Financial Sector Overview slide image

Financial Sector Overview

Bank of Russia FINANCIAL SECTOR OVERVIEW The Central Bank of the Russian Federation PAYMENT INFRASTRUCTURE (2) Advancing supervision and oversight to ensure stable development of the payment infrastructure the ✓ Supervision of payment infrastructure: monitoring organisations' compliance with the Russian law. Applies both to banking and non-banking institutions providing payment infrastructure and payment services ✓ Oversight of the payment infrastructure: Figures for early 2019: 36 payment systems and more than 400 institutions supervised within the National Payment System (NPS) NPS supervision is risk-oriented. Proportionate remote supervision approach is being introduced to the NPS improving institutions' operations following the Bank of Russia recommendations based upon Objects supervised for compliance with CPMI/IOSCO Principles for Financial Market Infrastructure (PFMI): 2 systemically important payment systems, 4 socially important payment systems international best practices ✓ Bank of Russia international cooperation in supervision and oversight of the payment infrastructure High PFMI compliance ratings. NPS operators implement approved action plans based on the Bank of Russia recommendations 55
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