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Minfin Postpones Critical Infrastructure Regulation

21.10.2014 13:01 / Interfax

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

“We showed the bill to the Central Bank, we really cooperated well. Now we are considering our next moves. This bill will stay on the back-burner for the time being”, he stated.

Moiseev referred to the European Bank’s bitcoin decision: since formulating the regulation concept proved hard, the risk of adopting wrong regulation outweighs the risk of no regulation.

“Thus we have decided to go on standby and work on this carefully. The CB has assured us that if things go boom, nothing will collapse. No hurry like with the credit cards or ratings. We have a Plan B. It may not be entirely convenient, but it’s there. Which gives us time to think and not just pass half-baked regulation that will need amending later on”.

It has been reported earlier that the Ministry of Finance is drafting a bill to structure the concept of ‘critical infrastructure operator’, with amendments due to the National Payment System Act.

The bill authors state that the Russian law lacks a definition of ‘critical infrastructure operator’ (SWIFT, Bloomberg, Reuters et al.) Since there are no requirements or standards in place, a threat of business risk related to critical infrastructure operators and payment operators exists.

Also, defining the concept and setting ‘critical infrastructure operator’ requirements will determine liability for failure to perform or undue performance of services.

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