Guidelines for the Development of the Russian Financial Market
Bank of Russia
BANK OF RUSSIA: OVERVIEW
The Central Bank of the Russian Federation
REFORMS
Promoting price and financial stability, fair competition, newest technologies and best practices
Monetary policy
inflation targeting regime adopted with a 4%
medium-term target rate pursued using
宀
conventional monetary policy instruments
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Banking regulation and
supervision
banking sector rehabilitation in progress,
bank resolution mechanism
new
introduced;
proportional regulation introduced and an
advanced IRB approach for the largest
banks gradually phased in;
banking regulation compliant with the Basel
II, Basel 2.5 and Basel III standards,
maintaining AML/CFT supervision of credit
and non-credit financial institutions
(according to the Regulatory Consistency
Assessment Program (RCAP) 2016);
deposit insurance with 1.4 ml RUB as a limit
(in some cases - up to 10 ml RUB);
setting up a national rating industry. Only
credit ratings of Russian national agencies
may be used for regulatory purposes
0
B
Market infrastructure
benefits from infrastructure put in place, tax
and regulatory reforms (T+2, CSD and access of
ICSDS, up-to-date CCP, Individual Investment
Accounts, IIA)
Corporate governance
JS companies segregation into public and non-
public, corporate actions reform, new
corporate governance code adopted in 2014,
listing rules based on the new corporate
governance code, listing committees
established
Pension system
guarantee fund mechanism introduced,
investment horizon for non-state pension
funds extended to 5 years
Payment infrastructure
Russian payment system infrastructure
developed and currently in use by all
leading international payment systems
payment infrastructure monitoring and
supervision
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