Guidelines for the Development of the Russian Financial Market

Bank of Russia BANK OF RUSSIA: OVERVIEW The Central Bank of the Russian Federation EVOLUTION (1) 4 Central Bank of Russia (CBR): founded in 1990 1990 Law on banks and banking activities - Law on Central bank of RSFSR 1992 Russia becomes an IMF member 1995 Law on Central bank of RSFSR: amendments 1996 CBR becomes a BIS member 2001 Law on AML/CFT 2002 Law on the Central Bank of the Russian Federation 2003 Russia becomes a FATF member - Start of the IFRS reporting project - Law on deposit insurance 2005 Introduction of corridor for USD&EUR basket within the exchange rate policy framework 2009 CBR becomes a BCBS member - CBR becomes a CPMI member 2010 Introduction of floating exchange rate corridor 2011 Law on National Payment System 2013 CBR becomes an IAIS member as well as IOSCO member 2014-Inflation targeting regime with 4% medium-term target rate - Introduction of a floating exchange rate regime - Approval of a new corporate governance code - National Card Payment System Joint-Stock Company (AO NSPK) established 2015 - Signing of the IOSCO Multilateral Memorandum of Understanding - National payment system "Mir" established and "Mir" card issue started 2016 - Banking regulation in Russia assessed as compliant with Basel II, Basel 2.5 and Basel III (RCAP) 2017 - Introduction of proportional regulation in banking sector 2018 - Bank of Russia joins MMOU IAIS 1990 1995 2000 2005 2010 2015 Focus on Russian financial market development 1992 MICEX established - Law on insurance business 1995 - RTS exchange established 1996 Law on securities market 1996-Law on joint-stock companies 1999 Law on protection of rights of securities market investors Federal Financial Markets Service (FFMS): founded in 1993 2002 - First edition of the Russian corporate conduct code 2003 - Law on mortgage-backed securities 2011 Law on insider trading - MICEX and RTS merge into the Moscow Exchange - FISS joins FFMS and the latter becomes insurance market regulator 2012 National Settlement Depository obtains status of the Central Securities Depository (CSD) of Russia 2013 National Clearing Center obtains status of the first qualified Central Counterparty (CCP) in Russia 2013 CBR becomes the megaregulator of the Russian financial sector 2020

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