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

International Monetary Fund

No 2016/232, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; CBR law; CBR bank supervision; CBR liquidity metrics; risk management; banking sector; country risk; CBR payment system; CBR inspection; CBR approval; CBR letter; onsite program; CBR network; CBR supervision; federal state; SREP regime; Correspondent banking; Legal support in revenue administration; Credit; Basel Core Principles; External audit; Global (search for similar items in EconPapers)
Pages: 36
Date: 2016-07-13
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