The Bank of Russia has approved more than 100 initiatives of the market by optimizing the regulatory burden

Summed up the first results of the Working group of the Bank of Russia on optimization of the regulatory burden imposed on financial market participants, which was established in August 2019. Her work focuses on the actualization of the normative base on issues related to the competence of the regulator.

Three months from financial market participants received more than 600 initiatives, most of which have already been considered by the working subgroups. Only valid for 14 subgroups, which includes 252 participants: 158 representatives of market participants and 94, the Bank of Russia.

Most of the decisions made for the admission of financial institutions to the market (28 initiatives) and activities of professional participants of the securities market (21 initiative). Approved proposals aimed at improving the procedures for reporting by banks and non-Bank financial institutions, and simplification of information disclosure by the issuers.

Part of the proposals aimed at reducing the regulatory burden in the banking, insurance and microfinance institutions, as well as in the sphere of combating legalization (laundering) of incomes obtained in a criminal way and financing of terrorism.

The Bank of Russia will continue to publish information about the decisions taken for actualization of the normative regulation.

31 Jan 2020