Russian Federation: Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision
IMF Staff Country Reports, July 13, 2016
Source details
- Canonical URL
- Russian Federation: Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision
Other formats
Bibliographic details
- Published: July 13, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475517323.002
Executive summary
- Assessment of the level of implementation of Basel Core Principles for Effective Banking Supervision in Russian Federation.
- The legal framework currently in place provides the Central Bank of the Russian Federation (CBR) with necessary powers and responsibilities.
- The Russian licensing regime for banks appears exhaustive.
- The legal and regulatory framework provides CBR with a set of instruments and tools to ensure that the licensing process is sound.
- CBR has the power to review, reject, and impose prudential conditions on proposals to transfer significant ownership or controlling interests held directly or indirectly in existing banks to other parties.
- The legal regime for major acquisitions in Russia is found to be weak.
Legal and regulatory framework
- CBR possesses necessary powers and responsibilities under the current legal framework to conduct banking supervision.
- The legal and regulatory framework includes instruments and tools aimed at ensuring a sound licensing process.
Licensing, ownership transfers, and acquisitions
- Licensing regime:
- The Russian licensing regime for banks is described as exhaustive.
- CBR is equipped to administer the licensing process through the legal and regulatory instruments available.
- Ownership transfers:
- CBR has explicit authority to review, reject, and impose prudential conditions on proposals to transfer significant ownership or controlling interests in existing banks.
- Major acquisitions:
- The report identifies weaknesses in the legal regime governing major acquisitions in Russia.
Publication and identification details
- Publication date: July 13, 2016
- Pages: 36
- Volume: 2016
- Issue: 232
- Series: Country Report No. 2016/232
- DOI: https://doi.org/10.5089/9781475517323.002
- Stock No: 1RUSEA2016004
- ISBN: 9781475517323
- ISSN: 1934-7685
International Monetary Fund. Russian Federation: Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision, IMF Staff Country Reports 2016, 232 (2016), July 13, 2016.