Good conduct – key to confidence in financial market
The Bank of Russia has set out the key principles of good conduct in the financial market to promote business and ethical standards, develop an environment of confidence, and protect consumers’ interests.
The document is a set of rules for market participants to follow. It is based on the draft Code of Good Conduct (the Code), which was developed previously. The Code’s updated version is grounded in eight pillars: good faith, justice, transparency, care, security, professionalism, responsibility, and integrity.
The principles are advisory in nature and may be integrated into standards and codes of self-regulatory organisations and professional associations (unions) in their entirety or partially. They also may become the basis for financial institutions’ corporate culture. Market participants may claim adherence to the principles of good conduct on their websites or other resources.
The Bank of Russia’s methodological recommendations will help encourage further development of internal control systems as well as detection and prevention of misconduct or illegal conduct in the financial market.