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Law > Business and Financial

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Cover IMF Staff Country Reports
Russian Federation: Financial Assessment Program: Detailed Assessment of Implementation: IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. European Dept.
This paper assesses the level of implementation of the International Organization of Securities Commissions objectives and principles of securities regulation in the Russian Federation. The findings reveal that there is much that the Central Bank of Russia needs to accomplish if it is to approach good international practice as a securities regulator. Some of the most recent regulatory changes, such as those on credit rating agencies, are clearly based on international standards. In other areas, further initiatives will be required. These include identification of conflict of interest and improving management standards of professional market participants.
Keywords:
ISCR; CR; financial market; investment funds; joint stock; beneficial owner; insider dealing; general obligation; active market; CBR regulation; bond issue; CBR employee; supervision CBR; risk assessment; management company; CBR staff; Correspondent banking; Mutual funds; Securities regulation; Securities; Securities markets; Global
Cover IMF Staff Country Reports
Russian Federation: Report on the Observance of Standards and Codes-IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the level of implementation of the IOSCO (International Organization of Securities Commissions) objectives and principles in the Russian Federation. Some of the most recent regulatory changes in the Russian Federation are clearly based on international standards. In other areas, further initiatives will be required. These include conflicts of interest identification and improving standards of management in professional market participants. It will also require the creation of legal gateways which will enable supervisors with the necessary skills sets to provide guidance as to what the Central Bank of the Russian Federation’s (CBR) reasonable expectations are on a range of issues. CBR also faces a major challenge in enforcing the regulatory regime and will need additional resources.
Keywords:
ISCR; CR; financial market; central bank; CBR Law; risk management; CBR inspector; supervision CBR; beneficial owner; CBR member; joint stock; CBR power; general obligation; CBR staff; CBR discretion; Correspondent banking; Securities markets; Securities; Securities regulation; Legal support in revenue administration; Global
Cover IMF Staff Country Reports
Russian Federation: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
This assessment reviews the regulatory framework in place for the oversight of the capital markets of the Russian Federation as of June 2011. The Russian securities markets, in particular, have been volatile, reflecting the inflow and outflow of money and the crisis. Foreign investment banks report that US$20 billion of foreign investment exited the markets during the first quarter of 2011. This volatility is continuing, and is reflected in the changes in market capitalization in relation to GDP.
Keywords:
ISCR; CR; insider trading; management company; market participant; foreign exchange market; joint stock; securities law; investment fund; risk management; FSFM rule; FSFM regulation; Securities; Securities regulation; Mutual funds; Securities markets; Correspondent banking; Global; Europe