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Improving financial market access procedures: Bank of Russia initiatives

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The Bank of Russia would like to open discussion on the issues of streamlining procedures for financial market access. These issues are covered in the regulator’s consultation paper ‘Improving Financial Market Access Procedure. New Opportunities for Market Participants’.

The paper points out that current market access requirements for entities with similar operations tend to be varied and non-uniform. This results in extra costs and, in the case of business activity expansion, the need for applicants to pass through authorisation procedures anew.

Under the regulator’s proposal, requirements for financial market access would be harmonised, with a procedure established for gaining access on a notification basis when the applicant qualifies.

The regulator further proposes establishing a unified register of financial market participants — to help harmonise register data entry processes and alleviate financial institutions’ burden. The integrated register would also simplify search for information and checks on legitimate status of financial market participants.

Another potential innovation would be the creation of a toolkit providing online access to information about terms and conditions for access, and the options of combining various financial activities.

The Bank of Russia looks forward to receiving feedback on the paper and responses to the issues it outlines from financial market participants and other stakeholders through 21 March 2021.

See PDF here: https://www.cbr.ru/Content/Document/File/116463/Consultation_Paper_22122020.pdf

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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