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Guidelines for Financial Market Development: initial results of public discussions

6 September 2021

The Bank of Russia has wrapped up public discussions of the draft Guidelines for the Development of the Russian Financial Market in 2022–2024. A total of 11 online meetings were held with representatives of the financial market, the expert and academic community, and the real sector. A lot of written feedback was also received. The Bank of Russia, the Russian Union of Industrialists and Entrepreneurs and Forum Analytical Centre held open discussions on their platforms.

Discussion participants took a positive view of the content of the document including its analysis of the current state of the financial market and its development drivers and prerequisites. In their opinion, the document is a fairly complete presentation of policy guidelines and principles in this area. Among topics of particular interest were sustainable development, ESG factors, ecosystem regulation, increased competition, infrastructure initiatives in the field of access to information and the development of the unit fund market. The market drew the regulator’s attention to the need for a consistent and transparent approach to be developed towards the protection of competition in digital markets, which would assist in the advancement of not only few major players, but also financial intermediaries with smaller business.

The use of tax incentives in the financial market was widely discussed, as well as the development of long-term money including proposals to support equity financing and facilitate IPOs. A large package of initiatives is related to the digitisation of processes and services, in particular, to improved regulation of financial platforms and digital financial assets, access to Government and Bank of Russia service solutions and the potential rollout of a digital ruble.

Proposals collected during the public discussion will be subject to further review and partially taken into account when the draft Guidelines are updated. Some initiatives will need additional consultations and studies to be carried out by the Bank of Russia and the Government outside the work on the document, i.e. as part of their regular activities.

In accordance with statutory procedures, the revised draft will be submitted to the President of the Russian Federation and the Government, and thereafter to the State Duma.

Records of wrap-up meetings (in Russian) are available at: Youtube-канале АЦ Форум

Preview photo: 24Novembers / Shutterstock / Fotodom