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Corporate law and governance, financial transaction taxes

Project Group №1

Financial infrastructure and financial market regulation

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.

13.10.2020 17:35 / The Bank of Russia

Bank of Russia announces public discussions on digital ruble

In response to the evolving needs of households and businesses, the Bank of Russia is assessing the possibilities and prospects of introducing a digital ruble. This work will be conducted in close cooperation with the public. In order to encourage an extensive discussion of this issue, the Bank of Russia has published a consultation paper (In Russian; the English version will be released later).

23.06.2020 14:15 / The Bank of Russia

Svetlana Zolotareva to head Financial Market Strategy at CBR

Svetlana Zolotareva has been appointed Director of the Financial Market Strategy Department. This appointment will be effective from 29 June.

10.03.2020 16:16 / The Bank of Russia

Scope of specialised depositories’ activity may be expanded: Bank of Russia’s consultation paper

The Bank of Russia proposes that market participants consider the possibility of expanding the scope of specialised depositories’ activity and modifying this institute. These initiatives are aimed at reducing market participants’ and investors’ costs, increasing competition, and improving the quality of services rendered by specialised depositories.

10.03.2020 15:45 / The Bank of Russia

Number of investors in equity market doubles in 2019

In 2019, the number of brokerage and trust management (TM) clients doubled, to total 4.3 million and 341 thousand persons, respectively. The significant inflow of investors was associated with a rise in the equity market and a decrease in deposit interest rates, according to the Review of Key Indicators of Professional Securities Market Participants. Banks’ policy was also an important contributor to the expansion of the client base: banks attracted nearly one-half of the 2 million new retail clients receiving brokerage services by offering them conventional and structured bonds as an alternative to deposits.

16.01.2020 16:52 / The Bank of Russia

Bank of Russia Commission receives 555 applications for business reputation recovery

The Commission reviewing complaints about the Bank of Russia’s decisions on non-compliance with qualification or business reputation requirements received 555 applications over the period of its operation, according to the data as of 1 January 2020. The Complaint Review Commission started its work on 28 January 2018. It reviews complaints from officials and major shareholders (stakeholders) of credit and non-bank financial institutions about recognising them incompliant with the applicable requirements.

29.11.2019 19:40 / The Bank of Russia

Russian joint-stock companies implement over 75% of corporate governance principles

Russian exchange-traded public joint-stock companies (PJSC) demonstrate a stable trend towards the improvement of their corporate governance: in 2018, they increased the number of implemented Corporate Governance Code principles and improved the quality of reasoning behind incompliance. These results are contained in the annual Review of Corporate Governance in Russian Public Companies published on the Bank of Russia’s website.

25.10.2019 16:12 / The Bank of Russia

Self-regulation in financial market: current state and prospects

The Bank of Russia has analysed the results of the work undertaken by self-regulatory organisations (SROs) of non-bank financial institutions and invites professionals and experts to discuss the prospects of self-regulation in the financial market.

14.10.2019 18:11 / The Bank of Russia

Bank of Russia to reduce regulatory burden on banks

As part of its efforts to reduce the regulatory burden on market participants, the Bank of Russia is looking into the abolition and simplification of certain regulatory requirements.

14.10.2019 18:09 / The Bank of Russia

Russia to roll out national green finance standards

Russia is on course to receive national rules and standards for green financial instrument verification. This follows from the Concept of Building a Methodological Framework in Russia to Advance Green Financial Instruments and the Responsible Financing Projects, drafted by the Expert Council for the Long-term Investment Market attached to the Bank of Russia.

16.09.2019 18:59 / The Bank of Russia

Bank of Russia outlines information security priorities

The Bank of Russia Board of Directors has approved the Guidelines for the Advancement of Information Security in the Financial Sector for 2019–2021. The document is intended to specify the regulator’s objectives as regards the efforts to ensure financial market stability and improvements in its information security. The Bank of Russia’s Information Security Department acts as the relevant competence centre.

11.09.2019 19:09 / The Bank of Russia

Optimising regulatory burden: joint efforts of Bank of Russia and financial market participants

The Bank of Russia has suggested that the professional community analyse the effective regulatory framework of the financial market in order to reveal outdated and excessive regulations.

08.04.2019 16:18 / The Bank of Russia

Roadmap for implementation of guidelines for development of financial market in 2019–2021 published

The Bank of Russia has obtained approval from the Government of the Russian Federation of a roadmap outlining the implementation of the Guidelines for the Development of the Financial Market over the next three years. The document was adopted by the Board of Directors in February 2019.

28.03.2019 18:24 / TASS

Bank of Russia develops requirements for basic standards for SRO investment advisers

The Bank of Russia has outlined a list of mandatory basic standards and requirements pertaining to their content, which should now be developed by financial market self-regulatory organisations (SROs) that work with investment advisers. The draft ordinance is posted on the Bank of Russia website for expert discussion.

06.02.2019 17:30 / The Bank of Russia

Securities market: Bank of Russia lays groundwork to bring switch to proportionate regulation closer

The Bank of Russia has released an ordinance which sets forth indicators enabling conditional classification of professional securities market participants as small, middle-sized and major ones. The passing of this regulatory act marks the first step in the implementation of the regulator-approved concept and roadmap for proportionate regulation and supervision of non-bank financial institutions.

10.01.2019 17:52 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard

FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

10.01.2019 16:22 / The Bank of Russia

FX dealers to operate under a basic consumer protection standard

FX dealers will be obliged to disclose to the fullest extent possible information about their operations and risks related to their services. These and other requirements are listed in the basic standard for financial consumer protection as regards FX dealers, which was elaborated by the Association of Forex Dealers and approved by the Bank of Russia.

04.01.2019 18:14 / The Bank of Russia

Microfinancing: new caps for marginal debt value and daily interest rate

On 28 January 2019, amendments will be effected to the current legislation that will set forth a new uniform limit for the marginal debt of a borrower under a consumer loan agreement for the period up to 1 year totalling 2.5 times of the sum of a respective loan. Once this amount is reached, the law prohibits further accrual of interest, as well as penalties (fines), other payments and the application of other measures.

27.12.2018 18:40 / The Bank of Russia

Improving regulation: new initiatives of financial market participants

The regulator selected 14 new initiatives suggested by financial market participants for implementation in 2019 at the strategic session held at the Bank of Russia. The proposals in question are central to improving the regulation of supervised institutions. They apply to insurance market players and professional securities market participants, and concern payment system operations, issuance and listing, corporate governance, fintech and information security.

04.12.2018 17:33 / The Bank of Russia

Russian public companies step up action to implement Corporate Governance Code principles

In 2017, the extent to which Corporate Governance Code principles are operationally implemented (understood as implemented at 75%) by national public companies grew 26 pp from 2015, the year the study commenced. Also, the period saw a more than threefold reduction in the number of entities with less than 50% compliance with the Code principles. These are the findings of the Bank of Russia's Review of Corporate Governance Practices at Russian Public Companies.

30.11.2018 16:35 / The Bank of Russia

Sales of non-bank financial institutions’ products to follow universal scenario requirements

The Bank of Russia recommends that the sale of financial products and instruments by all financial institutions be based on consumer interaction scenarios (scripts) that meet best practices for consumer rights and interests protection. Such standard scripts for the sale of non-bank financial institutions’ (NFIs) products will fall within the remit of self-regulatory organisations (SROs). This is highlighted in the regulator's information letter signed by Bank of Russia Governor Elvira Nabiullina, addressed to all financial institutions.

02.11.2018 17:06 / The Bank of Russia

Proportional regulation and risk-based supervision of collective investment market entities: outcomes of discussion with the professional community

Several limitations on investing non-governmental pension fund (NPF) holdings could be gradually lifted once the results of NPF stress tests are available. There are also plans to extend the list of pension fund investment options. These are the outcomes of the public discussion of the Concept of Proportional Regulation and Risk-based Supervision of Collective Investment Market Participants.

17.07.2018 07:31 / The Bank of Russia

Plans on Proportional Regulation and Risk Based Supervision in Non-Banks

The Bank of Russia has drafted and posted for debate the outlines of Proportional Regulation and Risk Based Supervision implementation in non-banks, and details of current regulation approaches.

06.06.2018 17:31 / The Bank of Russia

CBR Unveils Policy Guidelines for Development

The Central Bank of Russia (CBR) unveiled its new ‘Guidelines for Development of Russia’s Financial Market and Action Plan’.

24.10.2017 17:59 / TASS

Putin orders government to devise cryptocurrency regulations

Russian president Vladimir Putin has ordered his government to devise a regulatory framework for cryptocurrencies, the clearest sign yet that the Kremlin intends not to ban them.

08.06.2017 19:27 / TASS

Central Bank to Develop Cryptocurrency Regulation

Russia is making its own blockchain currency. According to the Russian News Agency, the chairwoman of the Russian Central Bank announced regulators now agree national cryptocurrencies are the future.

24.03.2017 17:15 / MIFC

10th Russian-British MIFC Joint Liaison Group meeting

Alexander Voloshin, Head of MIFC Taskforce, Miles Celic, Chief Executive of TheCityUK and Nikolay Kosov, Chairman of the Board, IIB signed a Memorandum of Understanding at the 10th Russian-British MIFC Joint Liaison Group meeting today.

30.11.2016 16:22 / Vedomosti

Russia launched trading of a futures contract for Urals crude oil URL-E

Russia launched trading of a futures contract for Urals crude oil URL-E in Moscow on Tuesday, in a step to secure greater prominence for the Russian export blend.

07.10.2016 11:41 / MIFC

Alexander Voloshin Comments on Government Decree 2085 of 5 October 2016

On 5 October 27, Russian Prime Minister Dmitry Medvedev signed Government Decree 2085, voiding Decree 1012 of 19 June 2013 (“Approval of Moscow IFC Roadmap”). Head of the Moscow International Financial Centre Taskforce Alexander Voloshin comments.

17.08.2016 16:27 / NAUFOR

NAUFOR Deems Bank of Russia Investor Rights Protection Excessive

The National Association of Securities Market Participants sent a letter to the Central Bank with comments on the Bank of Russia report "Improving the protection of investors in the financial market regulation by introducing categories of investors and determine their investment profile."

28.07.2016 14:09 / TASS

Bank of Russia to Make Stress Tests Mandatory for NPFs

The Bank of Russia will make stress tests mandatory for non-state pension funds (NPFs) to measure accepted risks, says a newly published directive of 4 July 2016.

26.07.2016 15:18 / The Bank of Russia

Microfinance: Ready, Set, Go!

Microfinance companies can now apply to the Bank of Russia for licenses, according to the newly enacted Regulation 3984. To protect investor rights, the capital minimum is set at RUB 70M, so that only major and stable companies may apply.

20.07.2016 15:46 / The Bank of Russia

Russia's Love for Mobile Banking Grows

The Bank of Russia has conducted a second annual financial inclusion survey, comparing 2015 ratios versus 2014. The regulator website states that Russia shows growth in the number of POS credit card terminals (up 15.7%), private (up 5.2%) and corporate (non-bank) accounts (up 1.1%).

20.07.2016 15:43 / slon.ru

Central Bank Publishes Financial Glossary

The Bank of Russia has published online a Russian-English-French glossary of 1.8 thousand-plus finance and banking terms.

30.06.2016 17:03 / The Bank of Russia

Financial market offered new regulation of investor categories and determination of their investment profiles

The Bank of Russia Consultation Report posted on the regulator’s website for the discussion with market participants covers new approaches to classification of financial market investors, to conclusion of their transactions and determination of investment profile and strategy. The document points out that current criteria of subdividing investors into qualified and non-qualified ignores a number of factors, first and foremost, the level of financial literacy of the population and its actual understanding of how various financial instruments operate, as well as capabilities to bear risks arising from investments in complicated financial instruments.

27.05.2016 13:53 / Kommersant

Russia May Launch Own Cryptocurrency

Russia plans to introduce a national cryptocurrency.Its issue will be regulated, issuers licensed, standard exchange rules will apply, and payment anonymity will be kept to a minimum. This will mitigate the risks of cryptocurrency used in shadow schemes, protect consumer rights, and is likely to cut transaction costs, at the same time, however, blocking access to state-of-the-art international technologies.

29.04.2016 14:27 / TASS

Privatization Must Be Expedited, says Voloshin

Privatization in Russia must be expedited as it is vital for the economy, Head of MIFC Taskforce Alexander Voloshin told TASS. "I am certain that privatization must be expedited. We need to run privatization this year, and go for more of it in the years to follow. This process should be incremental, reaching the point where the state share in the economy is down to a reasonable minimum", he pointed out. Voloshin is positive that 'the right time' will never arrive.

20.04.2016 16:46 / CB/MIFC

Regulator and the Market Debate New Approach

The Bank of Russia held the initial meeting on the future of proportional regulation of the securities market. Securities and Commodoties Market Department invited brokers, dealers, asset managers, depositaries and SROs to take part in the debate.

12.04.2016 17:13 / MIFC

Better IIA Terms Under Discussion, says Voloshin

Head of MIFC Taskforce Alexander Voloshin says debates are underway with the Ministry of Finance on improved terms for Individual Investment Accounts (IIAs).

11.04.2016 13:13 / RBC

Moscow Gains 11 positions in IFC Rating

Moscow has improved its standing in global financial center ratings by Z/Yen Group, gaining 11 positions vs last year. The Top 10 is domiated by North America and East Asia.

30.03.2016 12:43 / TASS

NPF Association to Become SRO by Summer 2016

The newly-formed Non-State Pension Fund Association (ANPF) expects to finish the process of registration with the Ministry of Justice by April 20 and receive SRO status by Summer 2016, says ANPF release.

02.03.2016 16:02 / TASS

Russians Deposit RUB 7bln in Individual Investment Accounts

In 2015, private individuals deposited some RUB 7bln in Individual Investment Accounts (IIAs), with 55 thousand new clients applying for IIA opening through licensed participants and asset management companies, reports National Stock Market Participants Association (NAUFOR).

26.02.2016 18:20 / CB/MIFC

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

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.

11.02.2016 15:32 / TASS

E-Communication with Central Bank Launches in May

Insurance companies, NPFs, asset management companies and licensed participants will switch to e-communication with the Bank of Russia starting May 10, Head of Non-Bank Reporting Department at the Central Bank Olga Goncharova told the press.

22.01.2016 12:00 / TASS

NAPF to Become First NPF SRO

National Association of Non-state Pension Funds (NAPF) has approved the required documents for NAPF to apply for SRO status in the non-state pension market, says NAPF release.

17.12.2015 12:00 / TASS

CB Signs MOU with Bank of China

Bank of Russia CEO Elvira Nabiullina and Chairman of the People’s Bank of China Zhou Xiaochuan signed an MOU in Bejing, promoting mutual cooperation, says CB press release.

11.12.2015 12:00 / TASS

AKRA Registered and In Business

Russia’s national rating agency AKRA has registered as a legal entity and commenced operation, announces a press release.

04.12.2015 12:00 / TASS

Duma Passes Repositary Amendments in 1st Reading

Today the State Duma passed in the first reading Minfin amendments to the Securities Market Act, granting repositories a separate market infrastructure status.

03.12.2015 12:00 / TASS

Tax Benefits to Give Corporate Bonds an Edge Over Deposits

Making Russian corporate bonds coupon exempt from tax will make people prefer bonds over bank deposits, says National Stock Market Participants Association CEO Alexey Timofeev.

20.11.2015 12:00 / TASS

AKRA's First Ratings Due in Q2-Q3 2016

Russia’s national rating agency AKRA will assign first ratings in Q2-Q3 2016, General Director Ekaterina Trofimova told the press

17.11.2015 12:00 / MIFC

China, Russia ink cooperation memorandum on insurance regulation

China and Russia inked a memorandum to further cooperation on insurance regulations, according to a statement released by the country's top insurance watchdog on Monday.

09.11.2015 12:00 / TASS

MOEX and Shanghai Stock Exchange (SSE) Sign Memorandum

The document was signed by MOEX Supervisory Board Chairman Alexei Kudrin and SSE President Huang Hongyuan within the framework of a capital markets forum, organized by the two stock exchanges in Shanghai.

06.11.2015 12:00 / TASS

Russia plans to issue treasury bonds in yuan next year

Russia plans to issue treasury bonds in yuan next year, Russian officials said on Friday, in a move that signals Russia's desire to attract Chinese investors into its financial markets. The so-called OFZs, or federal loan bonds, are the main Russian treasury bonds used to finance government borrowing on the domestic market. The planned issue in yuan would be the first such bonds denominated in a foreign currency.

02.11.2015 12:00 / The Bank of Russia

Bank of Russia Publishes Requirements for Forex Dealer Standards

On 1 October 2015, amendments to the Securities Market Act were enacted. From now on, in order to become forex traders, companies must be licensed as forex dealers, then join an SRO and comply with its standards. Requirements for forex dealer standards are listed in the Bank of Russia Instruction 3797, published on 26 October.

23.10.2015 12:00 / TASS

Minfin Backs Limit on Disclosure for Minority Shareholders

The Ministry of Finance supports the idea to curb minority shareholders’ right to request additional information from issuers, Deputy Finance Minister Alexey Moiseev told the press today.

21.10.2015 12:00 / Vedomosti

MOEX to Switch USD Eurobonds to Т+2

Moscow Exchange plans to switch Eurobond trading to Т+2, Stock Market MD Anna Kuznetsova told the press. According to her, the exchange aims to boost Eurobond trading, “also offering participants the opportunity to use other assets as collateral in Eurobond trades”.

20.10.2015 10:00 / Moscow exchange

Simplified Account Opening for Retail Investors

Licensed stock market participants and asset managers now have access to simplified client ID procedure that does not require a trip to the office. This will boost the number of private individuals investing in Russian stock market instruments.

20.10.2015 10:00 / Moscow exchange

MOEX to Switch USD Eurobonds to Т+2

Moscow Exchange plans to switch Eurobond trading to Т+2, Stock Market MD Anna Kuznetsova told the press. According to her, the exchange aims to boost Eurobond trading, “also offering participants the opportunity to use other assets as collateral in Eurobond trades”.

11.10.2015 12:00 / Vedomosti

Equal Rights for Central Counterparties

The Central Bank has initiated amendments to the Clearing Act. A Central Counterparty acts as middleman in stock exchange transactions and accepts risks in case of counterparty default. There are three CCs in Russia: National Clearing Center (NCC, part of MOEX Group), MFB Clearing Center (St Petersburg Exchange, part of RTS Group) and Clearing Depositary Company (clears for the St Petersburg International Commodities Exchange).

07.10.2015 12:00 / Interfax

CB Expects Rouble Bond Market Growth

Central Bank’s First Deputy Chairman Sergey Shvetsov expects growth in Rouble bond market activity.

16.09.2015 12:00 / Moscow exchange

50k-Plus Individual Investment Accounts at MOEX

By 15 September 2015, Moscow Exchange opened 51112 Individual Investment Accounts (IIAs) for private individuals in brokerages and asset management companies, says MOEX release.

11.09.2015 12:00 / TASS

Russia’s New Rating Agency to Start in mid-2016

The Russian rating agency is expected to start work in the fourth quarter of 2015, the Central Bank of Russia (CBR) said, adding that its initial capital would be at about $52 million (3 bilion rubles).“… credit rating agencies are one of the most important elements of the financial market infrastructure. Their activities must be stable to various factors, including geopolitical risks,” the CBR said in a statement Friday.

08.09.2015 12:00 / Vedomosti

Top 10 Brokers to Launch Remote Account Opening

Russian brokers may launch remote account opening in the coming weeks. The Ministry of Communications is due to grant brokers access to the Unified ID and Authentication System (ESIA), says National Stock Market Participants Association (NAUFOR) Chairman Alexey Timofeev.

01.09.2015 12:00 / TASS

Central Bank to Toughen Capital Quality Requirements in January 2016

The Bank of Russia plans to introduce tougher capital quality requirements for banks on 1 January 2016, as part of the transition to Basel III. This measure will effectively remove the so-called ‘fictitious capital’ from the calculation base, according to the draft regulation.

06.08.2015 12:00 / TASS

Guarantee System to Cover 99% Pension Savings

Over 99% pension savings will be covered by the guarantee system by the end of 2015 года, says the National Non-State Pension Funds Association.

22.07.2015 12:00 / TASS

80 Russian Issuers Use E-proxy Voting

In May-June 2015, during the period when shareholder meetings are conducted in Russia, issuers were able to utilize electronic technologies and ISO standards to inform shareholders and vote at meetings, says National Settlement Depositary.

14.07.2015 12:00 / TASS

SRO Act Signed by President

Президент России Владимир Путин подписал закон "О саморегулируемых организациях в сфере финансовых рынков". Документ опубликован сегодня на официальном портале правовой информации. Закон направлен на развитие института СРО в сфере финансового рынка, за исключением банковского сектора. Документ, разработанный с участием экспертов Банка России и Минфина и внесенный группой депутатов, предусматривает создание СРО для 16 видов финансовой деятельности.

14.07.2015 12:00 / TASS

ARB, NAUFOR and NSMA to Set Up Derivatives Board

Russian Banks Association (ARB), National Securities Market Participants Association (NAUFOR) and National Securities Market Association (NSMA) signed an agreement to establish a Derivatives Board, NAUFOR announced on Tuesday.

08.07.2015 12:00 / TASS

SRO Act Approved by Federation Council

The Federation Council has approved the Financial Market SRO Act. The law is aimed at developing non-banking financial market SROs. Drafted by the Bank of Russia and the Ministry of Finance, it provides SROs for 16 financial businesses, with mandatory participation. Each market segment will have a maximum of two SROs, and each entity may become member of only one SRO.

02.07.2015 12:00 / TASS

30k-Plus Individual Investment Accounts at MOEX

In 1H 2015, Moscow Exchange opened 32 460 Individual Investment Accounts (IIAs) for private individuals in brokerages and asset management companies, says MOEX release.

01.07.2015 12:00 / TASS

SRO Bill Becomes Law, Passes Second Reading

The State Duma has passed the Financial Market SRO bill in the second reading. The bill, drafted by the Bank of Russia and the Ministry of Finance, provides SROs for 16 financial businesses, with mandatory participation. Each market segment will have a maximum of two SROs, and each entity may become member of only one SRO.

30.06.2015 12:00 / TASS

Duma Passes Rating Agency Act

The State Duma has passed the Rating Agency Act in the second and third readings. The document sets forth basic notions of the rating business and conditions of its implementation, and determines the procedure for accreditation of rating agencies.

26.06.2015 12:00 / NAUFOR

New Qualified Investor Rule In Force

On 26 June 2015, the Bank of Russia enacts the new Qualified Investor Rule, published on June 15.

25.06.2015 12:00 / Moscow exchange

Russian and Chinese CSDs Sign MoU

On 24 June 2015, National Settlement Depository (NSD), Russia’s central securities depository, and China Central Depository and Clearing Co., Ltd. (CCDC), China’s central securities depository servicing governmental securities, signed a Memorandum of understanding. The parties agreed to share experience and information, to develop cooperation in the sphere of depository and settlement operations, operational interactions using corresponding accounts (links), corporate actions processing and information services. NSD and CCDC intend to cooperate in the bilateral format and within the framework of associations (AECSD, ACG and WFC).

11.06.2015 12:00 / MIFC

Eddie Astanin Elected to SWIFT Board of Directors

On 11 June 2015, SWIFT annual GSM elected Eddie Astanin, CEO at NSD, Russia’s Central Depositary to its Board of Directors. For the first time, a Russian representative has joined the SWIFT Board.

04.06.2015 12:00 / TASS

National Clearing Center to Apply for Recognition in Europe

In July, National Clearing Center (NCC) will apply to the European Securities and Markets Authority for recognition in Europe, said Bank of Russia’s Director of Financial Markets Development Elena Chaikovskaya.

29.05.2015 12:00 / TASS

Minfin Proposes IIA Limit Increase

The Russian Ministry of Finance is considering an increase of annual deposit limit for Individual Investment Accounts, currently at RUB 400k, Deputy Minister Alexey Moiseev told NAUFOR Conference.

26.05.2015 12:00 / RBC

NPFs Will Reimburse Client Losses, Says CB

The Bank of Russia plans to introduce oversight mechanisms to monitor the effectiveness of NPF investments, announced Collective Investment and Trust Management Department Director at the Bank of Russia Philip Gabunia, speaking at the Future of the Pension Market Roundtable on Tuesday.

22.05.2015 08:00 / MIFC

Financial Market Digitalization Roadmap

Financial Market Digitalization Roadmap has been drafted by the Bank of Russia and features measures to improve e-communication in the financial market, full transition to digital workflow by market participants, their clients, federal authorities and the Bank of Russia.

21.05.2015 17:59 / slon.ru

Moscow Exchange to Launch State-Owned Company Performance Index

The Ministry for Economic Development (MED) and Federal Property Management Agency have requested Moscow Exchange to launch indexes reflecting the performance of state-owned companies, reports Interfax, quoting sources familiar with the Exchange plans.

21.05.2015 12:00 / Vedomosti

CB to Impose Total Reporting on Forex Dealers

In October, the Central Bank will impose on Forex dealers a mandatory requirement to keep records of the entire progress for all trades and report it to the regulator, according to a new Bank of Russia draft regulation as quoted by Vedomosti and Kommersant.

08.05.2015 12:00 / MIFC

Arbitration Bill Introduced to Duma

The Russian Arbitration bill along with accompanying amendments have been approved by the Government and introduced to the State Duma.

30.04.2015 12:00 / TASS

Bank of Russia to Keep Lowering Key Rate as Inflation Slows

Today the Bank of Russia Board of Directors passed a decision to lower the key interest rate as of 5 May from 14% to 12.5% p.a., citing decreased inflation risks and remaining risks of significant economy cool-off. As inflation risks keep waning, the Bank of Russia will continue to the key interest rate, says the Central Bank press release.

23.04.2015 12:00 / TASS

Russia Retains Funded Pensions

Funded pensions will not be abolished in Russia, Prime Minister Dmitry Medvedev told the Government today. He said that the decision is supported by most experts and citizens. “We must develop a predictable pension system, make it better and more optimized”, pointed out the Prime Minister.

21.04.2015 12:00 / MIFC

Russian-British Finance Industry Roundtable in London

On 20 April, London’s Capital Club hosted a MIFC Joint Liaison Group roundtable for Russian and British financial industry members.

06.04.2015 12:00 / Vedomosti

CB to Share Risks with MOEX

The Central Bank is ready to accept traders’ risks in complex situations to keep Moscow Exchange from raising the bar on collateral requirements, said Central Bank’s First Deputy Chairman Sergey Shvetsov. This option is part of a new Duma bill, he says.

16.03.2015 12:00 / Vedomosti

Bank Sector Loses Part of Pension Money

In July, the Central Bank will introduce a 40% limit on pension savings investment in the banking sector by non-state pension funds, said Collective Investment Department Director Philip Gabunia. This is the overall limit for all banking instruments – deposits and accounts, bank shares and bonds. Today, non-state pension funds can invest up to 80% savings in bank deposits alone.

11.03.2015 00:02 / RBC

Russia to Join SWIFT Board of Directors

SWIFT will offer a seat on the Board of Directors to Russia. The threatened ban has not affected this decision: the seat became available due to Russia’s increased SWIFT payment traffic.

19.02.2015 13:31 / Interfax

NAUFOR Approves Basic Standards for Licensed Securities Market Participants

The National Stock Market Participants Association (NAUFOR) Board of Directors has given its approval to the final version of Basic Standards for Licensed Securities Market Participants, says the Association release.

18.02.2015 12:00 / vedomosti.ru

Central Bank’s New Approach to Bank Oversight

Vedomosti has a copy of Central Bank’s letter to local branches, detailing the procedure of bank oversight, including problem assets. Two CB sources confirmed receipt of the letter in January.

13.02.2015 12:00 / Interfax

ISDA Recognizes Close-Out Netting in Russia, OTC Derivatives Trading Becomes Less Risky

The International Swaps and Derivatives Association (ISDA) recognizes close-out netting under Russian law for cross-border OTC derivative trading, NAUFOR reported on Friday.

12.02.2015 17:42 / MIFC


According to the Central Bank release, on 11 February, IOSCO Decision Making Group approved the Bank of Russia’s application to sign the IOSCO Multilateral Memorandum of Understanding (MMоU).

12.02.2015 12:00 / Interfax

Major Issuers Support Gradual Switch to E-Communication with Shareholders

Issuers with a large amount of minority shareholders support gradual switch to e-communications, while major foreign investors welcome the opening of new issuer interaction channels through the settlement system.

11.02.2015 17:01 / Interfax

IOSCO to Sign with Russia, Expediting CB Investigations

The International Organization of Securities Commissions (IOSCO) has agreed to sign a Multilateral Memorandum of Understanding (MMOU) with Russia.

11.02.2015 12:00 / MIFC

"New Technologies for Easier Access to Financial Services" Survey Presented

The MIFC Taskforce presented ‘New Technologies for Easier Access to Financial Services’ survey, commissioned by the Bank of Russia. The event was attended by market participants, SROs, experts and Bank of Russia representatives.

05.02.2015 16:57 / Moscow exchange

Moscow Exchange Registers Individual Investment Accounts

In January, Moscow Exchange registered 7629 Individual Investment Accounts (IIAs), opened by private individuals in brokerages and asset management companies. IIAs allow tax rebates for private investors.

30.01.2015 12:00 / vedomosti.ru

How to Use Investment Accounts

Private investors’ dream of tax benefits has finally come true. From January onwards, anyone can open an individual investment account (IIA) and enjoy tax-free deposits of up to RUB 400k — or receive the entire income tax-free. Tax Code amendments introducing IIAs were passed over a year ago, but are in force starting this year. In January brokers and asset managers started opening IIAs for private individuals.

27.01.2015 12:00 / vedomosti.ru

Visa Follows MasterCard in Joining NPCS

Visa and National Payment Card System (NPCS) have distributed an announcement to market participants, stating that Visa has partnered with NPCS in domestic Russian transaction processing, two bankers told Vedomosti. The announcement has been circulated, confirm Central Bank, NPCS and Visa sources.

22.01.2015 12:00 / MIFC

Central Bank Posts IFRS Transfer Plan for Non-Banks

Non-banks IFRS accounting and reporting transfer plan has been posted on The Bank of Russia’s official website. The Bank of Russia states that the universal chart of accounts for non-banks is based on the standard bank chart of accounts with adjustments according to sector specifics.

20.01.2015 12:00 / TASS

Duma Passes Financial Market SRO Bill in the First Reading

Today the State Duma passed in the first reading the Financial Markets Self-Regulatory Organizations Bill.

16.01.2015 13:00 / Interfax

Federal Tax Service Individual Investment Account Procedure Registered, Brokers Open

The Russian Ministry of Justice has registered the Federal Tax Service Decree, detailing the procedure of notifying the tax authorities of Individual Investment Accounts (IIA) opening, which has effectively greenlighted the opening of these accounts.

13.01.2015 12:00 / vedomosti.ru

MasterCard Links with National Payment Card System

MasterCard has signed a transfer agreement with the National Payment Card System to process all MasterCard transactions through NPCS, says Central Bank release. MasterCard is the first payment system to comply with the new Act that limits processing transactions to the territory of Russia. In October 2014, the Duma amended the National Payment System Act to make international players either join NPCS or deposit a guarantee with the Central Bank.

22.12.2014 10:40 / Moscow exchange

Eurobonds Eligible for Central Counterparty Repo

As of 22 December 2014, Moscow Exchange has admitted 55 Eurobonds from the Bank of Russia’s Lombard list with a «BBB-», or higher, rating to repo with the CCP (in trading modes «Repo with the CCP: anonymous orders» and ’Repo with the CCP: non-anonymous orders").

16.12.2014 18:33 / MIFC

Central Bank’s First Deputy Chairman Reviews Financial Market Reform

Central Bank’s First Deputy Chairman Sergey Shvetsov spoke at a MIFC Taskforce Financial Market Reform briefing on 16 December. The event was attended by megaregulator officials, financial market participants and leading business media.

12.12.2014 17:56 / Interfax

Duma Passes Anti-Round Stamp Bill in the First Reading

On Tuesday, the State Duma passed in the first reading the bill against mandatory use of the ‘round stamp’ by companies.

10.12.2014 12:05 / Interfax

Central Bank Proposes Risk Management Based Investment Opportunities for NPFs

The Central Bank proposes to diversify investment opportunities for non-state pension funds (NPFs) based on their risk management systems, First Deputy Chairman Sergey Shvetsov told Moscow REPO Form on Wednesday.

09.12.2014 17:28 / Interfax

Duma Committee Supports Anti-Round Stamp Bill

The State Duma Property Rights Committee has recommended that the lower house of the parliament pass in the first reading the bill that cancels mandatory use of the ‘round stamp’ by companies.

28.11.2014 18:25 / Interfax

Central Bank Insurance Monitors to Keep Files on Companies

The Bank of Russia has drafted a regulation on Insurance Monitors, a market source told Interfax. “The draft is currently under insurance market review (until 5 December)”, he said.

28.11.2014 15:15 / Financial One

St Petersburg Exchange Launches S&P 500 Share Trading

On Friday, November 28, trading in foreign securities was launched on the Saint Petersburg Exchange, the trading floor said in a press release. 50 most liquid stocks of leading issuers from all sectors of the global economy from the S&P 500 are available for trading, including Apple, Facebook, General Electric, Johnson & Johnson. On 15 December, Russians will gain access to the shares of the most successful IT company of the year – China’s online giant Alibaba.

27.11.2014 11:09 / MIFC

Russia Needs Own Rating Agencies, says Head of Central Bank

Russia must establish its own independent rating agencies industry, said Chair of the Bank of Russia Elvira Nabiullina in her speech at the Federal Council on 26 November.

21.11.2014 11:25 / Interfax

Market Participants Can Send European OTC Trade Reports through NSD

In April 2015, market participants will gain access to reporting OTC cross-border trades with European counterparties through National Settlement Depositary (NSD) repository to comply with European Market Infrastructure Regulation (EMIR), says NSD release.

19.11.2014 16:58 / Interfax

Central Bank to Lift 70% Limit on Foreign Assets for Open-end Share Investment Funds

Central Bank is due to lift the 70% limit on foreign assets value for Open-end Share Investment Funds, according to Bank of Russia draft directive, posted on the CB website.

14.11.2014 19:02 / TASS

Financial Markets SRO Bill Introduced to Duma

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

11.11.2014 00:00 / Kommersant

Voloshin Speaks to Kommersant

It is becoming apparent that the Russian economy will remain under the pressure of Western sanctions for a long time. CEO at Number One Cargo Company (PGK) Alexander Voloshin tells Kommersant how the business will survive, whether the Moscow International Financial Center project will proceed as planned, and how Russian state regulation is different from the US.

31.10.2014 00:00 / Kommersant

Ministry for Economic Development Slams SROs

The Ministry for Economic Development questions the effectiveness of self-regulation. Problems have been identified and listed in a Report on SRO Activity to the President. The lowest point is SROs not being financially motivated to keep participants under tight scrutiny. Return to state regulation in a number of industries, including audit, is likely to put increased pressure on business, warn experts.

23.10.2014 14:48 / Interfax

NAUFOR Expects to Agree with CB on Lower Capital Requirements for Brokers and Asset Managers Early in 2015

National Stock Market Participants Association (NAUFOR) is drafting an audit procedure for self-regulating organization (SRO) members who wish to apply for lower capital requirements, NAUFOR CEO Alexey Timofeev told the Russian Stock Market Conference in Ekaterinburg on Thursday.

21.10.2014 13:01 / Interfax

Minfin Postpones Critical Infrastructure Regulation

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

17.10.2014 15:29 / vedomosti.ru

Moscow Exchange to Issue New Instrument in 2016

The new instrument is called clearing participation certificate (CPC) and will enable trading backed by a pool of collateral deposited at National Clearing Center (NCC), said Igor Marich, Money Markets Managing Director at Moscow Exchange.

16.10.2014 08:02 / Interfax

Companies Will No Longer Need ‘Round Stamp’

On Thursday, the Government will review the draft bill on abolishing company stamps, says the Cabinet press release.

15.10.2014 13:09 / Interfax

Federation Council Passes Act to Postpone Guarantee Payments for International Payment Systems Until 2Q 2015

On Wednesday, the Federation Council signed off an Act aimed at postponing guarantee payments for international payment systems until 2Q 2015.

01.10.2014 12:01 / Interfax

NSD to Implement E-Proxy-Voting by May 2015

National Settlement Depositary (NSD) plans to implement ISO 20022 and ISO 15022 GSM notifications by end-2014, with full e-proxy-voting by May 2015.

24.09.2014 12:13 / vedomosti.ru

Working Pensioners Will Continue to Receive Fixed Pension

Prime Minister Dmitry Medvedev has turned down Minfin’s proposal to abolish fixed pension payments to working pensioners, a Government source told Vedomosti. A high-ranking Minfin official and Medvedev’s press officer Natalya Timakova confirmed that the proposal had failed to pass. The decision was carried out at Monday’s working session with the Prime Minister.

22.09.2014 14:36 / Interfax

Minfin to Make Material Infrastructure Operators Register Russian Companies

The Ministry of Finance plans to make ‘material infrastructure operators’, such as SWIFT, register a Russian company, Deputy Finance Minister Alexey Moiseev told the press.

10.09.2014 12:06 / vedomosti.ru

Minfin Attempts to Save Funded Pension System

Minfin is making an attempt to save the funded pension system, which will be liquidated according to Deputy Prime Minister for Social Security Olga Golodets. The ministry has acquiesced to the withdrawal of over RUB 1 trillion worth of savings for 2014-2015, and is trying to keep the rest. Minfin has drafted a bill (posted on regulation.gov.ru), that limits withdrawals of pension savings to 2014-2015. Going forward, it is business as usual for the funded pension system, states the bill.

02.09.2014 00:48 / Rossiiskaya gazeta

Well Done: Market Praises Megaregulator

The MIFC Taskforce summarized the results of the financial market megaregulator’s inaugural year. Last week’s roundtable discussion at the Moscow Exchange brought together the Central Bank and the financial market participants to a shared conclusion: this was a good year. The other takeaway is: most risks failed to materialize. Head of the MIFC Taskforce Alexander Voloshin called the megaregulator one of the most vital and successful state management reforms in recent years.

27.08.2014 18:21 / slon.ru

Central Bank: “Government nailed Russian investor’s hand”

The Central Bank is preparing to retaliate against Western financial sanctions. “We need to adjust our tactics in dealing with Western partners”, CB First Deputy Chairman Sergey Shvetsov told the press today at the roundtable celebrating the megaregulator’s first year. Laws regulating the financial market will be amended. This particularly concerns the National Payment System Act (this Act was already toughened in May 2014, amendments in force since 1 July).

27.08.2014 12:38 / Interfax

CB/Minfin Draft Russian SWIFT Bill

The Central Bank and Minfin have drafted Russia’s own SWIFT bill, Deputy Finance Minister Alexey Moiseev told the press Wednesday.

25.08.2014 15:43 / vedomosti.ru

Ministry for Economic Development Proposes Extended Rights for Boards of Directors

The Ministry for Economic Development has published a draft law granting Board of Directors members access to controlled company information. The draft has been commissioned by Prime Minister Medvedev following his meeting with the Government expert board.

11.08.2014 15:17 / TASS

Minfin Proposes Timeline Updates for MIFC Roadmap

The Ministry of Finance has proposed amendments to the Moscow International Financial Center Roadmap, said a MIFC Taskforce member.

08.08.2014 19:33 / Interfax

Central Bank Registers NAUFOR Risk Notification Standards for Foreign Securities

The Central Bank of Russia has registered the National Stock Market Participants Association (NAUFOR) standards of risk notifications for foreign securities trading, including foreign securities derivatives and indexes, according to the CB press release.

30.07.2014 18:22 / MIFC

Russian Trading Floors Allowed to Deal in Foreign Securities Without Issuer Agreement

President Putin has signed Act 218, amending the Federal Securities Market Act 39 of 22 April 1996. New regulations for foreign securities exchange trading in Russia will be enacted 10 days after official publication.

30.07.2014 16:48 / MIFC

NAUFOR Board of Directors Greenlights Professional Standards Draft

On 28 July, the NAUFOR Board of Directors approved the draft of Professional Standards, and passed it on for review to NAUFOR committees. Following approval by committees and the Board, the Standards will be forwarded for approval to the Central Bank.

17.07.2014 16:01 / Interfax

Central Bank Lowers the Bar for Payment Systems of National Importance

The Russian Central Bank has published technical requirements for payment systems of national importance, going for the softer version than originally planned.

14.07.2014 17:29 / Interfax

NSD Payment System Assigned ‘National Importance’ Status

National Settlement Depositary has been recognized as a payment system of ‘national importance’, according to the Bank of Russia website.

07.07.2014 20:00 / TASS

New Anti-Insider Trading Act Due This Fall, Says Voloshin

The new draft of the Anti-Insider Trading Act is due in the fall of 2014, Head of the MIFC Taskforce Alexander Voloshin told the press at the City of London – Moscow IFC Joint Liaison Group meeting today.

04.07.2014 15:28 / MIFC

MIFC Taskforce Wins NAUFOR Awards

On 3 July 2014, the annual NAUFOR Stock Market Elite 2013 awards ceremony took place in Moscow. Individual investment accounts amendments, passed in end-2013, won the “Stock Market Development Project of the Year” category. Special thanks were given to the Ministry of Finance and the State Duma Budget and Financial Market Committees. MIFC Taskforce was directly involved in the drafting of the bill.

02.07.2014 12:15 / MIFC

Сentral Bank Sells MOEX Stake

The Bank of Russia website has reported that on 2 July, the Central Bank sold off 267.3 mln MOEX shares or 11.7% charter capital, at RUB 60 per share, with participation of Goldman Sachs, J.P. Morgan, VTB Capital and Sberbank CIB as financial advisors; Gazprombank and Citigroup as co-contractors — financial advisors.

01.07.2014 08:47 / Interfax

Russian Banking is Rated among the World’s Top 10 Most Profitable - The Banker

Russian banking system is among the world’s top 10 most profitable in 2014’s Top 1000 World Banks ranking.

20.06.2014 16:54 / MIFC

Central Bank Expects SRO Act to be Passed by the End of 2014

The Bank of Russia expects the Duma to pass the Financial Market SRO Act by the end of 2014, according to the Central Bank report on Financial Market Development Progress, published on the MIFC Taskforce website.

19.06.2014 11:00 / Interfax

Central Bank Incorporates National Payment Card System Operator

The Central Bank of Russia has incorporated the National Payment Card System (NSPK) operator, Bank of Russia Chair Elvira Nabiullina told the press at the State Duma.

18.06.2014 09:30 / MIFC

Moody’s: New Russian securitization law is credit positive for Russian structured finance

The new Russian structured finance legislative platform is credit positive for the Russian structured finance market, says Moody`s Investors Service in a report published today. The new framework contains the key elements required for a broad range of securitization and project finance structures and will provide onshore alternatives to securitization transactions that were previously possible only via offshore issuing vehicles.

10.06.2014 18:21 / Interfax

Duma Committee Passes Amendments to Launch Foreign Shares Trading in Russia

The State Duma Financial Markets Committee has approved statutory amendments to launch foreign share trading on Russian exchanges.

09.06.2014 14:07 / Interfax

Medvedev Commissions List of CGC State Companies

By 11 June, the Ministry for Economic Development, Federal State Property Management Agency, Open Government Minister Mikhail Abyzov and Alexander Voloshin’s MIFC Taskforce are due to introduce to the Government a list of 50%-plus state-owned companies for priority Corporate Governance Code implementation. The Code was passed by the Government in February.

05.05.2014 17:08 / Interfax

Putin Signs National Payment Card System Bill

President Putin has signed the federal National Payment Card (NSPK) bill, says the Kremlin press office.

21.04.2014 18:34 / MIFC

Corporate Governance Code Passed

The full version of the Corporate Governance Code has been posted on the MIFC Taskforce website.

07.04.2014 00:00 / Interfax

Financial SROs Want Role in Oversight

Financial self-regulating organizations (SROs) protest Central Bank plans to side-step them in member audits. A new regulation draft contradicts the Financial Market SRO Act proposed by the CB, and could pose serious threats to market participants.

28.03.2014 16:43 / vedomosti.ru

CB Proposes Insurance for Private Broker Accounts

Plans to set up a compensation fund for clients of brokers that cease operation were aired yesterday at the Exchange Forum by Central Bank’s First Deputy Chairman Sergey Shvetsov. “National Stock Market Participants Association (NAUFOR) is drafting a concept — the risks covered by the fund, the fund’s sources of funding”, said Shvetsov, voicing support for the initiative.

27.03.2014 15:44 / Interfax

Moscow Exchange and Korea Exchange Sign Partnership

MOEX and Korea Exchange (KRX) have signed a financial market development cooperation agreement, says Moscow Exchange release.

27.03.2014 13:53 / banki.ru

CB Does Not Plan to Rid of DRs

The Central Bank does not plan to eliminate depositary receipts, however it will promote share trading, said Bank of Russia Deputy Chairman Sergey Shvetsov at the Moscow Exchange Forum.

27.03.2014 13:09 / Interfax

1 January 2015 Earliest for Euroclear to Access Russian Share Market

Euroclear will not be technically able to access the Russian share market until 1 January 2015, said Central Bank First Deputy Chairman Sergey Shvestov at Exchange Forum 2014 on Thursday.

20.03.2014 00:05 / RBC - daily

New CB Regulations May Force NPFs Off Market

Almost half of non-state pension funds could be forced off the market in the process of establishing a system of mandatory pension savings guarantees. According to CB requirements, to be eligible, NPFs must comply with new capital adequacy ratios. RBC data shows that 8 out of 20 major NPFs, accounting for over 40% of all pension savings, fail to comply with the Bank of Russia requirements. Non-compliant funds will have to return pension savings to the Russian Pension Fund.

18.03.2014 00:05 / RBC - daily

Bank of Russia’s 202 Good Deeds

“They asked us what we want. For the financial market, it is a first”, responded licensed participants when the megaregulator approached them for KPI suggestions. Last October, the Bank of Russia warned that oversight and regulation will tighten in order to win the people’s trust and create long-term money.

17.03.2014 11:51 / Interfax

London’s First Loss of World’s #1 Financial Center Title to NY, Moscow #73

For the first time ever, London has surrendered the title of the world’s largest international financial center to New York, according to Z/Yen Group’s biannual Global Financial Centres Index (GFCI).

12.03.2014 13:40 / Interfax

AMs and NPFs Can Invest Pension Savings in Privatized Shares

The Russian Government has lifted restrictions on pension savings investment by allowing Asset Management companies and Non-state Pension Funds (NPFs) invest in Russian JSCs, privatized or sold by the Bank of Russia.

25.02.2014 17:11 / MIFC

State Duma Passes Amendments on Facsimile Signatures for the Visually Handicapped

On Tuesday, the State Duma passed the Government bill allowing the visually handicapped to use facsimile signatures in cash transactions.

13.02.2014 18:24 / MIFC/Moscow exchange

Russian Financial Markets Regulator Registers New MOEX Listing Rules

On 7 February 2014, the Bank of Russia’s Financial Markets Service registered an amended version of Listing Rules for Moscow Exchange. As part of Russia’s listing reform program, the rules have been brought in line with the Rules for Admission of Securities to Organized Trading previously approved by the regulator.

13.02.2014 16:55 / Interfax

Investment Advisors to Appear on Russian Stock Market

Draft amendments to the Securities Market Act by the National Association of Stock Market Participants (NAUFOR) outline the business practices of investment consultants in Russia.

13.02.2014 13:03 / PRIME

Golden Parachutes Limit is 2 Years’ Pay, says Nabiullina

The Bank of Russia proposes a 2-year salary limit on golden parachutes for corporate execs, said financial megaregulator Chair Elvira Nabiullina at a Government session.

30.01.2014 15:52 / Interfax

Clearstream and NSD Open Russian Corporate Bonds Market to International Investors on 30 January

Clearstream and National Settlement Depositary (NSD) open foreign investor access to the Russian corporate bonds market on 30 January, according to a joint press release.

23.01.2014 15:36 / vedomosti.ru

Russian Bonds Open to the World

From 30 January, Euroclear Bank starts to offer post-trading services on Russian corporate and municipal bonds. Clients can process settlement and use the National Settlement Depositary (NSD) Euroclear account for safekeeping, according to a joint Euroclear/NSD press release.

22.01.2014 14:34 / Interfax

Foreign Investors’ Share in Russian Corporate Bonds Market May Triple

The share of foreign investors in the Russian Corporate Bonds market may increase over three times in the next 2-3 years, worth USD 10-15bn or 10%, Russian Finance Minister Anton Siluanov told the press.

20.01.2014 18:22 / CBFMS/MIFC

Implementation of e-comms in the Russian financial market

On 17 January 2014, Moscow International Financial Center Taskforce hosted a meeting on Electronic Communications with First Deputy Chairman of the Bank of Russia, Head of Financial Markets Service Sergey Shvetsov and financial market participants.

23.12.2013 15:02 / Interfax

NAUFOR Plans to Draft 6 New Standards for Licensed Participants in 1H 2014

National Stock Market Participants Association (NAUFOR) plans to draft 6 new business standards for licensed participants in 1H 2014, according to NAUFOR press release.

23.12.2013 12:38 / PRIME

Duma Passes Non-State Pension Fund Corporatization Law

At the plenary session on Monday, the State Duma passed in the second and third reading a law on non-state pension funds corporatization, part of the pension reform package of bills.

20.12.2013 20:31 / Interfax

Moscow Exchange Plans SPO for 1H 2014, Talks to Banks

Moscow Exchange could perform an SPO in 1H 2014, the market will be offered stock owned by the Central Bank of Russia, financial market sources say.

20.12.2013 08:01 / Interfax

Microfinance Market Needs Standards and Better Risk Analysis, says Shvetsov

The Russian microfinance market needs standard terms and conditions and more attention to client risk analysis, says Head of Bank of Russia Financial Markets Service, First Deputy Chairman of the Bank of Russia Sergey Shvetsov.

13.12.2013 17:33 / vedomosti.ru

Issuer Will Be Prosecuted for Forged Reporting, Regardless of Intent

Individuals who sign financial reports of listed companies will have to be very careful from now on. The Central Bank working group, augmented by Minfin and auditors, intends to stiffen the criminal penalty for forged reporting, said a source close to the CB.

12.12.2013 13:47 / Interfax

Medvedev Orders Corporate Governance Code Implementation in State Companies

Corporate Governance Code drafted by the Central Bank could be implemented in public companies part-owned by the state. Prime Minister Dmitry Medvedev has issued a task assignment to the Ministry for Economic Development, following a MIFC meeting.

09.12.2013 21:46 / RIA Novosti

Investors Welcome Financial Markets Infrastructure Development in Russia

Investors welcome improvements in Russia’s financial markets infrastructure, Head of MIFC Taskforce Alexander Voloshin told RIA Novosti.

09.12.2013 16:14 / PRIME

Shvetsov: Russia’s central bank to purge market of unfair players

Russia’s central bank will clear the financial market of dishonest players, but has no black lists of such companies, Sergei Shvetsov, the bank’s first deputy chairman and head of its financial market service, said Thursday.

06.12.2013 18:00 / Interfax

New Draft of Non-Banking Financial Market SRO Act Focused on Standards

The Central Bank of Russia has drafted and circulated for review with ministries a new draft of the Non-Banking Financial Market Self-Regulating Organizations Act.

29.11.2013 22:14 / Kommersant

Without the CB, None Shall Borrow

The Bank of Russia has proposed a ban on lenders not regulated by the CB. The right to lend without license is stipulated by the Civil Code, however, it could be amended due to the need to straighten out the ‘redistribution of financial resources’.

28.11.2013 19:10 / Interfax

FMS Selects Top Priority Goals from Financial Market Proposals

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.

28.11.2013 18:03 / gazeta.ru

FMS Proposes Ban on Banking Without CB Accreditation or License

The Bank of Russia Financial Markets Service (FMS) asks the Russian Government to limit regular financial resources redistribution activity, specifically loans and credits, without accreditation or licensing by the Central Bank, said FMS Head Sergey Shvetsov at an MIFC meeting hosted by Prime Minister Dmitry Medvedev.

28.11.2013 17:14 / Interfax

Medvedev Hopes All Market Participants Join MIFC Roadmap Effort

Russian Prime Minister Dmitry Medvedev hopes that the Moscow International Financial Center Roadmap, passed by the Government, will become a work plan for all market participants, instead of merely officials.

28.11.2013 08:02 / Interfax

Medvedev to Hold Meetings on Banking System and MIFC

Prime Minister Dmitry Medvedev will conduct two finance-related meetings on Thursday, according to the Government press office.

22.11.2013 00:00 / Kommersant

Regulator to Share Powers With Market

Financial market participants are hoping for a compromise with the Bank of Russia on one of the keystones of regulation. The new draft of the Financial Market Self-Regulatory Organizations Act, forwarded by the Bank of Russia to Minfin for review, divides functions between the CB and the SROs in a manner that suits all parties.

21.11.2013 17:33 / Interfax

Duma May Force Banks to Retain 20% Risk in Loan Securitization

State Duma deputies are debating statutory amendments which direct banks to retain 20% risk in loan securitization, Duma Financial Market Committee Head Natalia Burykina said at the Investment Council session on Thursday.

15.11.2013 13:52 / Interfax

FMS to Draft New Capital Adequacy Ratio for Licensed Participants by the Year-End

The Bank of Russia Financial Markets Service (FMS) plans to draft a new capital adequacy ratio regulation for licensed securities market participants by the end of this year, said FMS Deputy Head Sergey Kharlamov at the Federal Investment Forum in Moscow on Friday.

14.11.2013 00:00 / Kommersant

Four Trumps Three

The top 4 Russian rating agencies have pleaded with the Central Bank to ‘clamp down on the oligopoly of Western S&P, Moody`s and Fitch Ratings’. This comes as a surprise for the Russian branches of foreign agencies: today, Russian companies rate more players than their international counterparts.

06.11.2013 16:21 / Interfax

FMS May Fully Merge with Central Bank in Early 2014

The Bank of Russia Financial Markets Service (FMS) may fully merge with the Central Bank and be dissolved in early 2014, two financial market sources told Interfax.

30.10.2013 18:15 / vedomosti.ru

CB Will Make Bank Owners Comply with Regulator Orders

The Central Bank normally orders non-compliant or problem banks to increase reserves, limit operations such as cash deposits etc. Culprits frequently ignore the order — the CB quotes failure to comply with orders (often multiple) as grounds for license revocation. The recently revoked license of Pushkino Bank set the largest insurance pay-out precedent in Russia — Deposit Insurance Agency is to hand out RUB 20.2bn to bank clients — while payouts related to the revocation of Tula’s First Express Bank license this week are an estimated RUB 4.6bn.

28.10.2013 09:09 / Interfax

ALROSA Reports RUB 41bn IPO

Alrosa (MOEX: ALRS) has announced official IPO results. The company floated 16% of its stock on Moscow Exchange.

24.10.2013 15:57 / Interfax

Non-Residents Share in OFZ Indicates Effective Market Liberalization, says CB

The increase in OFZ investment by non-residents indicates the effectiveness of market liberalization measures, particularly the elimination of the infrastructure risk premium, roughly estimated at 100 b.p., says First Deputy Chairman of the Central Bank Kseniya Yudaeva in a comment distributed by the Bank of Russia press office.

17.10.2013 20:11 / vedomosti.ru

Central Bank KPIs Set

Having assumed the role of megaregulator, the Central Bank of Russia turns to market participants for advise on its own KPIs. Today, First Deputy Chairman of the Central Bank Sergey Shvetsov will hear answers at the MIFC Taskforce Strategic Session.

17.10.2013 19:48 / Interfax

Regulator Talks to Financial Market

On Thursday, non-banks presented the megaregulator, Bank of Russia Financial Markets Service, with their drafts of regulator KPIs and further market development measures. 10 presentations on 10 key topics was made in public, with FMS Head Sergey Shvetsov commenting each presentation.

17.10.2013 16:28 / PRIME

Bank of Russia to Purge Unstable Exchanges from the Market

The Bank of Russia will only license financially stable exchanges with a development strategy in place, said First Deputy Chairman of the Bank of Russia, Head of the Central Bank Financial Markets Service Sergey Shvetsov at the MIFC Strategic Session at RIA Novosti.

17.10.2013 15:56 / PRIME

Non-State Pension Funds Corporatization Draft Bill Introduced to State Duma

The Russian Government has introduced a draft bill on corporatization of non-state pension funds, according to the Lower House database.

17.10.2013 14:12 / RIA Novosti

Russian Government Signs Off on Labor Ministry’s New Pension Formula

The Russian Government has approved a series of draft pension bills by the Labor and Welfare Ministry, said Labor Minister Maxim Topilin on Thursday.

17.10.2013 12:45 / PRIME

Shvetsov: The Pension Reform Aims to Make Retirement Comfortable

In the process of non-state pension funds regulation, the Russian authorities should be aware of the fact that their main goal is to make retirement comfortable, said First Deputy Chairman of the Bank of Russia, Head of the Central Bank Financial Markets Service Sergey Shvetsov at the MIFC Strategic Session at RIA Novosti.

17.10.2013 12:41 / PRIME

Shvetsov: Managed Bailouts May Restore Trust in Russia’s Insurance

A system of insurance companies controlled rehabilitation could boost consumer trust in the insurance market, said Head of Bank of Russia Financial Markets Service Sergey Shvetsov at ‘Financial Market Regulation Policy Markers’ MIFC Strategic Session at RIA Novosti.

14.10.2013 12:27 / Interfax

Central Bank to Purge Laundering and Unstable Banks from the System

Central Bank to Purge Laundering and Unstable Banks from the System

07.10.2013 11:53 / Vedomosti

Risk Subscription Fee

The Exchange plans to offer stable players a limit of some RUB 80m for unsecured trading in shares and bonds, according to a brokerage source, confirmed by a Moscow Exchange representative. The broker stated that the Exchange Repo Committee had passed the decision on 3 October. The Exchange source says approvals are still due from the Stock Market and Risk committees, followed by a Board sign-off: “The new rules could be enacted as early as December”.

04.10.2013 11:37 / Interfax

NAUFOR Submits New IPO Prospectus Standard to FMS

National Association of Stock Market Participants (NAUFOR) has submitted the draft of a new IPO Prospectus standard for issuers, says the Association press release.

03.10.2013 22:12 / PRIME

Minfin Reserves Funds to Return 2014 Pension Savings

The Russian Finance Ministry plans to create reserves for the return of pension savings made in the year 2014, now due to be transferred to the distribution system, head of the Ministry for Economic Development Alexey Ulyukaev told the press.

10.09.2013 20:06 / PRIME

Market Participants Expect Supreme Arbitration Court Opinion on Interest Rate Swap Contracts

Russian stock market participants expect the Supreme Arbitration Court (SAC) to release an opinion on IRS contracts, said Head of National Stock Market Participants Assocaition (NAUFOR) Alexey Timofeev at the Derivatives in Russia 2013 conference on Tuesday.

04.09.2013 10:56 / Interfax

Citigroup, Credit Suisse, Merrill Lynch and Morgan Stanley open Т+2 trading at Moscow Exchange

In September 2013, four banks - Citigroup, Credit Suisse, Merrill Lynch и Morgan Stanley – offer clients Direct Market Access to Т+2 share trading on Moscow Exchange, says press release.

02.09.2013 21:18 / vedomosti.ru

Megaregulator Takes Over

As of yesterday, financial market oversight in its entirety has been transferred to the megaregulator – the Central Bank, with FFMS officially defunct. FFMS functions have been delegated to the Bank of Russia Financial Markets Service (SBRF), headed by the megaregulator’s First Deputy Chairman Sergey Shvetsov. FFMS still exists and will be liquidated by the year-end, according to President Putin’s orders.

30.08.2013 18:10 / Rossiiskaya gazeta

Central Bank Goes Out in the Open

Starting 1 September, a new Central Bank-based financial megaregulator will become operational in Russia. The Central Bank will now supervise banks as well as microfinance, exchange intermediaries and brokers, pension funds and even agricultural credit co-ops.

29.08.2013 20:07 / Interfax

Central Bank`s New Role as Mega-Regulator Positive for The Financial Sector, says S&P

The Central Bank of Russia`s new role as a "mega-regulator" overseeing commercial banks and nonbank financial institutions is likely to standardize regulation and reporting among the various entities and could be positive for ratings in the Russian financial sector in the long run, Standard & Poor`s Ratings Services believes.

22.08.2013 18:10 / Interfax

FFMS-CB Transition – Complicated, But Not Painful

The first day of Autumn signifies a new life for the non-banking financial market – its supervisor is now the Bank of Russia, not the Federal Financial Markets Service. On Thursday, one and a half weeks prior to the event, Deputy Chairman of the Central Bank Sergey Shvetsov outlined new supervisory priorities at his first press conference as elected Head of the Bank of Russia Financial Markets Service.

22.08.2013 15:25 / Interfax

Financial Market SROs Call for Gradual Implementation of Self-Regulation

Russian financial market SROs are in favor of different SRO implementation rates in various financial market segments, said NAUFOR Chairman of the Board Alexey Timofeev at a press briefing on the liaison agreement signed by the Russian Banks Association (ARB), the All-Russia Insurers Union and NAUFOR.

21.08.2013 12:32 / Interfax

Sergey Shvetsov Heads Bank of Russia Financial Markets Service

Sergey Shvetsov has been appointed First Deputy Chairman of the Central Bank in charge of the Bank of Russia Financial Markets Service, starting from 1 September, the CB Press Office announced Wednesday.

20.08.2013 21:13 / Interfax

FFMS Head Pankin Will Not Join CB

Head of Federal Financial Markets Service Dmitry Pankin will not submit a transfer request to the Central Bank of Russia, taking over FFMS from 1 September. “I have taken a personal decision to not apply”, Pankin told Interfax.

15.08.2013 18:33 / Vedomosti

Central Bank to Name Pillar Insurers

Insurance companies oversight will be structured in a similar way to banking: with a list of core market players, curators and new repercussions. By Q4 2014, the megaregulator will select pillar insurance companies to monitor them separately, according to a FFMS insurance market regulation and oversight plan.

02.07.2013 08:02 / Interfax

Megaregulator Bill Second Reading on Tuesday

The State Duma will debate the Megaregulator bill in a second reading this Tuesday.

27.06.2013 11:45 / Finmarket

Megaregulator Must Report to Duma Only

The financial market megaregulator should function as an independent state authority and report to the parliament only, said Deputy Chairman of the Duma Financial Markets Committee, President of the Regional Bank Association of Russia Anatoly Aksakov.

18.06.2013 16:57 / Interfax

FFMS Changes Listing Rules

Federal Financial Markets Service (FFMS) has drafted and posted online Organized Trading Requirements for Securities.

14.06.2013 21:13 / MIFC

Forum Analytical Center Wins Double at Stock Market Elite 2012 Awards

Forum Analytical Center, the home base and think tank of MIFC Taskforce, won two nominations at Stock Market Elite 2012 Awards last night.

07.06.2013 21:14 / vedomosti.ru

State Bid to Boost Stock Market Mass Appeal

The concept of boosting stock market appeal to private investors was formulated by Minfin in Tax Policy 2014-2016. The plan is to cool interest in traditional assets such as real estate and deposits by limiting related benefits, while increasing tax benefits for share investors. The key conditions is long-term investment: Minfin proposed to lift tax for the sale of shares owned by investors for over three years.

20.05.2013 18:01 / Interfax

Russian Government Expands Pension Savings Investment Options

The Russian Government has expanded long-term investment options for pension savings, including Russian IPOs.

18.05.2013 17:57 / Kommersant

Megaregulator Starts from Scratch

The State Duma has passed in the first reading the draft bill on transfer of financial markets regulation functions to the CB. According to the bill, the megaregulator will commence work as early as 1 August. However, there are indications that the FFMS merger will be tough. Yesterday, the Minfin held a session on the technical aspects of the merger, ruling that FFMS staff will not receive the four-salary severance compensation, while their CB payroll position is considered below par.

17.05.2013 19:33 / Finmarket

Financial Market Megaregulator Bill Passed in First Reading

On Friday, the State Duma passed in first reading the bill on the transfer of financial markets legislative, control and supervisory functions of Federal Financial Markets Service (FFMS) to the Bank of Russia.

19.04.2013 13:01 / Interfax

Central Bank to Offer Licensed Participants Bank Level Client Protection

The Central Bank of Russia, following its merger with Federal Financial Market Service (FFMS), will introduce a policy of upgrading licensed non-banks client protection to banking level, said Deputy Chairman of the Central Bank Sergey Shvetsov at Sberbank’s Russia 2013 Forum on Friday.

09.04.2013 11:32 / TASS

Banking and Megaregulator Will Not Cause Capital Drain, Says Nabiullina

The banking system and the megaregulator will not cause capital drain, said Presidential Aide and Central Bank Chair Candidate Elvira Nabiullina at a State Duma plenary session today.

08.04.2013 21:14 / Vedomosti

Summer Recruits for the Central Bank

Following FFMS merger with the Central Bank, and until 1 January 2015, FFMS employees will receive average Bank of Russia salaries, said Deputy Head of the Central Bank Sergey Shvetsov. “We have yet to discuss this to pass the final decision”, he added.

06.04.2013 17:34 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

05.04.2013 15:15 / Vedomosti

Prime Minister Medvedev Approves FFMS-CB Megaregulator Merger Roadmap

FFMS staff will be transferred to the CB as early as Q3, said Deputy Finance Minister Alexey Moiseev at a press conference today. According to him, a special workgroup is drafting amendments to over 50 laws and regulations. The Ministry expects all legislative amendments to pass the State Duma in the spring session.

03.04.2013 19:15 / Kommersant

Government Tweaks Megaregulator

The Government has completed work on the megaregulator — the finalized draft of the Central Bank Act has been introduced to the State Duma. The Government rules out any possibility of the bill failing to become law on 1 August 2013, despite significant amendments to the original Minfin version.

02.04.2013 11:49 / Interfax

Moscow Exchange Sells RTS Clearing House

Moscow Exchange MICEX-RTS took a decision in March to sell off RTS Clearing House, according to the exchange’s IFRS consolidated financial report 2012.

01.04.2013 11:01 / Interfax

Duma to Pass Draft Bill on FFMS-CB Megaregulator Functions Transfer

The Russian government has introduced to the State Duma a bill transferring Federal Financial Markets Service (FFMS) legislative, control and oversight functions in the financial markets to the Central Bank.

29.03.2013 18:27 / Vedomosti

Russian Central Depositary Launch Ignored by Major Global Funds

There is a high settlement infrastructure risk in the Russian market, states the world’s largest index funds manager Vanguard in a report to SEC. Shareholder records are kept by registrars, however their statements are frequently treated as insufficient proof of title to securities. Fraud could lead to a loss of ownership or diluted stake, while claiming damages from registrars is highly complicated: Russian registrars are “not effectively regulated nor licensed by the state”. A similar remark is made in a report by T. Rowe Price Global Allocation Fund.

27.03.2013 17:55 / Vedomosti

Shares Now Traded Through Central Depositary Accounts

Yesterday marked the last day of the transition period introduced by the Central Depositary Act that has made the CD a nominee account monopoly. The CD has signed with all Russian public limited companies and has been entered in their registrars. Other nominees may no longer appear in registrars of listed companies. Nominees remaining in public companies may not trade these shares before they have been transferred to the CD.

26.03.2013 09:27 / Interfax

Legislative Committee Approves FFMS-CB Megaregulator Functions Transition

The Government Legislative Committee has passed the draft bill on transferring FFMS financial markets legislative, control and supervisory functions to the Bank of Russia, according to the Cabinet of Ministers press office.

25.03.2013 11:06 / MICEX-RTS

Moscow Exchange introduces major upgrade to settlement of Russian securities

Moscow Exchange begins settlement of securities on the T+2 basis, bringing its procedures in line with international best practices. As with other recent reforms, the move makes trading on Russia"s main exchange more attractive to both international and Russian market participants.

18.03.2013 14:34 / Interfax

Government Drafts Bill to Secure Private Pension Fund Savings

The Government has drafted a bill to secure pension savings in private pension funds, said First Deputy Prime Minister Igor Shuvalov.

15.03.2013 16:40 / Interfax

NSD Urges Minfin to Upgrade Tax Administration for Foreign Investors

Upgrading tax administration for foreign nominee accounts used for safekeeping corporate securities will bring foreign investors money to the shares and corporate bonds markets, Head of National Settlement Depositary (NSD, Russia’s Central Depositary, part of Moscow Exchange Group) Eddie Astanin told the press on Friday.

14.03.2013 18:56 / vedomosti.ru

Minfin’s New Plan to Boost Trust in Private Pension Funds

“Private Pension Funds oversight must be similar to banking, in order to boost public trust in these funds”, said Deputy Finance Minister Alexey Moiseev.

19.02.2013 19:34 / Vedomosti

State Companies Stall FFMS Fight Against Insider Trading

“Federal Financial Markets Service has made progress in investigating manipulation, however, insider trading is still a very difficult task, a stumbling block”, said Deputy Head of FFMS Information and Monitoring Department Denis Gavinsky at yesterday’s press conference. This is also partly due to the fact that insider information is used by state-owned companies, said Gavinsky: “Insider dealing in state companies is a special case – here we currently lack the experience of interaction with state companies”. The situation must change, he said. FFMS will ask for extended powers, admits Pankin: “We need access to law enforcement agencies’ information”. When asked how exactly state companies block investigation, Pankin declined comment, stating only that “insider trading can be investigated, but it’s really difficult at present”.

15.02.2013 13:05 / Interfax

Moscow Exchange IPO Heralds Russian Privatizations

The Moscow Exchange IPO is a starting gun for privatizations in Russia, said Head of Federal Financial Markets Service Dmitry Pankin at the opening ceremony of the Stock Exchange share trading on Friday.

15.02.2013 12:10 / Interfax

Moscow Exchange IPO Oversubscribed More Than Twice

The Moscow Exchange IPO book was oversubscribed more than twice at RUB 55 per share, the bottom of the range, Exchange Head Alexander Afanasiev told the press Friday.

14.02.2013 17:55 / Interfax

Russia Proposes Central Counterparty Stress Testing Talks for G20

Russia plans to discuss the possibility of central counterparty stress testing with G20 colleagues, said Finance Minister Anton Siluanov at an International Finance Institute Conference in Moscow.

13.02.2013 20:12 / Vedomosti

Clearstream Follows Euroclear to Russia

A leading international depositary, Clearstream, will open Central Depositary accounts in Russia in the first half of February, a company representative told Vedomosti. On the heels of the Euroclear link activation a week ago, another global post-trading settlement player enters the Russian market.

13.02.2013 14:50 / RBC

Russian Government Approves State Financial and Insurance Markets Development Program

At today’s session, the Russian Government approved the State Financial and Insurance Markets/ International Financial Center Development Program, Finance Minister Anton Siluanov told the press. He said that the state program was drafted according to government priority programs-2018, aimed at improving Russia’s investment climate.

12.02.2013 13:36 / Interfax

Licensed Participants Propose Drastic Margin Loan Amendments for Т+2

Licensed securities market participants have drafted a new Brokerage Securities Trading regulations. The document is posted on the National Securities Market Participants Association (NAUFOR) website.

12.02.2013 00:45 / Vedomosti

Risks Under Control

Creating a Central Bank-based financial market megaregulator could drive risk management in banks. Insurance companies, pension funds and the asset management market will take their risk management cues from banks. This is the key takeaway from the 9th Annual Russian Risk Management Conference.

11.02.2013 14:03 / Vedomosti

Central Bank to Grant FFMS “Head Department” Status

When Federal Financial Markets Service merges with the Central Bank, it will acquire “Head Department” status, say officials. “The Service can have any internal status within the CB, government approval is not required”, says one source.

08.02.2013 10:42 / Interfax

Ratings Unaffected by Foreign Investor Access to Sovereign Rouble Bonds

Standard & Poor`s does not expect Russia’s sovereign ratings to be affected by foreign investors gaining access to the Russian state bonds market, according to an S&P release.

07.02.2013 13:43 / Moscow exchange

Integrated Eurasian Economic Community FX Market Opens

Moscow Exchange opened the foreign exchange market to banks from Eurasian Economic Community (Belorussia, Kazakhstan, Kirgizia and Tajikistan).

05.02.2013 15:28 / RBC

Financial Market Megaregulator Draft Acts May Be Introduced 15 March

The Russian Central Bank-based financial market megaregulator draft bills may be introduced to the State Duma on 15 March, said Deputy Finance Minister Alexey Moiseev, in reply to queries from the Duma financial markets committee.

04.02.2013 19:34 / Vedomosti

What’s Stopping Foreigners from Investing in Russian Shares

“Privatization should service the development and capitalization of our own stock market, not heat foreign trading floors”, said President Putin recently, putting an end to a long-running debate on the best state company public offering option.

04.02.2013 14:59 / Interfax

T+2 Could Lower Moscow Exchange Income

Moscow Exchange MICEX-RTS income could fall due to the introduction of T+2 settlement planned for this March, according to the Exchange IPO prospectus.

04.02.2013 12:24 / Interfax

Moscow Exchange to Use IPO Proceeds for NCC Capital and IT Development

Moscow Exchange MICEX-RTS plans to use IPO proceeds for the capital of its subsidiary, National Clearing Center (NCC) and IT infrastructure development, according to the Exchange IPO prospectus.

01.02.2013 19:57 / Interfax

MICEX-RTS IPO Arrangers Set Price Range at RUB 55 to RUB 63 a Share

Moscow Exchange MICEX-RTS IPO arrangers have set the price range for the initial public offering at RUB 55 to RUB 63 a share, according to a financial market source.

01.02.2013 09:24 / Interfax

Moscow Exchange Top Managers to Meet Investors 4 February

The first Moscow Exchange MICEX-RTS top management IPO meeting with investors is due on Monday, 4 February, said source in a Western fund, who had been invited by the bookrunners.

30.01.2013 10:27 / Interfax

FFMS Registers Moscow Exchange RUB 181mn Bonus Issue

Federal Financial Markets Service (FFMS) has registered the Moscow Exchange MICEX-RTS bonus issue report, according to Service press release.

30.01.2013 00:44 / forbes.ru

Eurocrats Stop $80bn from Coming to Russia

Mass arrival of foreign investors in the Russian market is delayed by red tape. Direct foreign investor access to Russian securities is expected to raise $40-$80bn in OFZs, which will allow the Russian Ministry of Finance to borrow cheaper. Today foreigners have to buy stock through Russian subsidiaries of global banks or exchanges. Trading through Euroclear and Clearstream will allow direct trading with other owners.

29.01.2013 08:51 / Interfax

Moscow Exchange Advisory Board to Discuss IPO Preparation January 31

Moscow Exchange MICEX-RTS Advisory Board will discuss IPO preparation at a meeting on Thursday. The agenda also includes operational risk policy, says the exchange press release.

25.01.2013 19:29 / «Kommersant-Online»

Megaregulator Gets Top Level Support

The President backed the idea of creating a megaregulator by merging FFMS with the Central Bank. All the human resources of the Service will be transferred to the Bank of Russia. First Deputy Prime Minister Igor Shuvalov said that FFMS will remain an independent service within the CB by 2015, “not diluted within the Bank of Russia”.

21.01.2013 10:14 / Interfax

Moscow Exchange Announces Home IPO

Moscow Exchange MICEX-RTS has officially announced IPO of ordinary shares on its own trading floor, MICEX.

28.12.2012 09:42 / Finmarket

Euroclear Bank Opens NSD Account

On 27 December, Euroclear Bank opened an account with National Settlement Depositary (NSD, Russia’s Central Depositary, part of Moscow Exchange Group), NSD CEO Eddie Astanin told Interfax.

14.12.2012 14:21 / forbes.ru

FFMS to Join Central Bank in 2 Years

The Russian Government has passed a decision to integrate the Federal Financial Markets Service with the Central Bank in 18 months – 2 years, said Finance Minister Anton Siluanov on Friday 14 December as quoted by RIA Novosti.

05.12.2012 08:02 / Interfax

Moscow Exchange Commences OFZ Placements

From 5 December, Moscow Exchange commences placements of Russian Federation government bonds (OFZ) in the Main Market sector of the Stock exchange.

03.12.2012 13:17 / Interfax

Financial Market Unions Want More Power for SROs

Financial Market Council has circulated a letter to Minfin, the Central Bank and Federal Financial Market Service (FFMS) calling for stronger self-regulation in the financial market as part of the ongoing regulatory reform.

29.11.2012 17:09 / Interfax

Moscow Exchange to Launch Share Market Liquidity Boost Program in January

Moscow Exchange MICEX-RTS plans to launch a market making program to boost share market liquidity in January 2013, Stock Market MG Anna Kuznetsova announced at the All-Russia Algorithmic Trading Conference on Thursday.

29.11.2012 09:05 / vesti.ru

Medvedev Hints at CB-Based Megaregulator

Russian Prime Minister Dmitry Medvedev told Kommersant daily that the Central Bank-based financial market megaregulator scenario is ‘reasonable’.

26.11.2012 21:34 / vedomosti.ru

Central Bank Gets FFMS

FFMS becomes part of the Central Bank, such is the result of Open Government megaregulator debate. On Friday, a meeting took place with Open Government Liaison Minister Mikhail Abyzov to discuss the issue, say sources. A formal decision was not passed, but this was the only option on the agenda.

19.11.2012 17:24 / Interfax

Moscow Exchange and Deutsche Borse to Exchange Trading Data

Moscow Exchange MICEX-RTS and Deutsche Borse may launch a joint trading data exchange project in 2013, Moscow Exchange CEO Alexander Afanasiev told the press on Monday.

19.11.2012 16:07 / «Kommersant-Online»

Russian Central Depositary Fully Operational 30 March 2013

The Russian Central Depositary will become fully operational starting from 30 March 2013, Head of Federal Financial Markets Service (FFMS) Dmitry Pankin told the press 19 November.

16.11.2012 21:25 / Interfax

Deutsche B?rse and Moscow Exchange Plan Joint Development

Deutsche B?rse and Moscow Exchange plan to cooperate in exchange infrastructure, product development, IT, clearing, settlement & custody, as well as outreach to issuers, licensed participants and investors.

16.11.2012 15:05 / Interfax

Mandatory Consolidated Quarterly IFRS Reporting in 2014

The Ministry of Finance proposes to introduce mandatory posting of quarterly consolidated financial reports in 2014, with mandatory filing and posting of consolidated IFRS reports by bond issuers in 2014 instead of 2015.

15.11.2012 19:51 / Interfax

Moscow Exchange Open on Holidays From May 2013

Moscow Exchange will resume its open on holidays schedule from May 2013, Deputy Chairman of the Central Bank of Russia Sergey Shvetsov told the press on Thursday.

15.11.2012 13:20 / Interfax

FFMS Urges Moscow Exchange to Improve IT Support

Federal Financial Markets Service (FFMS) has once again urged Moscow Exchange MICEX-RTS to improve its IT support.

12.11.2012 12:55 / Interfax

Government Approves Expedited IFRS Transition

Following last Thursday’s session, the Russian Government has approved measures proposed by Minister of Finance Anton Siluanov to expedite Russian companies’ transition to IFRS and wider implementation of these standards, according to the Government website.

08.11.2012 15:32 / Interfax

Medvedev Commissions Wider IFRS Application Proposals

IFRS standards should be applied in Russia on a larger scale, while Russian standards remain viable, said Prime Minister Dmitry Medvedev at a government session on Thursday.

08.11.2012 13:34 / Interfax

Central Bank May Exit Moscow Exchange Within 2 Years After IPO

The Central Bank of Russia may exit Moscow Exchange MICEX-RTS within two years following the exchange IPO, according to a financial market source.

08.11.2012 10:30 / Interfax

FFMS to Change Capital Requirements for Licensed Participants

Federal Financial Markets Service (FFMS) plans to change the approach to amount and calculation of licensed stock market participants’ capital, said FFMS Head Dmitry Pankin on Thursday.

07.11.2012 19:45 / Interfax

Moscow Exchange Board of Directors Sets Pre-IPO Technical Bonus Issue Price

Moscow Exchange MICEX-RTS Board of Directors has set the price of RUB 200mn pre-IPO technical bonus issue, placed via private offering to MICEX-Finance, a 100% Exchange owned subsidiary, according to press release.

07.11.2012 19:02 / Finam.ru

Moscow IFC: Central Depositary in Place, Now Megaregulator?

The concept of unified financial markets regulation and oversight is nothing new. Attempts to create a so-called megaregulator in Russia were made in 1999 and 2006, the latter resulting in a draft bill by the State Duma Committee, its introduction postponed indefinitely. This year the initiative has been given another chance among much controversy.

06.11.2012 20:01 / Interfax

FFMS Stands For Creating Agency At Central Bank In Frames Of Megaregulator Building

Head of the Federal Financial Markets Service (FFMS) Dmitry Pankin stands for creating a special agency at the Central Bank of Russia in frames of the reform on regulating and supervising financial markets.

06.11.2012 19:19 / Interfax

Government Approved Schedule and Order for the Bank Of Russia To Withdraw from Moscow Exchange Capital

The Government of the Russian Federation coordinated the order and schedule of the Bank of Russia to withdraw from the Moscow Exchange capital, Sergey Shvetsov, Deputy Chairman of the Bank of Russia, informed journalists on Tuesday.

06.11.2012 18:31 / Interfax

Central Bank Can Radically Change Within 3 Years if Joined by FFMS

If joined by Federal Financial Markets Service (FFMS), the Central Bank of Russia is ready for a complete overhaul of its management structure and conflict of interests mitigation.

06.11.2012 16:50 / Interfax

“We Are a Prepared and Confident Central Depositary”

Following a decade of debate, the government has acknowledged the need for Central Depositary in the Russian market. On Tuesday, Federal Financial Markets Service (FFMS) accredited the sole contender for the CD function, NKO ZAO National Settlement Depositary (part of Moscow Exchange MICEX-RTS Group). NSD CEO Eddy Astanin tells us whether NSD is ready for the role of the sole central depositary, and what the future holds for the Russian stock market and the NSD.

06.11.2012 16:45 / «Kommersant-Online»

National Settlement Depositary Granted Central Depositary Status

On November 6, Federal Financial Markets Service (FFMS) granted central depositary status to ZAO National Settlement Depositary (NRD, 99% owned by Moscow Exchange Group), according to FFMS.

06.11.2012 16:35 / Interfax

NDC Head Doesn’t See Threats In Bringing Euroclear At Russian Market

Eddie Astanin, Chairman of Directorship, the National Depository Centre (NDC), doesn’t see any risks in bringing international central depositories Euroclear and Clearstream directly at the Russian market.

02.11.2012 14:33 / Interfax

Ministry for Economic Development Proposes Independent Market-Financed Megaregulator Within 5 Years

Minister for Economic Development Andrey Belousov has forwarded draft Government Policy 2018 proposals.

01.11.2012 11:45 / Interfax

Moscow Exchange Board of Directors to be Renamed Advisory Board for the Upcoming IPO

Moscow Exchange MICEX-RTS Board of Directors will put an amended charter to vote at extraordinary GSM, due to the proposed renaming of the Board of Directors into Advisory Board as part of the Exchange corporate reform, says press release.

30.10.2012 20:47 / Interfax

FFMS Registers Moscow Exchange RUB 200mn Bonus Issue

On Tuesday, the Federal Financial Markets Service (FFMS) registered Moscow Exchange MICEX-RTS bonus issue of 200mn ordinary shares, says the service press release.

24.10.2012 16:29 / Interfax

FFMS Boost Named Possible Megaregulator Scenario

Russian Prime Minister Dmitry Medvedev allowed a month for analysis of megaregulator scenarios, including possible preservation of Federal Financial Markets Service (FFMS).

24.10.2012 15:39 / Interfax

NSD Allows Non-Banks Foreign Currency Settlement

National Settlement Depositary (NSD, part of Moscow Exchange) has allowed non-bank clients the option of settlement in foreign currency on the stock market, according to a joint press statement by the depositary, the stock exchange and Vnesheconombank.

23.10.2012 15:06 / Interfax

Finance Ministry Supports Stronger Financial Market Role for SROs

The Russian Ministry of Finance support the increased role of SROs, professional and public organizations in financial market regulation, said Head of Financial Policy Sergey Barsukov at a Federation Council Budget and Financial Market Committee OTC Market Advisory Board meeting on Tuesday.

23.10.2012 10:29 / Interfax

Russia Awarded 5 out of 6 Points in Doing Business for Credit Risk Info, Insufficient Data on Payment Discipline

Russia has been given high grades for availability of credit risk information, 5 out of 6 points in the new World Bank & IFC Doing Business rating, however this failed to impact the country’s loan availability standing.

22.10.2012 19:12 / Kommersant

Conversion Sans Frontiers: FFMS Wants to Return IPO Market to Russia

Federal Financial Markets Service (FFMS) intends to return IPOs to the Russian market. The regulator proposes Russian IPOs to issuers in return for unlimited placement abroad. Market participants, however, doubt the success of the initiative: the Russian market is missing investors, not schemes.

19.10.2012 13:23 / Interfax

FFMS Considers Lifting DR Conversion Restrictions for Russian Placements

Federal Financial Market Service is considering an abolishment of depositary receipts (DR) conversion restrictions for shares placed in Russia, said Head of FFMS Dmitry Pankin.

19.10.2012 11:36 / Interfax

Government Debate on Megaregulator Expected 24 October

Government debate on the megaregulator may take place 24 October, Head of Federal Financial Market Service (FFMS) Dmitry Pankin told the press on Friday.

18.10.2012 15:14 / Interfax

Central Bank Consults Government for Moscow Exchange Exit Procedure and Timeline

The Central Bank of Russia is currently in consultations with the Russian government on the procedure and timeline of the regulator`s venture capital exit from the Moscow Exchange MICEX-RTS, Central Bank Deputy Chairman Sergey Shvetsov told the press Thursday.

17.10.2012 16:34 / Interfax

ARB Head Says Don`t Rush Megaregulator

Russia should not rush the new financial market megaregulator, thinks Head of Russian Banks Association Garegin Tosunyan.

17.10.2012 12:44 / Interfax

Financial Market Council for Detailed Megaregulator Plan

The Financial Market Council has forwarded a memorandum on financial market regulation and oversight reform to President Putin, according to RTS Non-Commercial Partnership (Council member) release.

16.10.2012 19:23 / vedomosti.ru

Banks Will Disclose More Client Info

The government intends to make banks disclose more client information to controllers: private individuals` transactions and account balance to the tax authorities, corporate client beneficiaries to Rosfinmonitoring.

16.10.2012 15:00 / Interfax

Megaregulator Will Not Affect Financial Institutions in Russia

Establishing a megaregulator in Russia will take a long period of time and will not affect financial institutions in the foreseeable future, says Senior Analyst at S&P Sergey Voronenko.

15.10.2012 18:34 / Interfax

Financial Market SROs Call for No Haste with Megaregulator

Financial Market Council, comprised of several professional associations, will shortly announce its position on the megaregulator. An open Council meeting took place 11 October to discuss the matter.

15.10.2012 17:34 / Interfax

NAUFOR Asks Shuvalov to Retain Two Financial Market Regulators

National Stock Market Participants Association (NAUFOR) has forwarded a statement to First Deputy Prime Minister Igor Shuvalov and Presidential Aide Elvira Nabiullina on the proposed delegation of regulation and oversight of all financial institutions to the Central Bank of Russia.

12.10.2012 10:12 / Interfax

Ex-FFMS Vyugin May Head Moscow Exchange

Moscow Exchange MICEX-RTS could be managed by ex-FFMS Head Oleg Vyugin, current CEO at MDM Bank, Vedomosti reported Friday, citing sources close to exchange shareholders.

11.10.2012 15:20 / vedomosti.ru

Russian Central Depositary Could Lose Foreign Investor Appeal

By November, the Central Depositary will allow foreign investors access to the domestic financial market, making the registration of title to securities more transparent, President Putin promised last week.

09.10.2012 20:28 / RIA Novosti

Experts: Failures In Mega Regulator Creation May Do Harm To Economy

RIA Novosti round table guests believe, the currently discussed solutions on creating a financial market mega regulator are badly worked out and have no base.

08.10.2012 16:06 / «Kommersant-Online»

Kudrin Approached to Head Megaregulator

Russian ex-Minister of Finance Alexey Kudrin told RIA Novosti on 8 October that he had been approached with a proposition to head the financial megaregulator.

08.10.2012 15:05 / Interfax

Financial Market Council Proposes Megaregulator Debate

On 5 October, the Financial Market Council, a union of self-regulatory financial market participants organizations (SROs), proposed a financial market megaregulator debate, according to the press release.

05.10.2012 19:23 / vedomosti.ru

Government May Use Sberbank SPO as Template for Privatization

The recent Sberbank SPO offered investors two purchase methods: OTC through bookrunners and directly through Moscow Exchange. The Exchange had an advantage: 10% (with 15% top mark) of Sberbank stock was reserved for the Exchange, with 100% bids allotted within that range. All other bids were allotted arbitrarily.

02.10.2012 12:52 / Interfax

Moscow Exchange Likely to Introduce T+N This Year

Moscow Exchange MICEX-RTS is likely to introduce T+N settlement by the end of the year, said Head of Exchange Alexander Afanasiev.

01.10.2012 12:22 / Interfax

Moscow Exchange Ready for IPO by February 2013

Moscow Exchange will be technically ready for IPO by February 2013, Head Alexander Afanasyev told the press Tuesday.

26.09.2012 16:56 / forbes.ru

Will Megaregulator Help Create IFC in Moscow?

To see domestic IPOs by Russian companies, laws must cover derivatives.

25.09.2012 16:19 / Interfax

Shuvalov Against Mandatory Placement in Russia

Legally binding Russian issuers to float shares in Russia is unreasonable, says First Vice Premier Igor Shuvalov.

25.09.2012 15:04 / Interfax

Ministry of Justice Registers FFMS Decree Allowing Euroclear and Clearstream Access to Russia

On 20 September, the Russian Ministry of Justice registered FFMS decree on Appointed Foreign Central Depositary Nominees, according to Minfin release.

21.09.2012 20:32 / Interfax

FFMS Still Unclear on Forex Regulation

Federal Financial Market Service (FFMS) has not taken a clear standpoint on Forex market regulation, FFMS Head Dmitry Pankin told the press at Sochi International Investment Forum.

21.09.2012 19:15 / Interfax

Moscow Exchange Shareholders Approve 200mn Bonus Issue

Moscow Exchange MICEX-RTS shareholders have agreed on a bonus issue of 200mn ordinary shares par value 1 rouble, says the exchange press release.

21.09.2012 13:54 / Interfax

Financial Ministries Agree to Central Bank as Megaregulator

Minfin, Central Bank and Federal Financial Markets Service (FFMS) have agreed to transfer regulatory functions to the Bank of Russia, except for legislative powers, to be retained by Minfin.

21.09.2012 08:01 / Interfax

Moscow Exchange Seeks President, Position Offered to Oleg Vyugin

Moscow Exchange MICEX-RTS is seeking replacement for President Ruben Aganbegyan, who leaves his post on 25 September, says three financial market sources.

20.09.2012 19:14 / RBC - daily

Bank of Russia and FFMS` New Supervisor

The Bank of Russia and FFMS may be supervised by a new body, Financial Stability Council, formed from state officials and some of the regulators.

20.09.2012 18:15 / Interfax

NAUFOR Wins FFMS Prudential Oversight Tender

National Stock Market Participants Association (NAUFOR) has won the non-banking prudential oversight concept tender, says the association release.

19.09.2012 16:07 / Interfax

Moscow Exchange IPO Plans Intact

The IPO of Moscow Stock Exchange MICEX-RTS will go forward as planned, said Russia`s Central Bank First Deputy Chairman Alexey Ulyukaev.

18.09.2012 21:35 / Interfax

Non-Commercial Partnership RTS Came Up With Priority Projects By Mid-2013

On Tuesday, the RTS Board of Directors considered an issue on the priority development projects, as Anatoly Gavrilenko, Chairman of the Partnership’s Board of Directors and Chairman of the Supervisory Board, ALOR Group of Companies, reported to journalists that day.

18.09.2012 17:23 / Vedomosti

Russia`s Largest Bank to Float

The privatization deal of the year is on: the Central Bank of Russia makes use of the upward markets stimulated by Europe/US central banks to place 7,6% of Sberbank

18.09.2012 16:58 / Interfax

Minfin Plans Tougher Reporting Oversight

The Finance Ministry plans to toughen corporate financial reporting oversight, said State Financial Control, Audit, Accounting and Reporting Department Director Leonid Schneidman at a Tuesday press conference.

18.09.2012 12:08 / Interfax

Moscow Exchange Board Greenlights Direct Access to FX

At a Monday 17 September meeting, Moscow Exchange MICEX-RTS Board of Directors voted for licensed stock market participants direct access to the FX market, said Alor Supervisory Board Chairman Anatoly Gavrilenko.

18.09.2012 12:08 / Interfax

FFMS Backs Russian Part of Sberbank SPO

Federal Financial Markets Service (FFMS) welcomes partial SPO of Sberbank ordinary shares on the Russian stock exchange, said Head of FFMS Dmitry Pankin.

18.09.2012 08:01 / Interfax

Fewer Licensed Participants in Recent Years

The number of licensed stock market participants in recent years has been on the wane, Head of FFMS Dmitry Pankin told the press on Monday.

15.08.2012 08:01 / Interfax

Russia to Give Euroclear Direct Access to Sovereign and Corporate Debt

The Federal Financial Markets Service (FFMS) has submitted for registration at the Ministry of Justice a regulation allowing foreign central depositaries such as Euroclear and Clearstream access to corporate debt market as well as to sovereign bonds, said a service representative.

25.07.2012 16:41 / Interfax

NSD Supervisory Board Forms Customer Committee

National Settlement Depositary (NSD) Supervisory Board (part of MICEX-RTS Moscow Exchange Group) passed the Customer Committee establishment decision and appointed all of its 29 members at a Wednesday session, according to NSD press release.

24.07.2012 13:21 / Interfax

Moscow Exchange Worth $3,96-4,4bn on RTS Board

The capitalization of MICEX-RTS Moscow Exchange according to RTS Board indicative quotes is $3,955-4,395bn.

05.07.2012 18:35 / Interfax

FFMS Considers 6 Months Grace Period on Capital Decrease Fines

The Federal Financial Markets Service (FFMS) is considering the possibility of a 6-month grace period on capital decrease fine for licensed stock market and mutual investment market participants.

04.07.2012 19:49 / Interfax

FFMS May Take Back Functions from Finance Ministry

The Federal Financial Markets Service (FFMS) may take back the functions transferred out of its purview to the Finance Ministry a year ago.

29.06.2012 08:01 / Interfax

Clearstream and Euroclear Will Access State Bonds by 1 July 2014

By 1 July 2014, Federal Financial Markets Service (FFMS) will open access to the state bonds market only for Clearstream International SA (Luxembourg) and Euroclear Bank SA/NV (Belgium), among other 136 companies eligible for foreign nominee account opening at the Central Depositary.

27.06.2012 15:14 / Interfax

MICEX-RTS Should Introduce T+3 by Mid-2013, Followed by T+2

The National Association of Stock Market Participants (NAUFOR) workgroup has concluded that introducing T+N settlement at the integrated MICEX-RTS exchange is a advisable and must be supported in the interest of keeping the Russian market competitive, says the Association release.

27.06.2012 13:41 / Interfax

Licensed Participants Ask Regulators to Review Capital Adequacy Ratio

National Association of Stock Market Participants (NAUFOR) and National Fund Managers League have proposed a review of the formula and limit of proprietary capital adequacy ratio for securities market participants and fund managers.

21.06.2012 08:01 / Interfax

MICEX-RTS Shareholders Approve New Exchange Name

At their annual meeting in Wednesday, MICEX-RTS shareholders approved the new stock exchange name, according to Interfax.

20.06.2012 20:22 / Interfax

MICEX-RTS to Pay 10% Net Profit in Dividends, Worth RUB 681mn

At the annual GSM on Wednesday, MICEX-RTS shareholders passed the decision to pay the dividend of 10% of net IFRS profit, worth RUB 681mn, as reported by Interfax.

07.06.2012 12:14 / Interfax

Clearstream and Euroclear to Gain Access to Russian State Bonds in 2012, Corporate Bonds and Shares in 2013, says Ministry of Finance

International central depositaries Clearstream and Euroclear will be granted access to the Russian state bonds market this year and to corporate bonds and shares next year, said Deputy Director of Sovereign Debt and Financial Assets at the Ministry of Finance Peter Kazakevich at the Uralsib Capital Bonds Conference.

06.06.2012 11:18 / Interfax

Russia Can Allow Euroclear and Clearstream on Federal Bonds Market Only

The Russian authorities can allow immediate opening of nominee accounts in the Russian central depositary for international central depositaries such as Euroclear and Clearstream for federal bonds only, a source close to inter-regulatory debates told Interfax.

31.05.2012 17:59 / Interfax

Russian Central Bank Unveils Criteria for CD Deposits

Draft requirements for Russian and foreign banks receiving cash deposits from the CD have been published on the Central Bank of Russia website.

23.05.2012 12:41 / Interfax

Foreign IPO Restriction to be Lifted Later

Lifting the foreign IPO restriction will become a reality after a competitive Russian market infrastructure is established, Deputy Head of Federal Financial Market Service (FFMS) Elena Kuritsyna told the press at Investments in Russia Forum on Wednesday.

22.05.2012 08:01 / Interfax

MICEX-RTS Board of Directors Approves 2012-2015 Strategy

The MICEX-RTS Board of Directors approved the group strategy on Monday, according to the stock exchange press release.

14.05.2012 21:29 / Interfax

MICEX-RTS Shareholder Meeting 20 June, Cutoff Date 21 May

On Monday, MICEX-RTS Board of Directors passed the decision to hold a general annual shareholder meeting on 20 June, with the registrar cutoff date 21 May, Chairman of the MICEX-RTS Board of Directors, Deputy Chairman of the Central Bank of Russia Sergey Shvetsov told the press.

27.04.2012 18:49 / Interfax

NSD to Consult Foreign Investors on Central Depositary

National Settlement Depositary (NSD), part of MICEX-RTS Group, has established an International consulting committee (ICC) to act as advisory on Russian financial market post-trading infrastructure development, Head of NSD Eddie Astanin told the press on Friday.

24.04.2012 14:22 / Interfax

Ministry of Finance Pushes Capital Requirements for Licensed Participants

The Russian Ministry of Finance favors higher proprietary capital requirements for licensed stock market participants, Deputy Minister Alexey Savatygin told the press on Tuesday.

20.04.2012 22:23 / Interfax

Euroclear and Clearstream May Be Denied Direct Presence in Russia

By majority vote on Friday, The Presidential Financial Market Council Workgroup passed a decision to deny international settlement systems the right to open nominee accounts at the Russian Central Depositary, according to three Workgroup session participants.

17.04.2012 19:24 / Interfax

Ministry of Finance to Draft Forex Broker Regulations by July

The Russian Ministry of Finance will draft forex broker regulations by the end of 1H 2012, said Andrey Lozovoy, Ministry of Finance Financial Policy Department, at Forex Regulation Forum on Tuesday.

12.04.2012 14:54 / Interfax

FFMS to Discuss Euroclear and Clearstream Accounts with Market, says Pankin

FFMS is willing to hear Russian stock market participants’ ideas on Central Depositary, which, they fear, in its present form could potentially strip them of a major part of their business.

29.03.2012 20:16 / Interfax

FFMS Drafts Simplified IPO Bill

The Federal Financial Market Service (FFMS) has drafted a bill to simplify IPO procedures, said Head of FFMS Dmitry Pankin.

23.03.2012 20:11 / Interfax


Integrated MICEX-RTS stock exchange can float $1bn, according to a source close to the Board of Directors.

20.03.2012 20:13 / Interfax

Central Bank Widens the Registered OTC Trades List

The Central Bank of the Russian Federation has drafted an amendment to the Securities Market Act to widen the list of OTC trades eligible for repository registration, said Financial Stability Department Director at the Central Bank of the Russian Federation Vladimir Chistyukhin at the Russian Lawyers Association Legislative Committee session on Tuesday.

05.03.2012 08:38 / Interfax

Almost One Third of Draft Regulations Hinder Business

The Ministry of Economic Development checked 750 regulations to find out whether they create barriers for business; about 30 per cent of these regulations were considered to be negative, Oleg Fomichev, a Deputy Minister of Economic Development, told Echo of Moscow.

29.02.2012 19:06 / Interfax

The Ministry for Economic Development Drafts Special Economic Zone Criteria

The Ministry for Economic Development has drafted Special Economic Zone (SEZ) Criteria for the Russian government.

28.02.2012 17:30 / Interfax

Ministry of Finance Finalizes Draft of Central Depository Status Decree

The Ministry of Finance of the Russian Federation has finalized the Central Depositary Status Decree, a ministry source told Interfax.

28.02.2012 00:34 / Russian Business Gazette

MICEX-RTS Launches New Trading Model in July

On 1 July 2012 MICEX-RTS launches new DVP T+3 trading model.

17.02.2012 18:14 / Interfax

Ministry of Finance Drafts Central Depositary Accreditation Procedure

The Russian Ministry of Finance has drafted the Central Depositary accreditation procedure. The draft has been forwarded to the relevant ministries and Alexander Voloshin’s MIFC Taskforce.

17.02.2012 09:31 / Interfax

MICEX-RTS to Create Pension Fund Yield Benchmark

The integrated MICEX-RTS exchange has announced plans to create a pension fund yield benchmark, said Yekaterina Novokreschenyh, Managing Director of Primary Market Development at a Russian Union of Industrialists and Entrepreneurs Financial Industry Committee session on Thursday.

10.02.2012 18:06 / Interfax

MICEX-RTS May Float in Q4 2012, Given a Positive Market

The integrated MICEX-RTS stock exchange may arrange an IPO in Q4 2012, given favorable conditions in the market, said First Deputy Chairman of the Central Bank of Russia Alexei Ulyukaev at a Russia-Cyprus Business and Investment Forum.

03.02.2012 14:23 / Interfax

MICEX-RTS May Announce IPO Runners in 2-3 Weeks

The integrated MICEX-RTS exchange may announce its 2013 IPO runners in 2-3 weeks, President Ruben Aganbegyan told Interfax.

01.02.2012 21:13 / Izvestia

Forex Sharks Ready for “Strong Hand”. The Ministry of Finance begins to tackle the issue of Forex regulation

The Forex Association came forward with an initiative that may seem paradox at first. It has forwarded proposals to the Ministry of Finance that may be instrumental in creating the legal framework for Forex regulation. “Izvestia” spoke to Sergey Krivoborodov, President of the Financial Instruments Regulation Centre (CRFIN), the self-regulatory organization (SRO) of Forex companies.

30.01.2012 19:54 / Interfax

Russia May Make Offshores Disclose Owners

The President is due to take the final decision on whether off-shore companies owning Russian assets shall disclose their founders and beneficiaries to the regulator, said Head of the Audit Chamber Sergey Stepashin.

30.01.2012 14:28 / Vedomosti

EBRD And RDIF To Become MICEX-RTS Shareholders

The European Bank for Reconstruction and Development (EBRD) and the Russian Direct Investment Fund (RDIF) have come to an arrangement to buy 6.29% and 1.25% shares of the Russian MICEX-RTS stock exchange, says the Stock Exchange release. The project is a part of a long-term strategy for the Russian capital market development and enhancement of the integrated stock exchange attractiveness on the regional and international levels, says the release.

26.01.2012 20:49 / Interfax

FFMS May Gain Access to Bank Accounts

The Federal Financial Markets Service (FFMS) may gain access to bank accounts in order to join the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding: memorandum of understanding.

16.01.2012 11:13 / Interfax

Total RTS-MICEX Volume Passed USD 10 Trillion in 2011

The total volume of trades in all MICEX-RTS markets in 2011 amounted to RUB 297.9 trillion (USD 10.1 trillion), says the stock exchange press release.

07.12.2011 19:45 / MIFC

Central Depositary Act Signed

President Medvedev signed the Central Depositary Act on 7 December 2011.

07.12.2011 11:00 / Izvestia

FCSM Will Access Bank Privacy

Next year the Federal Commission for the Securities Market (FCSM) may get access to bank details of every Russian citizen, including those who reside abroad. According to Izvestia, these amendments are part of the draft bill that has been revised by the Ministry of Finance and will be passed to the government.

23.11.2011 10:00 / MIFC

Exchange Trading Act is Passed

On November 22 Russian President Dmitry Medvedev singed the Federal Exchange Trading Act which regulates relationships of commodity or financial markets exchange trading.

18.11.2011 14:46 / Interfax

Possible Temporary Joint Stock Exchange Name JSC "MICEX-RTS"

On Thursday meeting the CJSC "MICEX" Board of Directors approved the decision to hold an extraordinary shareholders meeting on December 8, says the Stock Exchange release.

17.11.2011 18:03 / Rossiiskaya gazeta

Duma Passes Central Depositary Act

The Central Depositary bill has been passed by the State Duma in the third reading.

02.11.2011 18:51 / Interfax

Anonymous ADR Owners May Miss Out on Dividends

On Wednesday, the State Duma passed in the second reading the amendments to the Joint-Stock Companies Act, forbidding the company to pay ADR dividends if the beneficial owner is not disclosed.

26.10.2011 12:15 / AK&M – Online News

Federal Financial Markets Service has plans for Moscow as a Financial Centre

Federal Financial Markets Service is planning to take a number of steps to develop Moscow as a Financial Centre, Dmitry Pankin said during Mosinterfin Moscow Financial Week, organized by the Financiers Guild and City & Financial Global Limited.

25.10.2011 21:21 / Interfax

FFSM to Exchange Data with Foreign Regulators

Federal Financial Markets Service (FFSM) Head Dmitry Pankin spoke to the press Tuesday on the Service 2011-2012 priorities and possible amendments to the agenda due to Government changes.

25.10.2011 13:10 / Interfax

Four new Expert Advisory Boards for the Federal Financial Markets Service

Four Expert Advisory Boards will be created for the Federal Financial Markets Service in the nearest future, said Head of FSFM Dmitry Pankin.

24.10.2011 11:58 / Interfax

MICEX Migrates Derivatives Trading to New Platform

MICEX Group has migrated its core derivatives trading and clearing to Intel platform under Red Hat Enterprise Linux Server 5.7 MRG operating system, says MICEX release.

21.10.2011 17:19 / RBC


The stock market license is a necessary part of RTS/MICEX integration and forming the integrated exchange markets. The primary step is the exchanges’ derivatives market integration , including stock market derivatives, and their transfer to ZAO MICEX. This will be followed by ZAO FB MICEX merger with head company (ZAO MICEX), which by then will have become a public limited company.

21.10.2011 11:00 / Interfax

86% RTS Shareholders Join MICEX Merger

Owners of 86,19% RTS ordinary shares joined the framework RTS-MICEX merger agreement, said MICEX Head Ruben Aganbegyan.

18.10.2011 18:46 / Interfax

FFMS to Lift Foreign IPO Restrictions When CD Bill is Enacted

The restrictions on placements abroad will be lifted when the Central Depositary bill has been enacted, said Dmitry Pankin, Head of the Federal Financial Market Service (FFMS).

14.10.2011 15:25 / Interfax

Registrars Against Central Depository Monopoly

The Board of Directors of the Professional Association of Registrars, Transfer Agents and Depositories (PARTAD) states that the decision to give the Central Depository an exclusive right to open nominee accounts in registrars is “unfounded”, informed the Chairman of the PARTAD Board of Directors and the Head of the Duma Property Committee Victor Pleskachevsky at a Wednesday press-conference.

12.10.2011 / Interfax

No Investor In His Own Land

In the past two years the Government plan for the International Financial Centre formation was implemented. It`s too early to evaluate the results of this effort, but as for the internal market development it can be surely said that no progress has been made. Such is the common opinion of the members of the National Association of Stock Market Participants (NAUFOR) at "Russian stock exchange market" conference in Ekaterinburg.

10.10.2011 20:18 / Interfax

Central Depositary Act likely to pass Duma by end-October

The Central Depositary Act will be passed by the State Duma in the autumn session, possibly by end-October, MICEX Head Ruben Aganbegyan told the press in his commentary on the Council for the Financial Market Development’s Monday session.

10.10.2011 16:42 / Interfax

Medvedev calls on to set the deadline for a central securities depository law.

The President of the Russian Federation Dmitry Medvedev reported that a parliamentary bill to create a central securities depository is practically adjusted and called on to determine the timeline for adopting the law.

26.09.2011 17:00 / MIFC

Sergey Vasiliyev (Project Group 1, Financial infrastructure and financial market regulation) talks about the introduction of a floating currency exchange rate by the Central Bank of Russia (in Russian)

20.09.2011 21:29 / Interfax

MICEX and RTS Boost Processing Capacity

On 17 September MICEX and RTS ran joint trading systems stress tests that showed increased data processing capacity.

09.09.2011 15:00 / Interfax

FAS Approves MICEX-RTS Merger

The Federal Ant-Monopoly Service (FAS) of the Russian Federation has approved the MICEX acquisition of RTS, issuing a competition protection order, says the FAS release.

25.08.2011 / MIFC

Project Group 1 (Financial infrastructure and financial market regulation) Session (in Russian)


17.08.2011 15:48 / Interfax

MICEX and RTS to define new markets by 1 November

MICEX and RTS are to develop detailed integration plans for each market, consult the participants and commence implementation by 1 November, said Deputy Head of Integration at MICEX Dmitry Sheglov.

17.08.2011 10:00 / RBC - daily

PARTAD appeals to Head of SEC

Professional Association of Registrars, Transfer Agents and Depositories (PARTAD) replied to the US-based Association of Global Custodians (AGC), concerned over the future of the Moscow International Financial Center.

12.08.2011 10:00 / Torgovo-Promyshlennye vedomosti

Moscow Capitalist Manifesto

The capital of Russia is still a long way from becoming an International Financial Centre. The economic and legal reforms will help solve this problem.

22.07.2011 16:57 / Vedomosti

Russian Market Liquidity May Move Abroad

On Thursday, the Federal Service for Financial Markets published a draft regulation which allows most of the Russian issuers to place shares entirely on foreign exchanges.

21.07.2011 / MIFC

Project Groups 1 and 2 Session (in Russian)


30.06.2011 10:00 / Vedomosti

The key risk is ourselves

Ruben Aganbegyan had considered the unification of stock exchanges before he was appointed MICEX President, and started work on the merger the day he joined the exchange.

30.06.2011 / Vedomosti

The key risk is ourselves

Ruben Aganbegyan had considered the unification of stock exchanges before he was appointed MICEX President, and started work on the merger the day he joined the exchange

18.06.2011 14:55 / Interfax

RECAP: MIFC Ready by Autumn

Preparatory stages of the MIFC project could be finalized in October-November this year. A number of issues remain unresolved, while the authorities consider moving the MIFC to the city centre or outside the Ring Road.

17.06.2011 10:00 / Vedomosti

Shuvalov: modernization will not succeed without foreign investment

During the St-Petersburg International Economic Forum, a panel discussion on "International Economic Centre Development" took place. The moderator, First Deputy President of VTB Yuri Soloviev asked why Russia needs an IFC. Russia is forming for itself the order for modernization and accelerated development, and any "new Russia" initiatives need significant funds, the first Deputy Prime Minister Igor Shuvalov answered.

07.06.2011 12:22 / Interfax

Pankin: Duma could adopt centralized depositary law in autumn.

FSFM Head Dmitry Pankin hopes the State Duma will adopt the Centralized Depositary Act in autumn.

01.06.2011 15:08 / Interfax

Investors concerned with lack of Centralized Depositary in Russia, says Head of MICEX

‘Foreign investors’ major concern is the absence of a Centralized Depositary in Russia’, said MICEX CEO Ruben Aganbegyan, following investor one-on-one meetings at the VTB Capital “Russia Calling!” forum in London.

01.06.2011 / CNBC

Moscow`s 2 Exchanges Set to Merge

Ruben Aganbegyan, President of Russian exchange MICEX joined CNBC to discuss the merger of MICEX with RTS.