On August 26, 2021, an extended meeting of the RSPP financial industry commissions on banks and banking activities, on financial markets, on insurance and auditing activities was held in the videoconference format.
The participants discussed the draft of the document "Main directions for the development of the financial market of the Russian Federation" for 2022 and the period 2023 and 2024 (ONRFR). The document defines the main goals, principles and direction of the financial market development policy, as well as the key tasks that the Bank of Russia should achieve by 2024 together with the Government of the Russian Federation.
In his welcoming speech, the President of the RSPP A. Shokhin noted the need for harmonious integration of the ONRFR into the overall Strategy for the development of the financial market of the Russian Federation until 2030 and into the Single Plan for achieving the national development goals of the Russian Federation for the period until 2024, as well as for the planning period until 2030.
In his speech, the President of the RSPP drew the attention of the participants to the insufficient coverage in the ONRFR of the issues of the introduction of the digital ruble, the need to finalize legislation and make amendments to the Tax Code of the Russian Federation as soon as possible in terms of the circulation of digital financial assets that ensure the development of industrial groups. The need for the development of payment instruments within the framework of the EAEU and BRICS was particularly noted. A. Shokhin also touched upon the topic of cryptocurrency as a tool that inevitably integrates into everyday life and financial markets, and suggested returning to the discussion of the issues of cryptocurrency circulation, taking into account the risks arising under AML/CFT. At the end of his speech, the President of the RSPP noted the importance of developing the market for long-term financing of Russian enterprises and the development of new tools.
The moderator of the extended meeting was the Vice-President of the RSPP A. Murychev. He outlined the range of issues to be discussed at the meeting and noted the relevance of the RSPP events for Russian business, their essential role in building a constructive dialogue between business and the government.
First Deputy Chairman of the Bank of Russia S. Shvetsov outlined the key directions of the ONRFR in the development of the financial market: digitalization, ESG IPO and ecosystems. The development of these areas, according to the Bank of Russia, will give a significant impetus to the development of the entire financial market, the emergence of new financial instruments, job creation and improvement of market mechanisms. In his speech, S. Shvetsov put significant emphasis on the issue of tax incentives, as well as the importance of the position and taking into account the opinion of the non-financial sector of the economy when determining the directions of development of the financial market.
Y. Denisov, Chairman of the Financial Markets Commission, Chairman of the Management Board of PJSC Moscow Exchange, made a report on the main directions of development of the Moscow Exchange. He noted a significant increase in the number of retail investors and the need to strengthen work at all levels to protect their rights, as well as improve their financial literacy.
Further reports and proposals were made by the Head of VTB Capital Investment, Head of the Brokerage Services Department, Senior Vice President of VTB Bank V. Potapov, Member of the Financial Markets Commission, President of the SRO NFA V. Zablotsky, Head of the Financial Innovations Sub-Commission, Chairman of the Financial Innovations Association R. Prokhorov, Vice President of the All-Russian Union of Insurers S. Gusar, Deputy Chairman of the Audit Commission, partner of KPMG in Russia and the CIS K. Altukhov, Chief Director for Financial Research at the Institute of Energy and Finance M. Yershov, Chairman of the Management Board of the Association of Factoring Companies M. Okunev, Vice-President, Member of the Council of the Association of Russian Banks, Deputy Chairman of the Russian Financial and Banking Union O. Preksin.
During the meeting, the First Deputy Chairman of the Bank of Russia noted the expediency of building a dialogue between the Bank of Russia and business at the RSPP site in order to reorient Russian companies (issuers) to the domestic market instead of using sites of other jurisdictions to attract financing. K. Altukhov raised the topic of increasing the responsibility of top officials of companies for the reports, this initiative was fully supported by S. Shvetsov. The need for the to develop tools and mechanisms for the business community together with the Bank of Russia to increase the overall responsibility of management and Boards of Directors for decisions made in order to increase confidence in the financial market was also stated.
During the constructive discussion of the ONRFR, the participants of the meeting made a number of proposals aimed at specifying certain sections of the document under consideration in the field of development of all areas of the financial market, including insurance, auditing, factoring and other activities. It was decided to summarize all the proposals and send them to the Bank of Russia and the Government of the Russian Federation for consideration.
FBA EAC was represented at the event by the General Director O. Berezovoy.