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Minfin Proposes Timeline Updates for MIFC Roadmap

11.08.2014 15:17 / TASS

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

“The Minfin initiative has no relation to international sanctions against Russia’s financial sector. A year after the Roadmap was passed and the financial markets megaregulator was set up, we propose to adjust the current role of the Bank of Russia and amend certain timelines. One of the particularly important work stream in the near future for us is the financial market SRO bill – which needs to be passed and enacted”, the source said.

According to him, Minfin proposes to extend timelines for setting up controlling shareholders regulation and criteria of affiliation. Drafting and passing of the Repository and Organized Commodity Market Acts may also be postponed. “This is nothing critical”, claims MIFC Taskforce source.

The Government passed the MIFC Roadmap in June 2013. The action plan spanned 3 years.

Deputy Finance Minister Alexey Moiseev confirmed the possibility of several action plan points being pushed back, citing technical reasons. “A couple of weeks back Minfin, the Central Bank, the Ministry for Economic Development and Alexander Voloshin’s Taskforce sat down together and discussed the progress and what was changed along the way. Did a run-through”, he explained.

Minfin, for instance, proposed to drop controlling shareholders liability from the Roadmap, said Moiseev. “However, colleagues from the Bank of Russia and the MIFC Taskforce convinced us that the law must be passed. This issue was on the back-burner, and now it is center stage again”, he said, adding that the Taskforce “has made really good progress with the Roadmap”.

“Lots of things have been done, some ahead of schedule. Pushing back the deadline on repository is just a technicality”, concluded Moiseev. The MIFC Roadmap is 40% complete as of July 2014, according to the MIFC Taskforce reports. 30 out of 74 action points are done.

The previous MIFC Roadmap report, documenting the workflow status as of April, marked 24 points or 32% of the Roadmap ‘completed’. New additions to the ‘completed’ part include Credit Reference Bureau regulation law, bullion trading on the exchange, criminalizing financial report fraud, Russian banks’ FATCA compliance without the intra-government agreement, a standard for foreign financial professionals Russian language training. Also, a special facsimile signature mechanism for the visually disabled has been passed.

Alexander Voloshin’s office confirmed the facts, declining comment until official publication.

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