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.
The Central Bank of Russia rolls out new support measures for the financial sector
15.04.2022 16:36 / TASS
"With regard to non-credit financial organizations, such as licensed securities market participants, non-state pension funds and asset management companies, the Bank of Russia also plans to ease the calculation of prudential standards," the regulator adds.
Also, until December 31, 2022, due to a change in country assessments according to the classification of export credit agencies for the Russian Federation and the Republic of Belarus, the Central Bank will exclude the use of a risk ratio of 150% for claims in rubles and foreign currency to credit institutions of these countries when calculating standards. A risk factor of 150% will also not be applied to claims against the Republic of Belarus and the National Bank of the Republic of Belarus following a downgrade in their long-term credit rating (under the standard and finalized approaches).
"At the same time, when calculating the amount of market risk for debt securities of Russian banks, the use of a risk ratio of 8% (corresponding to a risk ratio of 100% for the purposes of calculating credit risk) will be retained. For bonds of Russian banks, for which increased ratios are applied when calculating credit risk, according to A risk factor of 12% will still apply.
Until December 31, 2022, the Central Bank will provide banks with the opportunity, when assessing the credit risk of issuers, to form reserves for possible losses and calculate mandatory ratios, in case of limited or non-existent financial information subject to disclosure and (or) provision of up-to-date financial information (and the impossibility of obtaining it bilaterally under non-disclosure agreements), use data as of July 1, 2021. As specified, this is possible provided there are no signs of default, bankruptcy and other negative information about the financial condition and solvency of the issuer.
The regulator is also easing the structural liquidity ratio (net stable funding ratio) N28 (N29) to preserve the ability of systemically important credit institutions to lend to the economy in the face of changes in the structure and maturity of liabilities, as well as the blocking of certain assets. Until December 31, 2022, the Central Bank will not apply measures if the decrease in the actual value of the ratio below the minimum allowable occurred as a result of an increase in the imbalance between sources of stable funding and long-term assets, caused, among other things, by a change in the resource base, blocking (unavailability) of assets or deterioration in their quality, prolongation of loans and other similar factors.
In addition, in view of the difficult economic situation, the Central Bank of the Russian Federation recommends deferring from dividend payout in 2022 to banks as well as non-banks.
The regulator also reminded banks that in the current conditions, non-compliance with capital adequacy markups is allowed. "This is not a non-compliance with the regulations, but the bank must limit the payment of dividends and bonuses to management. In case of non-compliance with allowances, the bank must also draw up and submit to the Bank of Russia a simplified plan for restoring the amount of capital, indicating a specific list of measures," the Central Bank explains.