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Session 3.4: Identifying Optimal Levels of Regulation and Efficient Oversight in the Securities Market: Theory and Practice
4 July 2019
This session will cover key issues for professional market players, including managing regulatory burdens and interacting with the regulator during oversight activities.
In 2018, the Bank of Russia issued a concept covering proportional regulation and risk-based oversight for non-bank financial organisations (NFOs). It worked with self-regulatory organisations and market participants to draw up a roadmap to introduce the concept for securities market players. The implementation of this concept has meant that the Bank of Russia’s principles of and approach to oversight are changing.
Proportional oversight hinges upon the level of risk for organisations which come under scrutiny, as well as the nature and extent of consequences for such organisations if they fail to meet obligations to their customers, the industry, and the market as a whole. Accordingly, when performing regulatory measures, the Bank of Russia currently places an emphasis on a risk-based approach and ensuring a transition to proportional supervision by establishing uniform ways to determine oversight methods, depending on the size, significance, and the risk profile of organisations under scrutiny. At the same time, market participants claim that the supervisory procedures place a significant burden on financial institutions.
In this discussion between the professional community and the regulator, further steps to achieve optimal regulation and risk-based supervision of NFOs will be considered.
International Financial Congress
Started at
Conference hall
Presidential Library, Conference hall 3 (second floor)
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