{
  "title": "Russian Federation: Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision",
  "publication": "IMF Staff Country Reports, July 13, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-report-on-the-observance-of-standards-and-codes-basel-core-principles-for-44086",
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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.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Assessment of the level of implementation of Basel Core Principles for Effective Banking Supervision in Russian Federation.\n- The legal framework currently in place provides the Central Bank of the Russian Federation (CBR) with necessary powers and responsibilities.\n- The Russian licensing regime for banks appears exhaustive.\n- The legal and regulatory framework provides CBR with a set of instruments and tools to ensure that the licensing process is sound.\n- 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.\n- The legal regime for major acquisitions in Russia is found to be weak."
    },
    {
      "heading": "Legal and regulatory framework",
      "content": "- CBR possesses necessary powers and responsibilities under the current legal framework to conduct banking supervision.\n- The legal and regulatory framework includes instruments and tools aimed at ensuring a sound licensing process."
    },
    {
      "heading": "Licensing, ownership transfers, and acquisitions",
      "content": "- Licensing regime:\n  - The Russian licensing regime for banks is described as exhaustive.\n  - CBR is equipped to administer the licensing process through the legal and regulatory instruments available.\n- Ownership transfers:\n  - CBR has explicit authority to review, reject, and impose prudential conditions on proposals to transfer significant ownership or controlling interests in existing banks.\n- Major acquisitions:\n  - The report identifies weaknesses in the legal regime governing major acquisitions in Russia."
    },
    {
      "heading": "Publication and identification details",
      "content": "- Publication date: July 13, 2016\n- Pages: 36\n- Volume: 2016\n- Issue: 232\n- Series: Country Report No. 2016/232\n- DOI: https://doi.org/10.5089/9781475517323.002\n- Stock No: 1RUSEA2016004\n- ISBN: 9781475517323\n- ISSN: 1934-7685\n\nInternational 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.\n\n---\n\n Content in this bundle\n\n- Cr16232\n  - Cr16232 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr16232 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 13, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475517323.002",
    "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.",
    "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 regime:",
    "Ownership transfers:",
    "Major acquisitions:",
    "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",
    "**Cr16232**"
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