The Bank of Russia approves the first baseline standard on the financial market

The baseline standard establishes unified rules for making transactions on the financial market that must be complied with by forex dealers.

In compliance with the law, baseline standards should be developed by specialist self-regulatory organisations for all segments of the financial market in accordance with requirements established by the regulator, and approved by the regulator after being agreed upon by the respective standards committee under the Bank of Russia.

The committees are currently working on draft baseline standards for professional securities market participants, microfinance organisations and consumer credit cooperatives. Work on several standards has almost been completed.

‘The approval of baseline standards opens up a new chapter in financial market regulation, said Vladimir Chistyukhin, Deputy Governor of the Bank of Russia. Their application will allow us to unify the procedure and timeframes for conducting various operations, prevent unlawful acts against customers of financial institutions, and improve the quality of services rendered by non-bank financial institutions thus making the financial market more transparent and clear for customers.’