The bill on the right of financial market participants to entrust the electronic signature passed the first reading

State Duma deputies approved in the first reading bill, which will give financial market participants the right to entrust the right to electronic signature. According to the current legislation, all legal entities, except for financial institutions, can entrust a signature.

The document was submitted by Deputy Anatoly Aksakov and senators Nikolai Zhuravlev, Anatoly Artamonov and Mukharbiy Ulbashev in October 2022. The explanatory materials note that the absence of a mechanism for retrusting an electronic signature puts the financial market in unequal conditions in relation to other sectors of the economy.

The bill also proposes to include self-regulatory organizations in the financial market in the list of organizations to which the Bank of Russia issues a certificate of the electronic signature verification key. The proposed bill involves amendments to the Federal Law of 2011 “On Electronic Signature”.

Milena Kostereva