximum interest rates on household deposits’,

In supervision, the methodology for the assessment of banks’ economic performance will be simplified by reducing the number of questions for certain indicators. For banks under resolution, there are plans to abolish the requirement for the compilation and submission to the Bank of Russia of capital recovery plans.

Draft amendments will be published for public discussion as and when prepared.

Financial markets megaregulatorProject Group №1

23.06.2020 14:15 / The Bank of Russia

Svetlana Zolotareva to head Financial Market Strategy at CBR Svetlana Zolotareva has been appointed Director of the Financial Market Strategy Department. This appointment will be effective from 29 June.

10.03.2020 16:16 / The Bank of Russia

Scope of specialised depositories’ activity may be expanded: Bank of Russia’s consultation paper The Bank of Russia proposes that market participants consider the possibility of expanding the scope of specialised depositories’ activity and modifying this institute. These initiatives are aimed at reducing market participants’ and investors’ costs, increasing competition, and improving the quality of services rendered by specialised depositories.

10.03.2020 15:45 / The Bank of Russia

Number of investors in equity market doubles in 2019 In 2019, the number of brokerage and trust management (TM) clients doubled, to total 4.3 million and 341 thousand persons, respectively. The significant inflow of investors was associated with a rise in the equity market and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important contributor to the expansion of the client base: banks attracted nearly one-half of the 2 million new retail clients receiving brokerage services by offering them conventional and structured bonds as an alternative to deposits.

16.01.2020 16:52 / The Bank of Russia

Bank of Russia Commission receives 555 applications for business reputation recovery The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.