New challenges for financial market in modern conditions: public discussion outcomes
Development of the capital market as a source of long-term corporate financing, information disclosure, emergence of the national system of ratings and indicators, and competition in the financial market — these and other issues were mentioned by market participants in their comments and suggestions to the Bank of Russia’s report Financial Market: New Challenges in Modern Conditions.
Experts praised the regulator’s approaches and emphasised the importance of the active involvement of the financial market in the structural transformation of the economy. The Bank of Russia received feedback from over 60 organisations and associations of the research and expert community, business leaders and other stakeholders.
The professional community supported the Bank of Russia’s proposal to elaborate criteria for modernisation and transformation projects that will facilitate economic growth. Experts believe that the involvement of development institutions and improvements in the mechanism of state guarantees may be required to mitigate the risks associated with such projects.
Experts noted the need for the banking regulation to adapt to evolving changes, which will in turn make it possible to cut costs and switch to new business models. Moreover, it is necessary to redefine the role of small banks. At the same time, the establishment of an autonomous fund to support the financial sector is still a pending issue and depends on the specific principles and mechanism of its operation.
Further active digitalisation of the financial market was also supported by all participants. The focus of their attention was on customer identification issues, including in terms of the requirements of anti-money laundering legislation.
The problem of blocked assets was another topical issue calling for joint efforts, as emphasised by the professional community.
The results of the discussion will be taken into consideration when preparing the Russian Financial Market Development Programme for