2012年-IMF国际货币组织全球_Russian_Federation_Detailed_Assessment_of_Observance_of_IOSCO_Objectives_and_Principles_of_Securities_Regulation_88页_965kb

Russian Federation: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation (June 2011)

Summary of the Assessment

This assessment evaluates the Russian Federation's regulatory framework for capital markets as of June 2011, focusing on the implementation of the IOSCO Objectives and Principles of Securities Regulation (1998) and the IOSCO Assessment Methodology (2003, reissued 2008). It does not include the nine new IOSCO Principles adopted in June 2010 due to the lack of formal guidance for their assessment.

The Federal Service for Financial Markets (FSFM), which oversees the securities market, has implemented significant reforms in legislation and taken on ambitious regulatory initiatives. However, the assessment highlights that many changes are still pending or in the early stages of implementation, and the full impact of these changes on the effectiveness of securities regulation remains to be seen.

Key Findings

• FSFM's Regulatory Authority: FSFM is the sole regulator of securities professionals, issuers, collective investment schemes (CIS), and market infrastructure. It also oversees certain aspects of company law and has full licensing authority over professional market participants.

• Market Structure and Growth: The Russian securities market has grown and become more sophisticated over the years, but it remains volatile due to global events, elections, and other factors. The market capitalization is mid-sized globally, and foreign investment has fluctuated significantly, with US$20 billion exiting in the first quarter of 2011.

• Market Participants: The number of market participants is increasing, but individual retail investors are still limited, with less than 1% of the economically active population holding individual brokerage accounts. Most investment is concentrated among a few large participants, with the top ten accounting for almost 50% of trading volume.

• Regulatory Reforms: FSFM has absorbed the Federal Service for Insurance Supervision (FSIS) and is transitioning to a new regulatory framework. This includes the reassignment of certain powers to the Ministry of Finance (MoF), which may affect FSFM's ability to regulate prudential matters such as capital requirements.

• Legal and Institutional Challenges: There are concerns regarding the integrity of the legal system, expertise of courts in financial matters, and the effectiveness of enforcement mechanisms. The assessment highlights the need for further improvements in legal clarity, transparency, and operational effectiveness.

Main Findings by IOSCO Principles

Principles 1–5: The Regulator

• Findings: FSFM has comprehensive legal authority over securities functions and professionals. However, the transition of powers and the lack of transparency in legal initiatives raise concerns about the regulatory independence.
• Recommendations: FSFM should ensure that the new alignment of powers does not compromise its independence and should clarify operational procedures.

Principles 6–7: Self-Regulation

• Findings: Self-regulatory organizations (SROs) have the power to enforce rules, but only a third of market participants are members. FSFM has the potential to require SRO membership for retail-focused intermediaries.
• Recommendations: FSFM should use SROs to enhance the enforcement of conduct of business and customer fairness requirements, and to improve dispute resolution.

Principles 8–10: Enforcement of Securities Regulation

• Findings: New rules on market abuse and insider trading have been introduced, along with real-time trade monitoring. However, the ability to investigate violations and obtain bank records for natural persons is still a challenge.
• Recommendations: FSFM should test the effectiveness of these changes and pursue legal reforms to improve enforcement capabilities.

Principles 11–13: Cooperation in Regulation

• Findings: FSFM has enhanced its powers to obtain and share information. Further improvements are expected in consolidated supervision and intergovernmental communication.
• Recommendations: FSFM should become a full signatory to the IOSCO Multi-lateral Memorandum of Understanding (MMoU) and document its cooperative arrangements with the Central Bank of Russia (CBR) and other authorities.

Principles 14–16: For Issuers

• Findings: New disclosure rules have been adopted, including material event reporting and ownership and control reporting. The liability of preparers and management for disclosure accuracy is also in place.
• Recommendations: FSFM should monitor the effectiveness of these rules in improving transparency and ensure that they are enforced consistently.

Principles 17–20: For Collective Investment Schemes

• Findings: CIS are recognized as retail investment vehicles, and a framework of protections is in place. FSFM is working on modernizing the framework to allow more flexibility for sophisticated investors and broader use of derivatives.
• Recommendations: FSFM should update its surveillance programs to reflect market growth and ensure all mutual fund marketing is subject to securities requirements.

Principles 21–24: For Market Intermediaries

• Findings: FSFM is implementing new capital requirements and adding measures to assess operational capacity. However, the ability to appoint authorized representatives or manage distressed firms is still pending.
• Recommendations: FSFM should update its periodic inspections regime with risk-based analyses and random checks. It should also establish an investor compensation fund and develop contingency plans.

Principles 25–30: For the Secondary Market

• Findings: FSFM has obtained new technical capacity for real-time surveillance. The use of alerts and reporting of non-standard transactions should improve detection of market misconduct.
• Recommendations: FSFM should continue to refine its surveillance and reporting mechanisms and adjust its regulatory approach to supervise new operations effectively.

Key Recommendations

• FSFM should aggressively pursue the implementation of pending legislation related to exchanges, prudential supervision, bank secrecy, and consolidated supervision.
• FSFM should become a full signatory to the IOSCO MMoU and document its cooperative arrangements with the CBR and other authorities.
• FSFM should enhance its enforcement capabilities, including improving access to bank records for natural persons.
• FSFM should improve transparency and accountability, especially during the transitional period of power realignment.
• FSFM should establish an investor compensation fund and develop contingency plans to address market disruptions.
• FSFM should continue to refine its surveillance and reporting mechanisms to better detect and deter market misconduct.

Conclusion

The Russian Federation has made significant strides in improving its securities regulatory framework, but many reforms are still in progress or untested. The assessment emphasizes the importance of legal clarity, transparency, and effective enforcement in ensuring the long-term stability and growth of the capital markets.