Proposals for sustainable development of the securities market, taking into account the mass arrival of retail investors, digitalisation and higher technological efficiency of financial services were discussed at a regular meeting of the Bank of Russia management and representatives of the financial intermediation industry, management companies, infrastructure, and their self-regulatory organisations.
According to the Bank of Russia, despite high growth rates, the securities market has significant potential. The main current task for market participants is not to disappoint people who have chosen financial instruments for investment and to win their trust. The recently adopted law on investor categories should play an important role in protecting consumers’ rights.
Industry representatives noted that, in addition to the law on investor categories, important amendments to the legislation on investment funds and brokerage activities have also been adopted over the past 1.5 years. A “release approach” to the publication of Bank of Russia acts has been formed, which allows market participants to reduce their costs to adapt to changes in regulation.
The meeting participants discussed proposals to increase the attractiveness of individual investment accounts, as well as to improve investment mechanisms in open and exchange-traded mutual funds, customer identification, outsourcing of some functions of management companies, and current tax incentives.