A draft law introducing the regulation of financial indicators has been submitted to the State Duma
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Parliamentarians submitted to the State Duma a bill that introduces the regulation of financial indicators. Previously, market participants received such information from foreign news agencies. With their departure, the market began to use the information of Russian counterparties, but there was no legislative base in this area. Experts point out that there are risks in terms of the reliability of the information provided.
A group of deputies headed by Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, on Friday, July 21, introduced a bill on financial indicators. As noted in the explanatory note, with the departure of foreign news agencies (Bloomberg, Refinitiv), which traditionally occupied this niche in the Russian market, Russian participants faced serious difficulties in obtaining representative information necessary for concluding transactions.
After that, the market began to use information from Russian suppliers (Interfax, Cbonds). “However, in order to create a modern industry of financial information in Russia, a legislative framework is needed that provides for the establishment of requirements for the activities of administrators of financial indicators,” the explanatory note says.
The draft law introduces, in particular, the general concept of a financial indicator, as well as the subject of regulation “administrator of a financial indicator”.
Requirements are provided for administrators of financial indicators, as well as the powers of the Bank of Russia to control and supervise their activities. Also, the Central Bank is assigned the authority to maintain a single register.
If earlier companies themselves determined everything related to the activity of calculating and providing financial indicators to the market, now, according to the bill, this activity will come under the control of the Central Bank, says Evgeny Vorobyov, head of the credit analysis department of Ingosstrakh-Investments Management Company. Most likely, the Central Bank of the Russian Federation at the first stage will audit existing methods and develop uniform rules or recommendations for administrators of financial indicators.
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now provide the Russian Federation with information that falls under the definition of financial indicators.
In general, with the departure of foreign players, such as Bloomberg, indices were introduced in Russia one way or another, which made it possible to set prices for securities and other derivative financial instruments, but there was no regulation in this regard: who can maintain such indices/indicators, what is the responsibility of such persons — there was nothing, said Oleg Bychkov, managing partner of the Pro’Spect law office. “Now, apparently, it will be – for the market and market participants, this adds certainty and, in our opinion, some kind of stability, including in terms of requirements for persons maintaining the relevant indicators / indices,” he added. Mr. Bychkov expects that all those who now maintain the relevant indices/indicators will have to bring their documents into line and, perhaps, even separate the administrators of such indices/indicators into separate legal entities.
The head of the Association of Participants in the Market of Electronic Money and Money Transfers, Viktor Dostov, notes that this is “a typical import-substituting law that makes up for the departure of a number of Western rating and information agencies.” According to the expert, this is an inevitable step in the creation of a system of benchmarks and can only be welcomed.
In the Russian Federation, according to Mr. Vorobyov, the field of structured products is not very developed and there is no need for a large number of new financial indicators.
Nevertheless, he does not rule out the situation that the Central Bank has its own view on how the system of financial indicators in the Russian Federation should look like, and the regulator can, in the second stage, offer a new approach in terms of calculating and providing financial indicators to the market.
In general, a positive effect for the market can be expected from these initiatives due to the lack of international agencies, says Alexander Tsyganov, director of the investment and corporate business department at Tsifra Broker. If we talk about risks, then they can be in the reliability of the information provided, he believes. It will be possible to unequivocally talk about risks after the first and second readings, when “a lot of changes are made to the document,” concluded Oleg Bychkov.
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