Improvement of access to financial market: results of public discussion
Market participants agree with the regulator’s approach that the admission procedure and requirements for applicants must take into account the type of activity. This is evidenced by the results of the discussion of the consultation paper.
According to them, it is necessary to avoid differences in the mechanisms for market participants to be admitted to similar types of financial activity; however, it is also necessary to take into account the size and specifics of its types.
Nearly all market participants supported the initiative proposed by the Bank of Russia to create a design kit with admission requirements and financial activity combinations on its website. This service will allow applicants to assess the level of potential expenses to enter the market and reduce information costs.
At the same time, most respondents believe that the question of whether the Bank of Russia should be entitled to use its reasoned (professional) judgement when making a decision on admission requires further discussion and detailed study.
The Bank of Russia will review all comments and suggestions received from market participants and continue its work to improve market access.