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

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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 / Hot Topics

Financial markets megaregulator


08.06.2017 19:27 / TASS

Central Bank to Develop Cryptocurrency Regulation

Russia is making its own blockchain currency. According to the Russian News Agency, the chairwoman of the Russian Central Bank announced regulators now agree national cryptocurrencies are the future.

24.03.2017 17:15 / MIFC

10th Russian-British MIFC Joint Liaison Group meeting

Alexander Voloshin, Head of MIFC Taskforce, Miles Celic, Chief Executive of TheCityUK and Nikolay Kosov, Chairman of the Board, IIB signed a Memorandum of Understanding at the 10th Russian-British MIFC Joint Liaison Group meeting today.

07.10.2016 11:41 / MIFC

Alexander Voloshin Comments on Government Decree 2085 of 5 October 2016

On 5 October 27, Russian Prime Minister Dmitry Medvedev signed Government Decree 2085, voiding Decree 1012 of 19 June 2013 (“Approval of Moscow IFC Roadmap”). Head of the Moscow International Financial Centre Taskforce Alexander Voloshin comments.

17.08.2016 16:27 / NAUFOR

NAUFOR Deems Bank of Russia Investor Rights Protection Excessive

The National Association of Securities Market Participants sent a letter to the Central Bank with comments on the Bank of Russia report "Improving the protection of investors in the financial market regulation by introducing categories of investors and determine their investment profile."

28.07.2016 14:09 / TASS

Bank of Russia to Make Stress Tests Mandatory for NPFs

The Bank of Russia will make stress tests mandatory for non-state pension funds (NPFs) to measure accepted risks, says a newly published directive of 4 July 2016.

26.07.2016 15:18 / The Bank of Russia

Microfinance: Ready, Set, Go!

Microfinance companies can now apply to the Bank of Russia for licenses, according to the newly enacted Regulation 3984. To protect investor rights, the capital minimum is set at RUB 70M, so that only major and stable companies may apply.

20.07.2016 15:46 / The Bank of Russia

Russia's Love for Mobile Banking Grows

The Bank of Russia has conducted a second annual financial inclusion survey, comparing 2015 ratios versus 2014. The regulator website states that Russia shows growth in the number of POS credit card terminals (up 15.7%), private (up 5.2%) and corporate (non-bank) accounts (up 1.1%).

20.07.2016 15:43 / slon.ru

Central Bank Publishes Financial Glossary

The Bank of Russia has published online a Russian-English-French glossary of 1.8 thousand-plus finance and banking terms.

30.06.2016 17:03 / The Bank of Russia

Financial market offered new regulation of investor categories and determination of their investment profiles

The Bank of Russia Consultation Report posted on the regulator’s website for the discussion with market participants covers new approaches to classification of financial market investors, to conclusion of their transactions and determination of investment profile and strategy. The document points out that current criteria of subdividing investors into qualified and non-qualified ignores a number of factors, first and foremost, the level of financial literacy of the population and its actual understanding of how various financial instruments operate, as well as capabilities to bear risks arising from investments in complicated financial instruments.

27.05.2016 13:53 / Kommersant

Russia May Launch Own Cryptocurrency

Russia plans to introduce a national cryptocurrency.Its issue will be regulated, issuers licensed, standard exchange rules will apply, and payment anonymity will be kept to a minimum. This will mitigate the risks of cryptocurrency used in shadow schemes, protect consumer rights, and is likely to cut transaction costs, at the same time, however, blocking access to state-of-the-art international technologies.

20.04.2016 16:46 / CB/MIFC

Regulator and the Market Debate New Approach

The Bank of Russia held the initial meeting on the future of proportional regulation of the securities market. Securities and Commodoties Market Department invited brokers, dealers, asset managers, depositaries and SROs to take part in the debate.

11.04.2016 13:13 / RBC

Moscow Gains 11 positions in IFC Rating

Moscow has improved its standing in global financial center ratings by Z/Yen Group, gaining 11 positions vs last year. The Top 10 is domiated by North America and East Asia.

02.03.2016 16:02 / TASS

Russians Deposit RUB 7bln in Individual Investment Accounts

In 2015, private individuals deposited some RUB 7bln in Individual Investment Accounts (IIAs), with 55 thousand new clients applying for IIA opening through licensed participants and asset management companies, reports National Stock Market Participants Association (NAUFOR).

26.02.2016 18:20 / CB/MIFC

Bank of Russia sends 'Guidelines for the Development of the Russian Financial Market' to the President and the Government

Under Article 45.3 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ the Bank of Russia sent to the Russian President and to the Government of Russian Federation the draft 'Guidelines for the Development of the Russian Financial Market in 2016–2018'. The Bank of Russia Board of Directors approved the document on 19 February 2016.

11.02.2016 15:32 / TASS

E-Communication with Central Bank Launches in May

Insurance companies, NPFs, asset management companies and licensed participants will switch to e-communication with the Bank of Russia starting May 10, Head of Non-Bank Reporting Department at the Central Bank Olga Goncharova told the press.

17.12.2015 12:00 / TASS

CB Signs MOU with Bank of China

Bank of Russia CEO Elvira Nabiullina and Chairman of the People’s Bank of China Zhou Xiaochuan signed an MOU in Bejing, promoting mutual cooperation, says CB press release.

11.12.2015 12:00 / TASS

AKRA Registered and In Business

Russia’s national rating agency AKRA has registered as a legal entity and commenced operation, announces a press release.

04.12.2015 12:00 / TASS

Duma Passes Repositary Amendments in 1st Reading

Today the State Duma passed in the first reading Minfin amendments to the Securities Market Act, granting repositories a separate market infrastructure status.

03.12.2015 12:00 / TASS

Tax Benefits to Give Corporate Bonds an Edge Over Deposits

Making Russian corporate bonds coupon exempt from tax will make people prefer bonds over bank deposits, says National Stock Market Participants Association CEO Alexey Timofeev.

20.11.2015 12:00 / TASS

AKRA's First Ratings Due in Q2-Q3 2016

Russia’s national rating agency AKRA will assign first ratings in Q2-Q3 2016, General Director Ekaterina Trofimova told the press

17.11.2015 12:00 / MIFC

China, Russia ink cooperation memorandum on insurance regulation

China and Russia inked a memorandum to further cooperation on insurance regulations, according to a statement released by the country's top insurance watchdog on Monday.

06.11.2015 12:00 / TASS

Russia plans to issue treasury bonds in yuan next year

Russia plans to issue treasury bonds in yuan next year, Russian officials said on Friday, in a move that signals Russia's desire to attract Chinese investors into its financial markets. The so-called OFZs, or federal loan bonds, are the main Russian treasury bonds used to finance government borrowing on the domestic market. The planned issue in yuan would be the first such bonds denominated in a foreign currency.

02.11.2015 12:00 / The Bank of Russia

Bank of Russia Publishes Requirements for Forex Dealer Standards

On 1 October 2015, amendments to the Securities Market Act were enacted. From now on, in order to become forex traders, companies must be licensed as forex dealers, then join an SRO and comply with its standards. Requirements for forex dealer standards are listed in the Bank of Russia Instruction 3797, published on 26 October.

23.10.2015 12:00 / TASS

Minfin Backs Limit on Disclosure for Minority Shareholders

The Ministry of Finance supports the idea to curb minority shareholders’ right to request additional information from issuers, Deputy Finance Minister Alexey Moiseev told the press today.

11.10.2015 12:00 / Vedomosti

Equal Rights for Central Counterparties

The Central Bank has initiated amendments to the Clearing Act. A Central Counterparty acts as middleman in stock exchange transactions and accepts risks in case of counterparty default. There are three CCs in Russia: National Clearing Center (NCC, part of MOEX Group), MFB Clearing Center (St Petersburg Exchange, part of RTS Group) and Clearing Depositary Company (clears for the St Petersburg International Commodities Exchange).

07.10.2015 12:00 / Interfax

CB Expects Rouble Bond Market Growth

Central Bank’s First Deputy Chairman Sergey Shvetsov expects growth in Rouble bond market activity.

11.09.2015 12:00 / TASS

Russia’s New Rating Agency to Start in mid-2016

The Russian rating agency is expected to start work in the fourth quarter of 2015, the Central Bank of Russia (CBR) said, adding that its initial capital would be at about $52 million (3 bilion rubles).“… credit rating agencies are one of the most important elements of the financial market infrastructure. Their activities must be stable to various factors, including geopolitical risks,” the CBR said in a statement Friday.

08.09.2015 12:00 / Vedomosti

Top 10 Brokers to Launch Remote Account Opening

Russian brokers may launch remote account opening in the coming weeks. The Ministry of Communications is due to grant brokers access to the Unified ID and Authentication System (ESIA), says National Stock Market Participants Association (NAUFOR) Chairman Alexey Timofeev.

01.09.2015 12:00 / TASS

Central Bank to Toughen Capital Quality Requirements in January 2016

The Bank of Russia plans to introduce tougher capital quality requirements for banks on 1 January 2016, as part of the transition to Basel III. This measure will effectively remove the so-called ‘fictitious capital’ from the calculation base, according to the draft regulation.

22.07.2015 12:00 / TASS

80 Russian Issuers Use E-proxy Voting

In May-June 2015, during the period when shareholder meetings are conducted in Russia, issuers were able to utilize electronic technologies and ISO standards to inform shareholders and vote at meetings, says National Settlement Depositary.

14.07.2015 12:00 / TASS

SRO Act Signed by President

Президент России Владимир Путин подписал закон "О саморегулируемых организациях в сфере финансовых рынков". Документ опубликован сегодня на официальном портале правовой информации. Закон направлен на развитие института СРО в сфере финансового рынка, за исключением банковского сектора. Документ, разработанный с участием экспертов Банка России и Минфина и внесенный группой депутатов, предусматривает создание СРО для 16 видов финансовой деятельности.

08.07.2015 12:00 / TASS

SRO Act Approved by Federation Council

The Federation Council has approved the Financial Market SRO Act. The law is aimed at developing non-banking financial market SROs. Drafted by the Bank of Russia and the Ministry of Finance, it provides SROs for 16 financial businesses, with mandatory participation. Each market segment will have a maximum of two SROs, and each entity may become member of only one SRO.

01.07.2015 12:00 / TASS

SRO Bill Becomes Law, Passes Second Reading

The State Duma has passed the Financial Market SRO bill in the second reading. The bill, drafted by the Bank of Russia and the Ministry of Finance, provides SROs for 16 financial businesses, with mandatory participation. Each market segment will have a maximum of two SROs, and each entity may become member of only one SRO.

30.06.2015 12:00 / TASS

Duma Passes Rating Agency Act

The State Duma has passed the Rating Agency Act in the second and third readings. The document sets forth basic notions of the rating business and conditions of its implementation, and determines the procedure for accreditation of rating agencies.

04.06.2015 12:00 / TASS

National Clearing Center to Apply for Recognition in Europe

In July, National Clearing Center (NCC) will apply to the European Securities and Markets Authority for recognition in Europe, said Bank of Russia’s Director of Financial Markets Development Elena Chaikovskaya.

26.05.2015 12:00 / RBC

NPFs Will Reimburse Client Losses, Says CB

The Bank of Russia plans to introduce oversight mechanisms to monitor the effectiveness of NPF investments, announced Collective Investment and Trust Management Department Director at the Bank of Russia Philip Gabunia, speaking at the Future of the Pension Market Roundtable on Tuesday.

21.05.2015 12:00 / Vedomosti

CB to Impose Total Reporting on Forex Dealers

In October, the Central Bank will impose on Forex dealers a mandatory requirement to keep records of the entire progress for all trades and report it to the regulator, according to a new Bank of Russia draft regulation as quoted by Vedomosti and Kommersant.

30.04.2015 12:00 / TASS

Bank of Russia to Keep Lowering Key Rate as Inflation Slows

Today the Bank of Russia Board of Directors passed a decision to lower the key interest rate as of 5 May from 14% to 12.5% p.a., citing decreased inflation risks and remaining risks of significant economy cool-off. As inflation risks keep waning, the Bank of Russia will continue to the key interest rate, says the Central Bank press release.

06.04.2015 12:00 / Vedomosti

CB to Share Risks with MOEX

The Central Bank is ready to accept traders’ risks in complex situations to keep Moscow Exchange from raising the bar on collateral requirements, said Central Bank’s First Deputy Chairman Sergey Shvetsov. This option is part of a new Duma bill, he says.

16.03.2015 12:00 / Vedomosti

Bank Sector Loses Part of Pension Money

In July, the Central Bank will introduce a 40% limit on pension savings investment in the banking sector by non-state pension funds, said Collective Investment Department Director Philip Gabunia. This is the overall limit for all banking instruments – deposits and accounts, bank shares and bonds. Today, non-state pension funds can invest up to 80% savings in bank deposits alone.

11.03.2015 00:02 / RBC

Russia to Join SWIFT Board of Directors

SWIFT will offer a seat on the Board of Directors to Russia. The threatened ban has not affected this decision: the seat became available due to Russia’s increased SWIFT payment traffic.

19.02.2015 13:31 / Interfax

NAUFOR Approves Basic Standards for Licensed Securities Market Participants

The National Stock Market Participants Association (NAUFOR) Board of Directors has given its approval to the final version of Basic Standards for Licensed Securities Market Participants, says the Association release.

18.02.2015 12:00 / vedomosti.ru

Central Bank’s New Approach to Bank Oversight

Vedomosti has a copy of Central Bank’s letter to local branches, detailing the procedure of bank oversight, including problem assets. Two CB sources confirmed receipt of the letter in January.

13.02.2015 12:00 / Interfax

ISDA Recognizes Close-Out Netting in Russia, OTC Derivatives Trading Becomes Less Risky

The International Swaps and Derivatives Association (ISDA) recognizes close-out netting under Russian law for cross-border OTC derivative trading, NAUFOR reported on Friday.

12.02.2015 17:42 / MIFC

CB Joins IOSCO

According to the Central Bank release, on 11 February, IOSCO Decision Making Group approved the Bank of Russia’s application to sign the IOSCO Multilateral Memorandum of Understanding (MMоU).

12.02.2015 12:00 / Interfax

Major Issuers Support Gradual Switch to E-Communication with Shareholders

Issuers with a large amount of minority shareholders support gradual switch to e-communications, while major foreign investors welcome the opening of new issuer interaction channels through the settlement system.

11.02.2015 17:01 / Interfax

IOSCO to Sign with Russia, Expediting CB Investigations

The International Organization of Securities Commissions (IOSCO) has agreed to sign a Multilateral Memorandum of Understanding (MMOU) with Russia.

11.02.2015 12:00 / MIFC

"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. The event was attended by market participants, SROs, experts and Bank of Russia representatives.

27.01.2015 12:00 / vedomosti.ru

Visa Follows MasterCard in Joining NPCS

Visa and National Payment Card System (NPCS) have distributed an announcement to market participants, stating that Visa has partnered with NPCS in domestic Russian transaction processing, two bankers told Vedomosti. The announcement has been circulated, confirm Central Bank, NPCS and Visa sources.

22.01.2015 12:00 / MIFC

Central Bank Posts IFRS Transfer Plan for Non-Banks

Non-banks IFRS accounting and reporting transfer plan has been posted on The Bank of Russia’s official website. The Bank of Russia states that the universal chart of accounts for non-banks is based on the standard bank chart of accounts with adjustments according to sector specifics.

20.01.2015 12:00 / TASS

Duma Passes Financial Market SRO Bill in the First Reading

Today the State Duma passed in the first reading the Financial Markets Self-Regulatory Organizations Bill.

16.12.2014 18:33 / MIFC

Central Bank’s First Deputy Chairman Reviews Financial Market Reform

Central Bank’s First Deputy Chairman Sergey Shvetsov spoke at a MIFC Taskforce Financial Market Reform briefing on 16 December. The event was attended by megaregulator officials, financial market participants and leading business media.

10.12.2014 12:05 / Interfax

Central Bank Proposes Risk Management Based Investment Opportunities for NPFs

The Central Bank proposes to diversify investment opportunities for non-state pension funds (NPFs) based on their risk management systems, First Deputy Chairman Sergey Shvetsov told Moscow REPO Form on Wednesday.

28.11.2014 18:25 / Interfax

Central Bank Insurance Monitors to Keep Files on Companies

The Bank of Russia has drafted a regulation on Insurance Monitors, a market source told Interfax. “The draft is currently under insurance market review (until 5 December)”, he said.

28.11.2014 15:15 / Financial One

St Petersburg Exchange Launches S&P 500 Share Trading

On Friday, November 28, trading in foreign securities was launched on the Saint Petersburg Exchange, the trading floor said in a press release. 50 most liquid stocks of leading issuers from all sectors of the global economy from the S&P 500 are available for trading, including Apple, Facebook, General Electric, Johnson & Johnson. On 15 December, Russians will gain access to the shares of the most successful IT company of the year – China’s online giant Alibaba.

27.11.2014 11:09 / MIFC

Russia Needs Own Rating Agencies, says Head of Central Bank

Russia must establish its own independent rating agencies industry, said Chair of the Bank of Russia Elvira Nabiullina in her speech at the Federal Council on 26 November.

19.11.2014 16:58 / Interfax

Central Bank to Lift 70% Limit on Foreign Assets for Open-end Share Investment Funds

Central Bank is due to lift the 70% limit on foreign assets value for Open-end Share Investment Funds, according to Bank of Russia draft directive, posted on the CB website.

14.11.2014 19:02 / TASS

Financial Markets SRO Bill Introduced to Duma

The Financial Markets SRO bill has been introduced to the State Duma today.

11.11.2014 00:00 / Kommersant

Voloshin Speaks to Kommersant

It is becoming apparent that the Russian economy will remain under the pressure of Western sanctions for a long time. CEO at Number One Cargo Company (PGK) Alexander Voloshin tells Kommersant how the business will survive, whether the Moscow International Financial Center project will proceed as planned, and how Russian state regulation is different from the US.

31.10.2014 00:00 / Kommersant

Ministry for Economic Development Slams SROs

The Ministry for Economic Development questions the effectiveness of self-regulation. Problems have been identified and listed in a Report on SRO Activity to the President. The lowest point is SROs not being financially motivated to keep participants under tight scrutiny. Return to state regulation in a number of industries, including audit, is likely to put increased pressure on business, warn experts.

23.10.2014 14:48 / Interfax

NAUFOR Expects to Agree with CB on Lower Capital Requirements for Brokers and Asset Managers Early in 2015

National Stock Market Participants Association (NAUFOR) is drafting an audit procedure for self-regulating organization (SRO) members who wish to apply for lower capital requirements, NAUFOR CEO Alexey Timofeev told the Russian Stock Market Conference in Ekaterinburg on Thursday.

21.10.2014 13:01 / Interfax

Minfin Postpones Critical Infrastructure Regulation

The Russian Ministry of Finance will not escalate the passing of ‘critical infrastructure operators’ regulation bill, Deputy Minister Alexey Moiseev told the press Tuesday.

15.10.2014 13:09 / Interfax

Federation Council Passes Act to Postpone Guarantee Payments for International Payment Systems Until 2Q 2015

On Wednesday, the Federation Council signed off an Act aimed at postponing guarantee payments for international payment systems until 2Q 2015.

26.09.2014 13:02 / Interfax

Central Bank Assigns NSD and NCC Critical Financial Market Infrastructure Status

The Central Bank of Russia has assigned critical financial market infrastructure status to National Settlement Depositary and National Clearing Center, says the regulator’s online press release.

22.09.2014 14:36 / Interfax

Minfin to Make Material Infrastructure Operators Register Russian Companies

The Ministry of Finance plans to make ‘material infrastructure operators’, such as SWIFT, register a Russian company, Deputy Finance Minister Alexey Moiseev told the press.

02.09.2014 00:48 / Rossiiskaya gazeta

Well Done: Market Praises Megaregulator

The MIFC Taskforce summarized the results of the financial market megaregulator’s inaugural year. Last week’s roundtable discussion at the Moscow Exchange brought together the Central Bank and the financial market participants to a shared conclusion: this was a good year. The other takeaway is: most risks failed to materialize. Head of the MIFC Taskforce Alexander Voloshin called the megaregulator one of the most vital and successful state management reforms in recent years.

27.08.2014 19:09 / MIFC

‘Financial Market Megaregulator: First Year Results’ Roundtable

On 27 August, Moscow Exchange hosted a ‘Financial Market Megaregulator: First Year Results’ Roundtable by MIFC Taskforce. Speakers included Head of MIFC Taskforce Alexander Voloshin, First Deputy Chairman of the Bank of Russia Sergey Shvetsov, Deputy Finance Minister Alexey Moiseev, Deputy CEO at Sberbank Bella Zlatkis, NAUFOR Chairman of the Board Alexey Timofeev, NAPF Chairman Konstantin Ugryumov, First Deputy CEO at Alyans Insurance Dmitry Popov, representatives of market participants, SROs and Moscow Exchange.

27.08.2014 18:21 / slon.ru

Central Bank: “Government nailed Russian investor’s hand”

The Central Bank is preparing to retaliate against Western financial sanctions. “We need to adjust our tactics in dealing with Western partners”, CB First Deputy Chairman Sergey Shvetsov told the press today at the roundtable celebrating the megaregulator’s first year. Laws regulating the financial market will be amended. This particularly concerns the National Payment System Act (this Act was already toughened in May 2014, amendments in force since 1 July).

27.08.2014 12:38 / Interfax

CB/Minfin Draft Russian SWIFT Bill

The Central Bank and Minfin have drafted Russia’s own SWIFT bill, Deputy Finance Minister Alexey Moiseev told the press Wednesday.

25.08.2014 15:43 / vedomosti.ru

Ministry for Economic Development Proposes Extended Rights for Boards of Directors

The Ministry for Economic Development has published a draft law granting Board of Directors members access to controlled company information. The draft has been commissioned by Prime Minister Medvedev following his meeting with the Government expert board.

08.08.2014 19:33 / Interfax

Central Bank Registers NAUFOR Risk Notification Standards for Foreign Securities

The Central Bank of Russia has registered the National Stock Market Participants Association (NAUFOR) standards of risk notifications for foreign securities trading, including foreign securities derivatives and indexes, according to the CB press release.

30.07.2014 18:22 / MIFC

Russian Trading Floors Allowed to Deal in Foreign Securities Without Issuer Agreement

President Putin has signed Act 218, amending the Federal Securities Market Act 39 of 22 April 1996. New regulations for foreign securities exchange trading in Russia will be enacted 10 days after official publication.

30.07.2014 16:48 / MIFC

NAUFOR Board of Directors Greenlights Professional Standards Draft

On 28 July, the NAUFOR Board of Directors approved the draft of Professional Standards, and passed it on for review to NAUFOR committees. Following approval by committees and the Board, the Standards will be forwarded for approval to the Central Bank.

07.07.2014 20:00 / TASS

New Anti-Insider Trading Act Due This Fall, Says Voloshin

The new draft of the Anti-Insider Trading Act is due in the fall of 2014, Head of the MIFC Taskforce Alexander Voloshin told the press at the City of London – Moscow IFC Joint Liaison Group meeting today.

02.07.2014 12:15 / MIFC

Сentral Bank Sells MOEX Stake

The Bank of Russia website has reported that on 2 July, the Central Bank sold off 267.3 mln MOEX shares or 11.7% charter capital, at RUB 60 per share, with participation of Goldman Sachs, J.P. Morgan, VTB Capital and Sberbank CIB as financial advisors; Gazprombank and Citigroup as co-contractors — financial advisors.

20.06.2014 16:54 / MIFC

Central Bank Expects SRO Act to be Passed by the End of 2014

The Bank of Russia expects the Duma to pass the Financial Market SRO Act by the end of 2014, according to the Central Bank report on Financial Market Development Progress, published on the MIFC Taskforce website.

19.06.2014 11:00 / Interfax

Central Bank Incorporates National Payment Card System Operator

The Central Bank of Russia has incorporated the National Payment Card System (NSPK) operator, Bank of Russia Chair Elvira Nabiullina told the press at the State Duma.

07.04.2014 00:00 / Interfax

Financial SROs Want Role in Oversight

Financial self-regulating organizations (SROs) protest Central Bank plans to side-step them in member audits. A new regulation draft contradicts the Financial Market SRO Act proposed by the CB, and could pose serious threats to market participants.

28.03.2014 16:43 / vedomosti.ru

CB Proposes Insurance for Private Broker Accounts

Plans to set up a compensation fund for clients of brokers that cease operation were aired yesterday at the Exchange Forum by Central Bank’s First Deputy Chairman Sergey Shvetsov. “National Stock Market Participants Association (NAUFOR) is drafting a concept — the risks covered by the fund, the fund’s sources of funding”, said Shvetsov, voicing support for the initiative.

18.03.2014 00:05 / RBC - daily

Bank of Russia’s 202 Good Deeds

“They asked us what we want. For the financial market, it is a first”, responded licensed participants when the megaregulator approached them for KPI suggestions. Last October, the Bank of Russia warned that oversight and regulation will tighten in order to win the people’s trust and create long-term money.

03.03.2014 13:12 / CB/MIFC

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.

13.02.2014 16:55 / Interfax

Investment Advisors to Appear on Russian Stock Market

Draft amendments to the Securities Market Act by the National Association of Stock Market Participants (NAUFOR) outline the business practices of investment consultants in Russia.

23.12.2013 15:02 / Interfax

NAUFOR Plans to Draft 6 New Standards for Licensed Participants in 1H 2014

National Stock Market Participants Association (NAUFOR) plans to draft 6 new business standards for licensed participants in 1H 2014, according to NAUFOR press release.

09.12.2013 16:14 / PRIME

Shvetsov: Russia’s central bank to purge market of unfair players

Russia’s central bank will clear the financial market of dishonest players, but has no black lists of such companies, Sergei Shvetsov, the bank’s first deputy chairman and head of its financial market service, said Thursday.

06.12.2013 18:00 / Interfax

New Draft of Non-Banking Financial Market SRO Act Focused on Standards

The Central Bank of Russia has drafted and circulated for review with ministries a new draft of the Non-Banking Financial Market Self-Regulating Organizations Act.

28.11.2013 19:10 / Interfax

FMS Selects Top Priority Goals from Financial Market Proposals

The Bank of Russia Financial Markets Service (FMS) has selected top priority goals from a list submitted earlier by financial market participants, FMS Head Sergey Shvetsov said at a Moscow International Financial Center meeting hosted by the Prime Minister.

22.11.2013 00:00 / Kommersant

Regulator to Share Powers With Market

Financial market participants are hoping for a compromise with the Bank of Russia on one of the keystones of regulation. The new draft of the Financial Market Self-Regulatory Organizations Act, forwarded by the Bank of Russia to Minfin for review, divides functions between the CB and the SROs in a manner that suits all parties.

21.11.2013 17:33 / Interfax

Duma May Force Banks to Retain 20% Risk in Loan Securitization

State Duma deputies are debating statutory amendments which direct banks to retain 20% risk in loan securitization, Duma Financial Market Committee Head Natalia Burykina said at the Investment Council session on Thursday.

15.11.2013 13:52 / Interfax

FMS to Draft New Capital Adequacy Ratio for Licensed Participants by the Year-End

The Bank of Russia Financial Markets Service (FMS) plans to draft a new capital adequacy ratio regulation for licensed securities market participants by the end of this year, said FMS Deputy Head Sergey Kharlamov at the Federal Investment Forum in Moscow on Friday.

14.11.2013 00:00 / Kommersant

Four Trumps Three

The top 4 Russian rating agencies have pleaded with the Central Bank to ‘clamp down on the oligopoly of Western S&P, Moody`s and Fitch Ratings’. This comes as a surprise for the Russian branches of foreign agencies: today, Russian companies rate more players than their international counterparts.

06.11.2013 16:21 / Interfax

FMS May Fully Merge with Central Bank in Early 2014

The Bank of Russia Financial Markets Service (FMS) may fully merge with the Central Bank and be dissolved in early 2014, two financial market sources told Interfax.

30.10.2013 18:15 / vedomosti.ru

CB Will Make Bank Owners Comply with Regulator Orders

The Central Bank normally orders non-compliant or problem banks to increase reserves, limit operations such as cash deposits etc. Culprits frequently ignore the order — the CB quotes failure to comply with orders (often multiple) as grounds for license revocation. The recently revoked license of Pushkino Bank set the largest insurance pay-out precedent in Russia — Deposit Insurance Agency is to hand out RUB 20.2bn to bank clients — while payouts related to the revocation of Tula’s First Express Bank license this week are an estimated RUB 4.6bn.

17.10.2013 20:11 / vedomosti.ru

Central Bank KPIs Set

Having assumed the role of megaregulator, the Central Bank of Russia turns to market participants for advise on its own KPIs. Today, First Deputy Chairman of the Central Bank Sergey Shvetsov will hear answers at the MIFC Taskforce Strategic Session.

17.10.2013 19:48 / Interfax

Regulator Talks to Financial Market

On Thursday, non-banks presented the megaregulator, Bank of Russia Financial Markets Service, with their drafts of regulator KPIs and further market development measures. 10 presentations on 10 key topics was made in public, with FMS Head Sergey Shvetsov commenting each presentation.

17.10.2013 16:28 / PRIME

Bank of Russia to Purge Unstable Exchanges from the Market

The Bank of Russia will only license financially stable exchanges with a development strategy in place, said First Deputy Chairman of the Bank of Russia, Head of the Central Bank Financial Markets Service Sergey Shvetsov at the MIFC Strategic Session at RIA Novosti.

17.10.2013 12:41 / PRIME

Shvetsov: Managed Bailouts May Restore Trust in Russia’s Insurance

A system of insurance companies controlled rehabilitation could boost consumer trust in the insurance market, said Head of Bank of Russia Financial Markets Service Sergey Shvetsov at ‘Financial Market Regulation Policy Markers’ MIFC Strategic Session at RIA Novosti.

14.10.2013 12:27 / Interfax

Central Bank to Purge Laundering and Unstable Banks from the System

Central Bank to Purge Laundering and Unstable Banks from the System

02.09.2013 21:18 / vedomosti.ru

Megaregulator Takes Over

As of yesterday, financial market oversight in its entirety has been transferred to the megaregulator – the Central Bank, with FFMS officially defunct. FFMS functions have been delegated to the Bank of Russia Financial Markets Service (SBRF), headed by the megaregulator’s First Deputy Chairman Sergey Shvetsov. FFMS still exists and will be liquidated by the year-end, according to President Putin’s orders.

30.08.2013 18:10 / Rossiiskaya gazeta

Central Bank Goes Out in the Open

Starting 1 September, a new Central Bank-based financial megaregulator will become operational in Russia. The Central Bank will now supervise banks as well as microfinance, exchange intermediaries and brokers, pension funds and even agricultural credit co-ops.

29.08.2013 20:07 / Interfax

Central Bank`s New Role as Mega-Regulator Positive for The Financial Sector, says S&P

The Central Bank of Russia`s new role as a "mega-regulator" overseeing commercial banks and nonbank financial institutions is likely to standardize regulation and reporting among the various entities and could be positive for ratings in the Russian financial sector in the long run, Standard & Poor`s Ratings Services believes.

22.08.2013 18:10 / Interfax

FFMS-CB Transition – Complicated, But Not Painful

The first day of Autumn signifies a new life for the non-banking financial market – its supervisor is now the Bank of Russia, not the Federal Financial Markets Service. On Thursday, one and a half weeks prior to the event, Deputy Chairman of the Central Bank Sergey Shvetsov outlined new supervisory priorities at his first press conference as elected Head of the Bank of Russia Financial Markets Service.

22.08.2013 15:25 / Interfax

Financial Market SROs Call for Gradual Implementation of Self-Regulation

Russian financial market SROs are in favor of different SRO implementation rates in various financial market segments, said NAUFOR Chairman of the Board Alexey Timofeev at a press briefing on the liaison agreement signed by the Russian Banks Association (ARB), the All-Russia Insurers Union and NAUFOR.

21.08.2013 12:32 / Interfax

Sergey Shvetsov Heads Bank of Russia Financial Markets Service

Sergey Shvetsov has been appointed First Deputy Chairman of the Central Bank in charge of the Bank of Russia Financial Markets Service, starting from 1 September, the CB Press Office announced Wednesday.

20.08.2013 21:13 / Interfax

FFMS Head Pankin Will Not Join CB

Head of Federal Financial Markets Service Dmitry Pankin will not submit a transfer request to the Central Bank of Russia, taking over FFMS from 1 September. “I have taken a personal decision to not apply”, Pankin told Interfax.

15.08.2013 18:33 / Vedomosti

Central Bank to Name Pillar Insurers

Insurance companies oversight will be structured in a similar way to banking: with a list of core market players, curators and new repercussions. By Q4 2014, the megaregulator will select pillar insurance companies to monitor them separately, according to a FFMS insurance market regulation and oversight plan.

02.07.2013 08:02 / Interfax

Megaregulator Bill Second Reading on Tuesday

The State Duma will debate the Megaregulator bill in a second reading this Tuesday.

27.06.2013 11:45 / Finmarket

Megaregulator Must Report to Duma Only

The financial market megaregulator should function as an independent state authority and report to the parliament only, said Deputy Chairman of the Duma Financial Markets Committee, President of the Regional Bank Association of Russia Anatoly Aksakov.

18.05.2013 17:57 / Kommersant

Megaregulator Starts from Scratch

The State Duma has passed in the first reading the draft bill on transfer of financial markets regulation functions to the CB. According to the bill, the megaregulator will commence work as early as 1 August. However, there are indications that the FFMS merger will be tough. Yesterday, the Minfin held a session on the technical aspects of the merger, ruling that FFMS staff will not receive the four-salary severance compensation, while their CB payroll position is considered below par.

17.05.2013 19:33 / Finmarket

Financial Market Megaregulator Bill Passed in First Reading

On Friday, the State Duma passed in first reading the bill on the transfer of financial markets legislative, control and supervisory functions of Federal Financial Markets Service (FFMS) to the Bank of Russia.

19.04.2013 13:01 / Interfax

Central Bank to Offer Licensed Participants Bank Level Client Protection

The Central Bank of Russia, following its merger with Federal Financial Market Service (FFMS), will introduce a policy of upgrading licensed non-banks client protection to banking level, said Deputy Chairman of the Central Bank Sergey Shvetsov at Sberbank’s Russia 2013 Forum on Friday.

09.04.2013 11:32 / TASS

Banking and Megaregulator Will Not Cause Capital Drain, Says Nabiullina

The banking system and the megaregulator will not cause capital drain, said Presidential Aide and Central Bank Chair Candidate Elvira Nabiullina at a State Duma plenary session today.

08.04.2013 21:14 / Vedomosti

Summer Recruits for the Central Bank

Following FFMS merger with the Central Bank, and until 1 January 2015, FFMS employees will receive average Bank of Russia salaries, said Deputy Head of the Central Bank Sergey Shvetsov. “We have yet to discuss this to pass the final decision”, he added.

06.04.2013 17:34 / 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.

05.04.2013 15:15 / Vedomosti

Prime Minister Medvedev Approves FFMS-CB Megaregulator Merger Roadmap

FFMS staff will be transferred to the CB as early as Q3, said Deputy Finance Minister Alexey Moiseev at a press conference today. According to him, a special workgroup is drafting amendments to over 50 laws and regulations. The Ministry expects all legislative amendments to pass the State Duma in the spring session.

03.04.2013 19:15 / Kommersant

Government Tweaks Megaregulator

The Government has completed work on the megaregulator — the finalized draft of the Central Bank Act has been introduced to the State Duma. The Government rules out any possibility of the bill failing to become law on 1 August 2013, despite significant amendments to the original Minfin version.

01.04.2013 11:01 / Interfax

Duma to Pass Draft Bill on FFMS-CB Megaregulator Functions Transfer

The Russian government has introduced to the State Duma a bill transferring Federal Financial Markets Service (FFMS) legislative, control and oversight functions in the financial markets to the Central Bank.

26.03.2013 09:27 / Interfax

Legislative Committee Approves FFMS-CB Megaregulator Functions Transition

The Government Legislative Committee has passed the draft bill on transferring FFMS financial markets legislative, control and supervisory functions to the Bank of Russia, according to the Cabinet of Ministers press office.

12.02.2013 00:45 / Vedomosti

Risks Under Control

Creating a Central Bank-based financial market megaregulator could drive risk management in banks. Insurance companies, pension funds and the asset management market will take their risk management cues from banks. This is the key takeaway from the 9th Annual Russian Risk Management Conference.

11.02.2013 14:03 / Vedomosti

Central Bank to Grant FFMS “Head Department” Status

When Federal Financial Markets Service merges with the Central Bank, it will acquire “Head Department” status, say officials. “The Service can have any internal status within the CB, government approval is not required”, says one source.

05.02.2013 15:28 / RBC

Financial Market Megaregulator Draft Acts May Be Introduced 15 March

The Russian Central Bank-based financial market megaregulator draft bills may be introduced to the State Duma on 15 March, said Deputy Finance Minister Alexey Moiseev, in reply to queries from the Duma financial markets committee.

25.01.2013 19:29 / «Kommersant-Online»

Megaregulator Gets Top Level Support

The President backed the idea of creating a megaregulator by merging FFMS with the Central Bank. All the human resources of the Service will be transferred to the Bank of Russia. First Deputy Prime Minister Igor Shuvalov said that FFMS will remain an independent service within the CB by 2015, “not diluted within the Bank of Russia”.

14.12.2012 14:21 / forbes.ru

FFMS to Join Central Bank in 2 Years

The Russian Government has passed a decision to integrate the Federal Financial Markets Service with the Central Bank in 18 months – 2 years, said Finance Minister Anton Siluanov on Friday 14 December as quoted by RIA Novosti.

03.12.2012 13:17 / Interfax

Financial Market Unions Want More Power for SROs

Financial Market Council has circulated a letter to Minfin, the Central Bank and Federal Financial Market Service (FFMS) calling for stronger self-regulation in the financial market as part of the ongoing regulatory reform.

29.11.2012 09:05 / vesti.ru

Medvedev Hints at CB-Based Megaregulator

Russian Prime Minister Dmitry Medvedev told Kommersant daily that the Central Bank-based financial market megaregulator scenario is ‘reasonable’.

26.11.2012 21:34 / vedomosti.ru

Central Bank Gets FFMS

FFMS becomes part of the Central Bank, such is the result of Open Government megaregulator debate. On Friday, a meeting took place with Open Government Liaison Minister Mikhail Abyzov to discuss the issue, say sources. A formal decision was not passed, but this was the only option on the agenda.

07.11.2012 19:02 / Finam.ru

Moscow IFC: Central Depositary in Place, Now Megaregulator?

The concept of unified financial markets regulation and oversight is nothing new. Attempts to create a so-called megaregulator in Russia were made in 1999 and 2006, the latter resulting in a draft bill by the State Duma Committee, its introduction postponed indefinitely. This year the initiative has been given another chance among much controversy.

06.11.2012 20:01 / Interfax

FFMS Stands For Creating Agency At Central Bank In Frames Of Megaregulator Building

Head of the Federal Financial Markets Service (FFMS) Dmitry Pankin stands for creating a special agency at the Central Bank of Russia in frames of the reform on regulating and supervising financial markets.

06.11.2012 18:31 / Interfax

Central Bank Can Radically Change Within 3 Years if Joined by FFMS

If joined by Federal Financial Markets Service (FFMS), the Central Bank of Russia is ready for a complete overhaul of its management structure and conflict of interests mitigation.

02.11.2012 14:33 / Interfax

Ministry for Economic Development Proposes Independent Market-Financed Megaregulator Within 5 Years

Minister for Economic Development Andrey Belousov has forwarded draft Government Policy 2018 proposals.

19.10.2012 11:36 / Interfax

Government Debate on Megaregulator Expected 24 October

Government debate on the megaregulator may take place 24 October, Head of Federal Financial Market Service (FFMS) Dmitry Pankin told the press on Friday.

17.10.2012 16:34 / Interfax

ARB Head Says Don`t Rush Megaregulator

Russia should not rush the new financial market megaregulator, thinks Head of Russian Banks Association Garegin Tosunyan.

17.10.2012 12:44 / Interfax

Financial Market Council for Detailed Megaregulator Plan

The Financial Market Council has forwarded a memorandum on financial market regulation and oversight reform to President Putin, according to RTS Non-Commercial Partnership (Council member) release.

16.10.2012 15:00 / Interfax

Megaregulator Will Not Affect Financial Institutions in Russia

Establishing a megaregulator in Russia will take a long period of time and will not affect financial institutions in the foreseeable future, says Senior Analyst at S&P Sergey Voronenko.

15.10.2012 17:34 / Interfax

NAUFOR Asks Shuvalov to Retain Two Financial Market Regulators

National Stock Market Participants Association (NAUFOR) has forwarded a statement to First Deputy Prime Minister Igor Shuvalov and Presidential Aide Elvira Nabiullina on the proposed delegation of regulation and oversight of all financial institutions to the Central Bank of Russia.

09.10.2012 20:28 / RIA Novosti

Experts: Failures In Mega Regulator Creation May Do Harm To Economy

RIA Novosti round table guests believe, the currently discussed solutions on creating a financial market mega regulator are badly worked out and have no base.

08.10.2012 16:06 / «Kommersant-Online»

Kudrin Approached to Head Megaregulator

Russian ex-Minister of Finance Alexey Kudrin told RIA Novosti on 8 October that he had been approached with a proposition to head the financial megaregulator.

08.10.2012 15:05 / Interfax

Financial Market Council Proposes Megaregulator Debate

On 5 October, the Financial Market Council, a union of self-regulatory financial market participants organizations (SROs), proposed a financial market megaregulator debate, according to the press release.