MIFC: Key Facts

A source of basic facts about the International Financial Centre in Moscow

Task Assignments

06.12.2011 / Moscow

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session
on 28 October 2011.

MIFC Events

24.03.2017

10th Russian-British MIFC Joint Liaison Group meeting

Events Calendar

December 2017
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Media Coverage

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

06.04.2013 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

29.01.2013 / Interfax

MIFC Location to be Determined by Workgroup

Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.

Our Progress / MIFC Events

MIFC Events

MIFC UK-Russia Joint Liaison Group Holds 5th Meeting

28.05.2013 / MIFC / Moscow

Moscow hosted a fifth meeting by the MIFC UK-Russia Joint Liaison Group. The meeting was co-chaired by Head of MIFC Taskforce Alexander Voloshin and the Lord Mayor of the City of London Alderman Roger Gifford. The sides debated topical Liaison Group issues such as derivatives market development, securities operations and wider public-private partnership (PPP) implementation. The agenda included improvements to legislation and administration; education, training and certification of licensed financial market participants. Deputy Chairman of the Bank of Russia Sergey Shvetsov briefed the British partners on the megaregulator progress.

In his opening speech, Alexander Voloshin named a number of key Russian financial market achievements of the past 6 months:

- This February, the new integrated Moscow Exchange conducted a successful IPO on its own platform, demonstrating possibilities for large companies to raise capital here in Russia. This IPO, the largest ever to take place exclusively on a Russian exchange, must serve as a case study for other privatizations that will follow this and next year. By the way, you probably know that almost a quarter of the Moscow Exchange shares were purchased by British investors.

Also in February, the Moscow Exchange became the first exchange in the CIS to allow foreign banks direct access to its foreign exchange market. The Russian Central Depositary, a key element of this new financial infrastructure, has already become fully operational, and two leading international depositaries, Euroclear and Clearstream, have opened CD accounts there. These steps will ease foreign investors’ access to Russian securities, starting with the highly attractive Federal Government bonds market.

In May, Russia completed the first phase of legislative work toward establishing a financial megaregulator, the finalized draft of the Central Bank Act has been passed in the first reading by the State Duma.

In April, the Government granted the Ministry for Economic Development the right to apply to diplomatic missions and consulates to back visa requests by representatives or employees of major foreign companies investing in Russia, as well as Skolkovo and MIFC participants. These new regulations will create a better business climate for foreign investors.

The Lord Mayor of the City of London Alderman Roger Gifford commended the efforts made by the Joint Liaison Group:

- Since we last met in December, progress has been very rapid. Increasingly, we see the workstreams as part of wider continuing dialogue, a partnership that we are establishing, a bridge between our two markets. As you know, I have worked in banking for the last 35 years, and I am very aware that good access to capital liquidity and investors is essential to a well functioning sophisticated market economy, which we want to create here.

Deputy Chairman of the Bank of Russia Sergey Shvetsov spoke on the details of the megaregulator creation process and Russian financial market development:

- A year ago we had a full basket of plans. I think we have done a lot, like the Trade Repositary, Central Depositary implementation, stock exchange merger. We are proud that we are able to deliver and we hope that this project will pave the path to Russia for foreign investors. Among future projects, the most important is the creation of the internal investor, without which it is very hard to provide financial stability for the market. The Central Bank is responsible for that and we are very interested in creating a huge base of internal investors.

The reason of the megaregulator reform is mainly to concentrate financial and human efforts on change of regulatory behavior. We now have about five regulators, and the bureaucracy is very tough. The financial market management system has delayed the creation of the IFC. The merger will centralize development, supervisory and regulatory functions under the Central Bank umbrella. The Ministry of Finance will continue its key role as a second pillar of the system.

We will give the industry some time to change their business models and IT systems, to implement necessary regulation changes. It will not be a revolution, it will be a very soft reform, but in the end it will be a stable understandable market for local and foreign investors with a modern level of minority rights protection.

The parties noted significant improvements in Russian financial infrastructure and financial markets regulation. Long term finance has been named a priority for the UK-Russia Joint Liaison Group, and a dedicated workstream is to be set up soon.

The Russian Chairman of the Board of International Investment Bank, Deputy Co-Chairman of the UK-Russia Liaison Group Nikolay Kosov, Chairman of the Executive Board of Moscow Exchange Alexander Afanasiev, Deputy Chairman of the Executive Board of Moscow Exchange Andrey Shemetov, Deputy Chairman of the Board of the National Stock Market Participants Association (NAUFOR) Alexey Artamonov, Executive Vice President of Russian Union of Industrialists and Entrepreneurs (RSPP) Oleg Preksin, Deputy Chairman of Vnesheconombank Sergey Vasiliev, Public-Private Partnership Center Director Alexander Bazhenov, Center for Strategic Research President Mikhail Dmitriev, IBS Group President Anatoly Karachinsky.

14.12.2017 / MIFC / Moscow

Annual Megaregulator KPI Meeting for Market Participants with Sergey Shvetsov, First Deputy Chairman of the Bank of Russia

12.12.2017 / MIFC / Forum Analytical Center

Meeting on Dealing Regulation Reform report prepared by the Bank of Russia for public

04.12.2017 / MIFC / London

11th Session of the Russian-British Joint Liaison Group

11.04.2017 / MIFC / Moscow

Alexander Voloshin Meets Investment Funds and State Innovation Developers

30.03.2017 / MIFC / Москва

Bank of Russia’s 233 Financial Market Development KPIs Meeting

24.03.2017 / MIFC /

10th Russian-British MIFC Joint Liaison Group meeting

27.10.2016 / Russian-Chinese Legal Society and St. Petersburg International Legal Forum / Moscow

‘Russia and China: Partners In Law’ conference

29.06.2016 - 01.07.2016 / The Bank of Russia / St. Petersburg

The XXV International Financial Congress

16.06.2016 - 18.06.2016 / International Economic Forum / St. Petersburg

The St. Petersburg International Economic Forum

12.04.2016 / Moscow exchange / Moscow

Moscow Exchange Forum 2016

16.12.2015 / MIFC / Moscow

Year-End Summary Regulator KPI Meeting with Market Participants and the Bank of Russia

11.12.2015 / MIFC / Moscow

8th Meeting MIFC UK-Russia Joint Liaison Group

17.09.2015 - 18.09.2015 / The Bank of Russia and the Government of the Republic of Tatarstan / Kazan

FINNOPOLIS 2015, the first Kazan Forum of Innovative Financial Technologies

14.06.2015 - 18.06.2015 / IOSCO / London

IOSCO Conference

29.05.2015 / NAUFOR / Moscow

The Russian stock market in 2015: in the fog of uncertainty NAUFOR annual conference

20.04.2015 / MIFC / London

Russian-British Business Circles Meeting hosted by MIFC Joint Liaison Group

02.04.2015 / Moscow exchange / Moscow

MOEX Forum 2015

11.02.2015 / MIFC / Moscow

"New Technologies for Easier Access to Financial Services" Survey Presented The MIFC Taskforce presented ‘New Technologies for Easier Access to Financial Services’ survey, commissioned by the Bank of Russia.

16.12.2014 / MIFC / Moscow

The Bank of Russia’s 233 Steps Debate Central Bank’s First Deputy Chairman Sergey Shvetsov met market participants at MIFC HQ.

12.12.2014 / MIFC / Moscow

Project Group 2 (Corporate law and governance, financial transaction taxes) Session The Project Group debated the problems of enforcing the Controlled Foreign Companies Act in the financial market.

27.08.2014 / MIFC / Moscow

MIFC Taskforce Round Table ‘Financial Markets Megaregulator: First Year Results’

07.07.2014 / MIFC / Moscow

MIFC UK-Russia Joint Liaison Group Meets 7 July A new meeting of the MIFC UK-Russia Joint Liaison Group is due to take place on 7 July in Moscow.

05.05.2014 / MIFC / Moscow

Putin Signs National Payment Card System Bill President Putin has signed the federal National Payment Card (NSPK) bill, says the Kremlin press office.

27.03.2014 / MIFC / Moscow

The fifth annual Exchange Forum The Exchange Forum is Russia`s largest annual conference for financial market professionals, regulators, and government officials, bringing together up to 1,000 delegates. The forum defines the direction of Russia`s financial market and infrastructure development for the next several years.

03.03.2014 / CB/MIFC / Moscow

Central Bank Financial Markets Service Dissolved In accordance with the Bank of Russia-based megaregulator launch plan, (and per Bank of Russia Board of Directors decision of 29 November 2013) the Bank of Russia Financial Markets Service (BRFMS) is officially dissolved as of 3 March 2014.

25.02.2014 / MIFC / Moscow

State Duma Passes Amendments on Facsimile Signatures for the Visually Handicapped On Tuesday, the State Duma passed the Government bill allowing the visually handicapped to use facsimile signatures in cash transactions.

20.02.2014 / MIFC / Moscow

Russian Government Passes Bullion Trading Regulation Bills Tax Code Parts 1 and 2 and other statutory amendments have been drafted by the Ministry of Finance as part of MIFC Roadmap effort. The bills provide equal staturtory rights for bullion trading in accordance with Russian banks and banking law.

07.02.2014 / MIFC/Moscow exchange / Moscow

Russian Financial Markets Regulator Registers New MOEX Listing Rules On 7 February 2014, the Bank of Russia’s Financial Markets Service registered an amended version of Listing Rules for Moscow Exchange. As part of Russia’s listing reform program, the rules have been brought in line with the Rules for Admission of Securities to Organized Trading previously approved by the regulator.

17.01.2014 / CBFMS/MIFC / Moscow

Implementation of e-comms in the Russian financial market On 17 January 2014, Moscow International Financial Center Taskforce hosted a meeting on Electronic Communications with First Deputy Chairman of the Bank of Russia, Head of Financial Markets Service Sergey Shvetsov and financial market participants.

12.12.2013 / MIFC / Moscow

Task Assignments by Prime Minister Dmitry Medvedev Russian Prime Minister Dmitry Medvedev releases a number of task assignments following the Moscow International Financial Center session on 28 November 2011

09.12.2013 / MIFC / London

6th Meeting MIFC UK-Russia Joint Liaison Group, The Mansion House, Walbrook, London The meeting will be co-chaired by Head of MIFC Taskforce Alexander Voloshin and the Lord Mayor of the City of London Fiona Woolf.

28.11.2013 / MIFC / Moscow

MIFC Meeting hosted by Prime Minister Dmitry Medvedev The agenda featured discussions of the International Financial Center Roadmap. Participants will debate the outlook for Russian financial market development, megaregulator KPIs, the role of SROs in the financial market, tax incentives for investors, and improved tax administration of financial transactions.

12.11.2013 / MIFC / Moscow

Russian-British Seminar on Microfinance and Credit Unions On 12 November 2013, the Bank of Russia Financial Markets Service headquarters hosted the Russian-British seminar on Microfinance and Credit Unions by MIFC Taskforce and TheCityUK.

23.10.2013 / MIFC / Moscow

Second Moscow International Foreign Investment Forum “MOSCOW AS AN INTERNATIONAL FINANCIAL CENTER” CONFERENCE. Moscow’s competitive position compared to other world megapolises.

17.10.2013 / MIFC / Moscow

Financial Market Regulation Policy Markers Session The event features discussions on market development priorities, improved regulation and customer rights protection in financial services. Speakers include Head of the Bank of Russia Financial Markets Service Sergey Shvetsov, market participants and experts.

20.06.2013 / International Economic Forum / Sankt-Peterburg

UNDERPINNING RUSSIA’S FINANCING ASPIRATIONS In order for Russia to reach its potential as an international financial centre, it needs to build the institutional investor base that comes with mature insurance and pension investment systems. What are the practical steps and timelines for developing Russia’s institutional investment infrastructure?

28.05.2013 / MIFC / Moscow

MIFC UK-Russia Joint Liaison Group Holds 5th Meeting Moscow hosted a fifth meeting by the MIFC UK-Russia Joint Liaison Group. The meeting was co-chaired by Head of MIFC Taskforce Alexander Voloshin and the Lord Mayor of the City of London Alderman Roger Gifford. The sides debated topical Liaison Group issues such as derivatives market development, securities operations and wider public-private partnership (PPP) implementation. The agenda included improvements to legislation and administration; education, training and certification of licensed financial market participants. Deputy Chairman of the Bank of Russia Sergey Shvetsov briefed the British partners on the megaregulator progress.

01.04.2013 / MIFC / Moscow

Central Depositary nominee account at registrars is opened/existing NSD account status upgraded. Authorized transfer of securities to the NSD Central Depositary nominee account begins

08.01.2013 / MIFC / Moscow

National Settlement Depositary assumes DVP settlement functions from DCC

11.12.2012 / TheCityUK / London

Moscow International Financial Centre Joint Liaison Group Meeting The meeting brought together Russian and British officials and top executives from banks, exchanges, clearing houses and corporations. The meeting was co-chaired by Lord Mayor of the City of London Alderman Roger Gifford and Head of MIFC Taskforce Alexander Voloshin.

08.11.2012 / ISMM / Moscow

12th All-Russian Stock Market Conference Key debate will focus on the continuing global economic crisis and outlook for the Russian financial sector in global financial volatility, Russian capital market infrastructure reform, new industry regulations.

06.11.2012 / MIFC / Moscow

National Settlement Depositary acquires Russian Central Depositary status

24.10.2012 / MIFC / Moscow

Meeting chaired by Russian Prime Minister Dmitry Medvedev On October 24, 2012, Prime Minister Dmitry Medvedev will chair a meeting to discuss investment climate improvement mechanisms, Moscow International Financial Center (MIFC) roadmap and financial markets regulation and oversight reform.

20.06.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

16.05.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

02.05.2012 / TheCityUK / London

Moscow International Financial Centre - Alternative Dispute Resolution Conference This conference will bring together leading practitioners and other interested parties to discuss the Interim Report of the Alternative Dispute Resolution (ADR) work-stream of TheCityUK’s UK-Russia Liaison Group on Moscow as an International Financial Centre (MIFC).

25.04.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

18.04.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

11.04.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

28.03.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

16.03.2012 - 17.03.2012 / MIFC / Moscow / Digital October

Moscow International Financial Center Strategic Session The Strategic Session will set priorities for the development of an international financial center in Moscow (MIFC). The event will draw major economic experts, heads of leading Russian and international financial companies and government officials who will together produce a detailed roadmap of the project.

14.03.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

29.02.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

15.02.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

08.02.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

01.02.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

25.01.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

18.01.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

11.01.2012 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

15.12.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

14.12.2011 / MIFC / London

2nd Russo-British MIFC Group Session The second Russo-British MIFC Group Session is scheduled for 14 December in London.

08.12.2011 - 09.12.2011 / Moscow Urban Forum / Moscow, Swissotel Krasnye Holmy Moscow

The Moscow International Urban Forum "Global Solutions for Russian Cities" The Moscow International Urban Forum "Global Solutions for Russian Cities" will serve as a global communications platform for an open dialogue among representatives of the government, the managers of architectural and urban planning bureaus, development and construction companies, as well as leading foreign and Russian experts on urban planning.

07.12.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

30.11.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

23.11.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

17.11.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

09.11.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

02.11.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

28.10.2011 / MIFC / Moscow

International Advisory Board for the International Financial Center in Russia Session The session will take place at the Sberbank headquarters. President Dmitry Medvedev is expected to be present, as last time.

26.10.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

19.10.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

11.10.2011 / MIFC / Moscow

Project Group 1 (Financial infrastructure and financial market regulation) Session (in Russian)

05.10.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

28.09.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

21.09.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

14.09.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

07.09.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

25.08.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

02.08.2011 / Ministry for Economic Development / Moscow, 1st Tverskaya Yamskaya Street, 1,3, Collegiate Hall

Public Debate on the Civil Code Amendments by the Codification Council The debate will focus on the feedback that the bill receives from lawyers and businessmen, in order to highlight the most controversial issues and selecting the most productive ideas for implementation in the Civil Code.

21.07.2011 / MIFC / Moscow

Project Groups 1 and 2 Session (in Russian)

14.07.2011 / MIFC / Moscow

Project Group 2 (Corporate Governance and Taxation) Session (in Russian)

27.06.2011 - 28.06.2011 / Renaissance Capital / Moscow, Expocentre Exhibition Complex

15th Annual Investor Conference Global economic trends are putting Russia in the spotlight, and this year’s conference delves into the diversity and wealth of investment opportunity in the country. Panel discussions, featuring leading economists, politicians and CEOs, will navigate between the broader picture and the booming agriculture, oil and gas, and metals and mining sectors.

27.06.2011 / Vnesheconombank / Moscow

Russian-British group meeting regarding the creation of the International Financial Centre in Moscow The meeting is directed to the representatives of the leading Russian, British and international organizations involved in promotion of the International Financial Centre in Russia.

18.06.2011 / International Economic Forum / Sankt-Peterburg

Meeting of the International Advisory Board members with the President of the Russian Federation. The board’s current activities and plans for the coming year were discussed at the meeting, which was held on the sidelines of St Petersburg International Economic Forum.

17.06.2011 / International Economic Forum / Sankt-Peterburg

MIFC FOUNDATION. CIS/EURASIAN ECONOMIC COMMUNITY/EEC CUSTOMS UNION COOPERATION. In cooperation with VTB Capital and MICEX Group. The creation of an International financial centre in Moscow implies becoming a significant regional financial hub for the CIS countries. The main objectives are analysis of current agreements on the Common Free Market Zone and regulatory structure for the CIS/Eurasian Economic Community, as well as finding ways of effective collaboration on the financial markets and within banking sector in general.

07.06.2011 - 08.06.2011 / IIR Ltd / Moscow, Baltchug Kempinski

The 8th Annual Russian Securities Forum “Infrastructural and strategic opportunities in the emerging markets”

13.05.2011 / NAUFOR / Moscow, Baltchug Kempinski

NAUFOR Annual Conference “Russian Stock Market 2001: The Challenges Remain the Same” FSCM has decided to cancel plans to raise the minimum proprietary capital limit for brokers, trust managers and depositaries, said Deputy Head of FCSM Sergey Kharlamov at the NAUFOR Conference.

13.04.2011 - 14.04.2011 / Vedomosti-Conferences / Москва, Марриотт Роял Аврора

Юридический форум России. VII ежегодный деловой форум Key businessmen and lawyers discussed legal issues faced by the business, the government role in creating a comfortable environment for business.