Date: 5 months ago   Category: Finance

The Central Bank supported mitigation of requirements to the microfinancial organizations — Rambler News Service


The Bank of Russia suggested to facilitate to the microfinancial organizations (IFIs) access to the financial market, the press service of the regulator reported. Such decision was made following the results of discussion of the report "Improvement of regulation of activity of subjects of the microfinancial market". The Central Bank suggested to differentiate requirements to the admission of IFI on the financial market, business reputation of owners and management, an order of providing the reporting and its contents and also to a procedure of payments of standards and their values. Following the results of discussion the regulator prepared the road map in which relevant requirements are softened. In particular, for IFI, the large credit consumer cooperatives (CCC) and the agricultural credit consumer cooperatives (ACCC) terms of introduction of requirements of the Central Bank on providing the business plan or strategic plan at the admission increase by the market up to three years. For large participants of the microfinancial market the Bank of Russia suggests to postpone introduction of similar requirements for a period of up to five years. Now the principles of proportional regulation of microfinancial institutions already act on the market. In separate group large participants, or the companies with the large volume of powers are allocated. Behind them the Bank of Russia exercises constant surveillance. Watch self-regulatory organizations activity of small participants of the financial market, and in the presence of information on violations – the Central Bank.

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