Banks and other financial institutions to use personal accounts for data exchange with regulator

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This new interaction format, rolling out from 26 January, will help expedite and streamline document exchange between supervised entities and the regulator.

Information exchange in electronic format is mandatory in accordance with the Bank of Russia ordinance of 3 November 2017.

The regulatory document applies to both banks and non-bank financial institutions, self-regulatory organisations in the financial sector, actuaries (self-regulatory organisations), respondents providing primary statistical data and other entities. Personal account-based regulation is optional for security issuers, BoR licence and certificate seekers, news agencies disclosing information on securities and other financial instruments / contractors.

The regulator will use the personal account functionality to issue its requests, orders and explanations regarding the application of various regulatory acts. Financial institutions, in turn, will be able to use personal account functions to send responses or queries to the Bank of Russia. Non-bank financial institution and self-regulatory organisations will submit their reporting via their accounts, as before.

Additionally, the ordinance introduces changes to the procedure for interaction between the regulator and supervised entities. They are related to further system upgrades and stronger personal data protection. The changes include, among other things, mandatory encryption of e-documents, the need for confirmation of the time an electronic signature was submitted (time stamp), and for format and logical verification of e-documents and, in cases of errors, denial of their registration. The ordinance further provides for automatic personal account setup after data on supervised entities are entered into BoR files.

For more details on the account activation procedure and its core functionality, please view a brief video available on the Bank of Russia website (currently only in Russian): Личный кабинет участника информационного обмена.

15 January 2018

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