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Corporate law and governance, financial transaction taxes

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Financial infrastructure and financial market regulation


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FFMS to Change Capital Requirements for Licensed Participants

08.11.2012 10:30 / Interfax

Federal Financial Markets Service (FFMS) plans to change the approach to amount and calculation of licensed stock market participants’ capital, said FFMS Head Dmitry Pankin on Thursday.

Pankin mentioned that licensed stock market participants’ capital requirements were upgraded in 2011. "The aim was to eliminate many cash-withdrawal, laundering, shady schemes", he said.

FFMS Head said that a change of approach is in order. "We may need to lower capital limits for regional companies that do not carry risks, but at the same time raise quality of capital requirements”, he said.

For instance, a capital minimum of RUB 5mn may require a cash-only basis.

Pankin told the press that new regulations regarding the amount and calculation of licensed stock market participants’ capital will be drafted by the end of the year. “A few other issues remain unresolved, for instance, whether we should include OFZs in the capital amount”.

Chairman of the Board at National Stock Market Participants Association (NAUFOR) Alexey Timofeev told the press that the Association and other SROs have forwarded their proposals to FFMS to introduce a differential approach to licensed participants’ capital based on their nature of business.

"If FFMS accepts our proposals, capital requirements may be lowered for many companies", said Timofeev.

He pointed out that debate on capital calculation is still underway. "We are okay with some calculation rules becoming stricter, but we also propose making others less rigorous", he said.

Timofeev stressed that the final decision on capital requirements will be passed by Minfin, since the matter falls within its purview. "FFMS will draft proposals and forward them to the ministry”, he said.

Project Group №1Dmitry PankinAlexey Timofeev