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Financial Markets SRO Bill Introduced to Duma

14.11.2014 19:02 / TASS

The Financial Markets SRO bill has been introduced to the State Duma today.

The bill was drafted by the Ministry of Finance and the Bank of Russia. It aims to establish self-regulating organizations in 16 financial industry segments.

Each segment will have two SROs with a minimum 34% participants share. SRO membership will be mandatory for financial institutions.

The draft act also envisions the Bank of Russia delegating to SROs such functions as legal compliance oversight in specific markets, qualification exams for executives and officers, collecting reporting, approving qualification exam programs, maintaining a registrar of qualified persons.

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