Source: Central Bank of the Russian Federation in English
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.
The proposed initiatives include lifting restrictions on forex transactions in the Russian financial market, optimising quarterly reporting by securities issuers, introducing performance standards and self-regulation mechanisms for payment facilitators, developing methodology for information security audit, and increasing responsibility on information security auditors.
The selected proposals from the professional community have been included in the main and reserve portfolios. The Bank of Russia implements initiatives from the main portfolio, whereas proposals from the reserve portfolio are taken into account and the feasibility of including them in the main portfolio is further assessed.
An updated portfolio and the status of initiative implementation is to be released in early 2019.
Annual strategic sessions with market participants were first held in autumn 2013. At first, the list of initiatives formulated by the market contained 233 items. Today, a number of tasks have already been accomplished. The Bank of Russia will continue to use the proven format of dialogue with the professional community.
29 December 2018