MIFC Roadmap

03.11.2015 MIFC / Moscow

MIFC Roadmap: Making progress.
October 2015


01.07.2013 MIFC / Moscow

MIFC Roadmap


01.07.2013 MIFC / Moscow

Interview with Alexander Voloshin

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MIFC: Key Facts / Project Group №3

 

Project Group №3 members

Project Group 3. Administrative procedures.

Administrative procedures Project Group (PG3) was formed in late 2010 and is co-chaired by D. Zhuikov and N. Kosov. The main goal of this Project Group is simplifying conditions for business development in the financial sector, especially interaction with the state authorities.

This Project Group is focused on four areas:

  • Creation of financial court in Russia (via developing the capabilities of the State Arbitration Court system)
  • Development of private dispute resolution/mediation mechanisms in Russia
  • Optimizing Tax administration procedures for financial companies
  • Optimizing customs/migration services for private individuals employed at the International Financial Centre

The mandate of Project Group 3 is detailed below.

  1. Debate settlement

    The following steps will provide instrumental in improving the debate settlement practice in the financial market: 1) developing the state court system and 2) developing private arbitration.

    The financial court is aimed at becoming the judicial institution capable of settling complex financial debates. The timeframes for settlement are less crucial than the quality of arbitration, unless they become unfeasible. Therefore, the key issue is setting a procedure for processing highly complex financial market cases involving both private individuals and corporations by a sufficient number of qualified judges within reasonable time. The limitation of human, time and financial resources must drive the scope and structure of the financial court. Besides, MIFC is not ex-territorial and therefore limiting financial court access to a group of privileged market participants is not an option.

    Two proposed financial court options:

    1. a. Establishing Special Financial Arbitration Courts for financial debates as part of the current Arbitration Court system, with four judicial levels and three appeal levels. In this case, the scope of court authority and collegial/single judgment should be defined.

    2. b. Establishing a Financial Arbitration Chamber within the Arbitration Courts system. In this case, the difference between financial and corporate litigation should be clearly defined.

  2. Tax administration

    All of the licensed financial market participants should be serviced by a specialized tax office (there are exceptions to this at present), as well as non-licensed companies mainly dealing in financial products (factoring, leasing etc.)

Project Group №3 members

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