05.07.2022 18:55 / TASS
The State Duma adopted a law on tax support measures for citizens and businesses The State Duma adopted in the third, final reading a law on a set of measures for tax support of citizens and businesses in the face of sanctions pressure. The document was initiated by the government of the Russian Federation.
05.07.2022 18:51 / TASS
The State Duma adopted a law on the merger of the PFR and the FSS The State Duma at a plenary session on Tuesday adopted in the third reading a bill on the creation of a unified Pension and Social Insurance Fund (Social Fund of Russia), as well as a package of related initiatives, including amendments to the Tax and Budget Codes of the Russian Federation.
05.07.2022 18:41 / TASS
Duma passes IPO/SPO bill in second reading The State Duma adopted in the second reading a bill aimed at developing the institution of public placement of securities on the Russian financial market. The document, which amends the law "On combating the misuse of insider information and market manipulation," was initiated by a group of deputies and senators headed by Anatoly Aksakov, chairman of the State Duma committee on the financial market.
17.05.2022 16:18 / TASS
Central Bank to launch cybersecurity education course The Bank of Russia will launch an educational course on cybersecurity in the 2023-2024 academic year at the Higher School of Economics (NRU HSE), announced Head of the Central Bank of the Russian Federation Elvira Nabiullina, speaking at Junior Pay Tech Forum 2022.
19.04.2022 16:49 / The Bank of Russia
Russian issuers to close foreign depositary receipt programmes A ban on issuing and trading in foreign depositary receipts for Russian issuers’ shares will come into effect on 27 April 2022.
15.04.2022 16:36 / TASS
The Central Bank of Russia rolls out new support measures for the financial sector The Central Bank has prepared a new series of measures to support the Russian financial sector, the regulator said in a release. The CB allowed banks until the end of the year to postpone the formation of reserves for possible losses in respect of assets that have been blocked abroad.
Central Bank wants more scope for the financial ombudsman
13.04.2022 17:45 / TASS
"We are gradually approaching the point where it would make sense for the commissioner to tackle, among other things, the property claims of retail investors against professional participants in the financial market," Mamuta said.
At the same time, he noted that a retail investor is not a consumer as defined by the consumer protection law. "No one argues with this. We are not saying that it is necessary to equate investors with consumers," he clarifies. At the same time, he drew attention to the fact that Russia has approximately 17 million retail investors, and due to recent events, many of them have faced "serious difficulties."
"We, as the Central Bank, are now looking for ways to resolve these difficulties, but one of the options could be a solution of this kind, which would allow using a specialized institution to quickly, effectively resolve these disputes. Of course, it requires discussion", Mamuta stressed.
Mamuta also stated that the financial ombudsman could himself decide to lower the amount of the penalty paid by financial organizations. “Of course, when almost half of the decisions are challenged by financial institutions because of this, not because they disagree with them in principle, but because they do not agree with the amount of the penalty and are forced to go to court, this is in some way a senseless double burden on the judiciary", he noted.
The commissioner could well make such decisions on his own, he has more than enough competence to estimate penalty in a particular case, especially if it is a question of reduction, and not an arbitrary increase. "I think that both the insurance community and the banking community would also support this," the Central Bank representative emphasized.
Speaking about non-state pension funds (NPFs), Mamuta noted that the regulator supports simplifying the dispute settlement procedure related to illegal transfers to NPFs. “Now the situation is a little better. A few years ago we had mass complaints about illegal transfers. We solved them as a supervisor, but they could not be resolved by civil law, because the transfer had already been completed. It was necessary either to go to court, there are such precedents, and to prove that there was some substitution of will or that this will was illegally expressed, as it were, or by the wrong person - a rather complicated procedure.The possibility of simplifying it, of course, is in the interests of the insured person, and in the interests of the industry too. We would uphold this concept," he said.