Bank of Russia approves more than 100 market initiatives to streamline regulatory burden
The Bank of Russia Working Group, created in August 2019, summed up the first results of its efforts to streamline the regulatory burden on financial market participants. Its work sought to up-date the regulatory framework on issues under the remit of the mega-regulator.
Over three months, financial market participants have forwarded more than 600 initiatives, the majority of which have been examined by working sub-groups. In total, there are 14 sub-groups consisting of 252 members: 158 market participants and 94 Bank of Russia staff members.
Most decisions taken are in the sphere of financial organisations’ access to the market (28 initiatives) and the activities of securities market participants (21 initiatives). Approval was granted to proposals aimed at improving the reporting procedure by banks and non-bank financial institutions, as well as at simplifying information disclosure by issuers.
A part of the approved proposals seeks to alleviate the regulatory burden in the activities of banks, insurance companies and microfinance organisations, as well as in the sphere of countering the legalisation (laundering) of criminally obtained incomes and the financing of terrorism.
The Bank of Russia will continue to publish information on decisions made to update the normative regulation.