Russian Federation : Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

July 13, 2016

Electronic Access:

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Summary:

This paper presents an 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 also has the power to review, reject, and impose prudential conditions on any proposals to transfer significant ownership or controlling interests held directly or indirectly in existing banks to other parties. However, the legal regime for major acquisitions in Russia is found to be weak.

Series:

Country Report No. 16/232

Subject:

English

Publication Date:

July 13, 2016

ISBN/ISSN:

9781475517323/1934-7685

Stock No:

1RUSEA2016004

Format:

Paper

Pages:

36

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