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

July 13, 2016

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Format: Chicago

Russian Federation: Report on the Observance of Standards and Codes-Basel Core Principles for Effective Banking Supervision, (USA: International Monetary Fund, 2016) accessed September 19, 2024

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.

Subject: Banking, Basel Core Principles, Correspondent banking, Credit, External audit, Financial regulation and supervision, Financial services, Legal support in revenue administration, Money, Public financial management (PFM), Revenue administration

Keywords: Banking sector, Basel Core Principles, CBR approval, CBR bank supervision, CBR inspection, CBR law, CBR letter, CBR liquidity metrics, CBR network, CBR payment system, CBR supervision, Correspondent banking, Country risk, CR, Credit, External audit, Federal state, Global, ISCR, Legal support in revenue administration, Onsite program, Risk management, SREP regime

Publication Details

Pages:

36
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/232
Stock No:

1RUSEA2016004
ISBN:

9781475517323
ISSN:

1934-7685

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