New functional departments launched in the Bank of Russia

The establishment of the Department for Market Access and Activity Termination of Financial Institutions and the Corporate Relations Department is another step towards consolidation of the Bank of Russia’s standing as a single regulator of the financial market. The new structural divisions supervise both credit institutions and non-bank financial organisations.

The Department of Admittance and Termination of Activity of Financial Organisations will operate in all sectors of the financial market. The Department coordinates the activity of provisional administrations appointed after licence revocations from market participants, and carries out liquidation of credit institutions and non-bank financial organisations. It is also responsible for monitoring the compliance with qualification and business reputation requirements by the management of financial organisations.

The Corporate Relations Department is responsible for admitting instruments to the financial market, as well as regulation, methodology, monitoring and supervision over corporate relations in joint-stock companies and information disclosure by securities issuers. The Department is tasked with improving corporate governance in Russian companies and external audit in the financial market.

The Bank of Russia’s Department of Admittance and Termination of Activity of Financial Organisations is headed by Lyudmila Tyazhelnikova, and Yelena Kuritsyna has taken charge of the Corporate Relations Department.

The new structural divisions will help make the requirements to financial market participants uniform, more simple and transparent with account taken for the specifics of their activity. The Departments will seek to introduce a common law enforcement practice and a uniform approach to the issues that may arise.