Rejection of basic standards

On 16 April 2020, the Bank of Russia’s Financial Supervision Committee made the decision not to approve the basic standard for the protection of the rights and interests of individuals and legal entities receiving financial services rendered by members of self-regulatory organisations (SRO) of depositories, and the basic standard for the protection of the rights and interests of individuals and legal entities receiving financial services rendered by members of SROs of registrars (hereinafter, the basic standards). These basic standards were devised by PARTAD, a self-regulatory organisation in the financial market, and submitted to the Bank of Russia by the Committee for Registrar Activity Standards under the Bank of Russia and the Committee for Depository Activity Standards under the Bank of Russia (hereinafter, the Committees for Standards) on 12 November 2019.

The Bank of Russia’s Financial Supervision Committee rejected these documents since the Committees for Standards had failed to submit revised versions of the basic standards coordinated within the established period that should have taken into account the amendments required according to the Bank of Russia’s recommendations (pursuant to Subclause 1 Part 7 Article 5 of Federal Law No. 223-FZ, dated 13 July 2015, ‘On Self-Regulatory Organisations in the Financial Market’, and Paragraph 3 in Clause 11 of Bank of Russia Ordinance No. 4484-U, dated 9 August 2017, ‘On the Procedure for the Bank of Russia Standards Committee on the Respective Activity of Financial Organisations to Coordinate Basic Standards and for the Bank of Russia to Approve Such Basic Standards’.

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