Bank of Russia changes approaches to planning inspections of market participants
The regulator plans to cancel triennial inspections of supervised entities subject to such inspections. The said entities include credit institutions, non-governmental pension funds, large insurers and professional securities market participants, payment system operators, credit history bureaus, trade organisers, etc.
The draft amendments to the instruction on the procedure for conducting the inspections are available on the Bank of Russia website.
Inspections of financial market participants will be carried out if supervision is required and based on the assessment of the information about their activities. Therefore, the Bank of Russia will fully switch to the risk-based model of inspection planning.
The amendments will help reduce the administrative burden on good-faith and transparent market participants.