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FMS Selects Top Priority Goals from Financial Market Proposals

28.11.2013 19:10 / Interfax

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.

In October, non-banking financial market participants presented the FMS with a list of megaregulator KPIs and further marker development initiatives.

Shvetsov says the Service received a total of 265 initiatives, which the Service ranked by priority.

“Initiative A is what the Central Bank will assign top priority, with high probability of implementation, Initiative B is what we will attempt to implement, С will be implemented residually, D requires additional discussion due to contradiction with other initiatives or unclear definition, and X we will not implement because we do not agree with it”, he said.

Shvetsov announced the classification results: Class A - 62 initiatives, B - 103, C - 44, D - 25 and X - 18, some initiatives were identical.

According to the document circulated at Shvetsov’s meeting with market participants after the session hosted by the Prime Minister, Class A incudes initiatives such as ban on foreign brokers’ direct access to Russian exchanges (except clearing), e-voting at GSMs, tax incentives for listed issuers, complete ban on advertising of non-regulated cash raising and loans.

Shvestov said that the initiatives were subdivided in three groups: consumer protection rights, quality of oversight and competition and instruments.

At the meeting, Shvetsov highlighted the initiatives that require Government support, including the ‘forced’ complains of state companies with the Corporate Governance Code (to be finalized by the FMS shortly), implementation of new software technologies, customer rights protection, financial literacy courses (in school curriculums), limiting risks from non-regulated lending and ascendancy to IOSCO.

Head of MIFC Taskforce Alexander Voloshin suggested incorporating some initiatives in the MIFC Roadmap.

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