Evaluation phase until end of 2020
The Deputy Chairman of the Bank of Russia announced at a conference organised by the National Association of Stock Market participants (NAUFOR) that the CBR intends to suspend the promotion of any new regulatory initiatives in the financial market until the end of 2020.
According to the speaker, the legislative agenda has already been mapped out for the next several years and it is now more important to bring into effect the existing initiatives that are close to completion. The Bank of Russia also plans to analyse the effectiveness and sustainability of previously introduced regulations and reporting requirements.
In the past several years, the market has already undergone substantial and radical regulatory changes including numerous amendments to the Securities Markets Law, a profound transformation of custody services’ regulations, new requirements towards brokerage activity, new regulatory reporting rules, initiatives related to the better protection of the consumers of financial services, changes in the securities issuance procedures, reform of the qualification standards for securities market professionals, etc. Those major changes have drastically increased the regulatory burden on market participants who had to adapt their systems and procedures accordingly.
Artemy Khaustov, Senior Relationship Manager, GSS Russia