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Bank of Russia sends 'Guidelines for the Development of the Russian Financial Market' to the President and the Government

26.02.2016 18:20 / CB/MIFC

Under Article 45.3 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ the Bank of Russia sent to the Russian President and to the Government of Russian Federation the draft 'Guidelines for the Development of the Russian Financial Market in 2016–2018'. The Bank of Russia Board of Directors approved the document on 19 February 2016.

The first draft was published on the regulator's website in December 2015. In order to revise the document the Bank of Russia discussed the draft with ministries and agencies concerned in late 2015 and the early 2016. Moreover, to get a feedback in January and February the Bank of Russia organised discussions with financial market representatives in Moscow, Saint Petersburg, Nizhny Novgorod, Yekaterinburg, Novosibirsk, Vladivostok, Rostov-on-Don and Krasnodar.

Professional community members were interested in future development of the online interactions in the financial market, including development of the remote identification system of financial services consumers.

Another key topic of the discussions were steps to be taken by the Bank of Russia to improve the regulation and in particular proportional regulation implementation methods. Most issues were related to the development of the self-regulation in the financial market and corporate governance.

Active discussion focused around improving financial literacy among Russians and financial inclusion. Agenda also included Bank of Russia plans concerning financial consultants and small managers whose activities can provide general public with access to more complex financial market products. Some issues focused on changes required for future improvement of financial inclusion for SMEs.

In addition, business representatives asked questions about Bank of Russia's plans for regulation of new financial market participants' activities (e.g., crowdfunding platforms) and improving approaches to identification of qualified and non-qualified investors.

The answers to financial market participants' questions will be published on the Bank of Russia website in the coming days.

It is expected that after receiving an approval from the Government of the Russian Federation the revised document will be submitted to the State Duma.

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