Plenary session II. Self-Regulation, Ethics, and Conduct Supervision: Challenges for the Next Three Years
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 Russias 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.
International Financial Congress
Presidential Library, Plenary session hall (second floor)