A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 160 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Plenary session II. Self-Regulation, Ethics, and Conduct Supervision: Challenges for the Next Three Years
5 July 2019
10:00—11:30
Self-regulation on the financial market is an effective means of determining requirements for professional standards, implementing ethical codes of conduct, and applying best business integrity practices. This session will focus on approaches to implementing professional and ethical standards which take into account the specific aspects of working in the financial market. Participants will also discuss the role of the regulator in drafting and monitoring standards, as well as the feasibility of self-regulation in the banking sector. What innovations should we expect to see in self-regulation over the coming three years, during which time the Bank of Russia will be implementing its new financial market development strategy?

The lack of a systemic approach to establishing a corporate culture in the financial market is one of the reasons why trust in financial institutions has fallen. The Bank of Russia has drafted a Code of Integrity to serve as the foundation for applying ethical standards in the financial industry. What are the benefits and costs of implementing the code in the eyes of the financial industry? How can the corporate culture of the financial sector be transformed? Is the market prepared for principle-based regulation? Are the Bank of Russia’s efforts to focus on improving integrity among financial market players and employees sufficient?

This session will feature a dialogue between the regulator and the market on developing and improving the effectiveness of conduct supervision. How can conduct supervision be made into a strategic development tool for financial market participants aimed at implementing the best behavioural models? Could systemic violations of consumer rights or malpractice lead to harsh consequences, even if the company is in good financial health? International experience will also come under examination, particularly non-standard approaches to behavioural oversight, including measures to counter the misselling of financial products.
Date
05.07.2019
Forum
International Financial Congress
Started at
10:00—11:30
Conference hall
Presidential Library, Plenary session hall (second floor)
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