All financial SROs to report to the Bank of Russia

Draft ordinance published on the regulator’s website contains requirements for the contents, form, procedure and timeframes of reporting to be submitted by self-regulatory organisations (SROs) operating in the financial market.

Mandatory reporting for all SROs is being introduced for the first time (previously only SROs of consumer credit cooperatives were accountable to the regulator). SROs will submit to the Bank of Russia quarterly information in electronic format on the number of expelled SRO members and the reasons for their expulsion, on the inspections of their members, on consumers’ complaints, and various violations detected during inspections and during the handling of complaints. SROs shall submit reports about the members of their governing bodies on an annual basis or in case of any changes thereof.

The regulator expects to start receiving these reports from Q1 next year.

The existing legislation prescribes that all financial organisations shall join one of SROs operating in respective sectors of the financial market. The evolution of the system of financial SROs shall assist this market’s efficient operation, stability and further improvement.