2016年-IMF国际货币组织全球_Russian_Federation_Report_on_the_Observance_of_Standards_and_Codes_60页_1mb

报告摘要

Summary of the Report on the Observance of Standards and Codes—IOSCO Objectives and Principles of Securities Regulation for the Russian Federation

Core Content

This report evaluates the Russian Federation's adherence to the IOSCO Objectives and Principles of Securities Regulation as part of a Financial Sector Assessment Program (FSAP) conducted in February 2016. The assessment was carried out by external experts from the IMF and World Bank, and it covers the regulatory structure, market structure, and preconditions for securities regulation in Russia. The report was completed on June 14, 2016, and outlines the current status, challenges, and recommendations for improving compliance with international standards.

Main Findings

Regulatory Structure

The Central Bank of the Russian Federation (CBR) is the primary regulator and supervisor of the financial services sector, including securities markets.
The CBR assumed the powers and functions of the former Federal Service for Financial Markets (FSFM) in September 2013, and the integration process was completed by 2015.
The CBR has a three-year strategy for financial market development and stability, with a focus on proportional regulation and optimizing the regulatory burden.
The Federal Service for the Regulation of Securities (FSFR), Federal Fiscal and Financial Supervision Service (FFFSS), and Financial Stability Committee (FSC Com) also play roles in the regulatory landscape.
The Ministry of Economic Development (MED) administers the Joint Stock Company Law, while the Ministry of Finance (MoF) sets accounting and auditing standards.
Self-Regulatory Organizations (SROs) are involved in the oversight of market participants and auditors.

Market Structure

Market Intermediaries: The CBR licenses brokers, dealers, investment managers, custodians, and registrars. Most intermediaries hold multiple licenses, with 59.7% holding licenses as brokers, dealers, and investment managers.
CBR's role: It is the most active trader in non-government securities, accounting for 21.4% of total turnover. It is especially dominant in the corporate bond market (32.9% of the market share).
Unit Investment Funds (UIFs): As of the end of 2014, there were 1,584 UIFs, with closed-end funds remaining the most common type (72% of total UIFs). The assets under management (AUM) of open and interval funds decreased by 24% to RUB 92.6 billion.
Largest Asset Management Companies: The top five companies accounted for 84.1% of the total AUM of open and interval funds, with Sberbank Asset Management CJSC leading at 21.9%.
Stock Market: The Moscow Exchange Group (MEG) is the largest exchange in Russia, operating in equities, bonds, derivatives, foreign exchange, money markets, and precious metals. The MICEX Composite Index showed a decline in 2014, influenced by geopolitical factors such as sanctions, oil price drops, and capital outflows.
Corporate Bonds: The market saw a RUB 1.8 trillion in new issues in 2014, with OTC placements increasing to 68%. The total exchange transaction value for corporate bonds was RUB 4.3 trillion, down 30% from 2013.
Government Bonds: The total value of government bond issues increased by 26% to RUB 4.7 trillion, but exchange turnover dropped by 36% to RUB 3.8 trillion.
Derivatives Markets: Futures and options trading is dominated by MOEX indices, with futures accounting for 87% of the total derivatives trading volume and options for 13%.

Preconditions

The legal framework is complex and detailed, with many overlapping and inconsistent provisions.
The legislative system is based on civil law principles, with a hierarchical structure from the Constitution down to sector-specific laws.
The CBR has the authority to issue by-laws on matters within its competence, which are registered with the Ministry of Justice (MoJ).
The legislation is subject to frequent amendments, making it difficult to track the implications of changes.
The SRO Law introduced in January 2016 did not repeal previous provisions, leading to conflicting obligations for market participants.

Key Issues and Challenges

The CBR faces a major challenge in enforcing the regulatory regime due to limited resources.
In 2014, only 97 of the 19,000 nonbank licensees were inspected, highlighting the inefficiency of the current oversight mechanism.
Client-facing rules need improvement to ensure fair treatment and adequate advice for unsophisticated retail investors.
Disclosure requirements for unit investment funds are not yet clear or easy to understand, which could hinder retail investor participation.
The transition to IFRS is ongoing, but Russian Accounting Standards (RAS) still apply for public interest companies.
The absence of overarching provisions in the legal framework is a challenge, though some existing obligations are in place.

Recommendations

The CBR needs to develop legal gateways to provide guidance on reasonable expectations for risk management, internal controls, and client treatment.
Improvements in customer profiling and product suitability are required to better serve retail investors.
The CBR should expand its use of supervisory tools beyond inspections to enhance efficiency.
There is a need for greater clarity and consistency in the legal framework to reduce compliance costs and enforcement challenges.
Prospectus and continuous disclosure regimes should be strengthened for listed companies.
Disclosure documentation for unit investment funds should be made more user-friendly and informative to support informed investment decisions.

Conclusion

The report highlights that while the CBR has made progress in assuming regulatory responsibilities and integrating with international standards, significant challenges remain. These include complex legislation, limited regulatory resources, and the need for improved compliance and enforcement mechanisms. The CBR must continue to develop and implement the IOSCO principles to ensure market integrity, transparency, and protection of investors.