Bank of Russia establishes committees on financial market standards

Bank of Russia has confirmed regulations and lists of members of its committees on standards for microfinance organisations (MFOs), consumer credit cooperatives (CCCs), brokers, dealers, depositories, FX-dealers, registrars and managers.

The committees will review and approve basic standards for market participants, developed by their self-regulatory organisations (SROs); develop suggestions on lines of development for financial organisatons; examine draft laws and regulations on the financial market. Basic standards are developed by SROs in accordance with the Bank of Russia requirements. The Bank of Russia approves the document after the review by respective committee on standards.

Compliance with common basic standards is mandatory for all organisations that provide services on the financial market. The standards allow implementing the best practices and customer service models, unifying frameworks and terms for carrying out various operations and protecting financial organisations’ customers from misconduct. The use of common standards by all professional market participants will boost the quality of services provided and make the financial market more transparent and comprehensible for customers.

Committees on standards will operate on a regular basis. They consist of representatives of the Bank of Russia and Russian Ministry of Finance, representatives of SROs in equal proportion from each organisation. The SRO representatives will constitute at least two thirds of the total number of each committee members.