Bank of Russia presents the main directions for financial market development
The Bank of Russia agreed with the Government of the Russian Federation on a “roadmap” for the implementation of the main directions for the development of the financial market. Activities for the enhancement of the financial market spanning three years are grouped into four categories: development of competition; formation of a trust environment; maintaining financial stability; ensuring the availability of financial services and capital.
To ensure competitive access to infrastructure and data in the financial market, the Bank of Russia plans to develop a system of fast payments and launch the “Marketplace” project as well as a number of digitalisation initiatives.
To foster confidence in financial institutions, the regulator intends to define the concept of “conflict of interest” related to the sale of financial products and to develop recommendations on how to avoid or minimise this conflict.
One of the key tasks in ensuring financial stability according to the Bank of Russia is to increase the timeliness of the regulator’s supervisory functions. The Bank of Russia intends to expand the use of professional judgment in the supervisory process with the expectation that it will become possible to react more quickly to emerging problems in financial institutions at an early stage.
In the field of increasing the availability of financial services and capital, the Bank of Russia plans to expand the list of admitted assets for insurers and remove administrative barriers towards launching new partnership projects and concession bonds. There are also measures focusing on stimulating the inflow of direct investments for funding socially important projects, including the issuance of "green" bonds.