Why financiers will be divided into guilds

The Russian government has prepared a special bill. This time the issue is self-regulatory organizations in the field of financial markets. Due to the new bill SRO will possibly affect the Central Bank decisions of revocation of licenses. At this moment the document is being approved by the government.

It became known that changes will affect the activities of financial institutions. For example, dealers, insurance brokers, consumer cooperatives, microfinance institutions and etc.

If the organization wants to confirm its status as a non-profit, it will be necessary to submit documents to the Central Bank and to have about 34 % of the total number of organizations “involved in relevant activities” in their members.

The main point of the new bill submitted to the Ministry of Finance is the possibility of SRO to affect decisions of the Central Bank of the Russian Federation on the revocation of licenses from various commercial organizations.

“Self-regulatory organization shall submit to the CBR a reasoned opinion regarding the availability of grounds for revocation of the license of its member or his exclusion from the register of financial institutions of the relevant type which should be taken into account when considering the issue of the Bank of Russia”, – said in the text of the bill.

If the financial institution will be excluded from SRO for violation of rules, it would mean the revocation of the license. First reading of the new bill will be held in the State Duma later this year. One should recall that the law on regulation of the FOREX market has been considered in the State Duma for several years. However Elvira Nabiullina, the Head of the Central Bank, noted that the law on SRO should be passed more quickly.

For more details visit the web-site of National Unity of Customs Representatives: http://notp.ru/