Actual impact assessment of regulation: Bank of Russia invites to discuss first report
The Bank of Russia is conducting an experiment in several areas of financial market regulation, i.e. an actual impact assessment (AIA) of its regulations with regard to supervised organisations and financial consumers. In the first of its reports the regulator studied how requirements for and changes in the procedure for opening additional offices of credit institutions affect banks and financial inclusion for individuals.
The analysis showed that the changes in regulation directly concerning business activities of more than 75% of banks helped them materially reduce their costs and simplify the opening of new internal structural units. The findings of the study are presented in the draft Actual Impact Assessment Report. The Bank of Russia welcomes suggestions and comments on the document until 3 December 2023.
The Bank of Russia develops its regulatory policy so that its rules have proven efficiency and relevance. The AIA makes it possible to analyse whether regulatory objectives have been achieved, identify positive and negative effects of regulations, assess the relevance of the current regulation and update its objectives, if necessary.