Председатель Правления НАУФОР Алексей Тимофеев принял участие в дискуссионной сессии «Развитие финансовой инфраструктуры российского рынка», которая состоялась 9 декабря 2013 года в Лондоне, в рамках шестого заседания Российско-Британской рабочей группы (РБРГ) по созданию международного финансового центра.

Российскую делегацию возглавляет председатель рабочей группы при президенте РФ по созданию международного финансового центра Александр Волошин. С ключевым выступлением с российской стороны выступил президент Центра стратегических разработок Михаил Дмитриев.

В своем выступлении глава НАУФОР отметил, что проводимая в настоящее время реформа регулирования на финансовом рынке в России подходит к одному из важнейших шагов, без которого она не будет полноценной - роли саморегулирования в системе установления правил на финансовом рынке. ЦБ РФ может сконцентрироваться над надзором за соблюдением правил общего характера, тогда как СРО могли бы сфокусироваться на соблюдении компаниями регулирования на основе принципов.

Российско-британская рабочая группа была создана в июне 2011 года с целью содействия созданию в Российской Федерации международного финансового центра. Заседания группы проходят попеременно в Москве и в Лондоне.

Тезисы выступления Алексея Тимофеева на заседании сессии:

Dear Lord Mayor,
Chairman Voloshin,
Ladies and Gentlemen,

It is my pleasure to join this gathering this morning and to give a few observations about the recent regulatory reform in Russia.

As you know the Russian regulatory system has been significantly changed recently. Since 1st of September all regulatory powers of the Federal Financial Markets Service were transferred to the Central Bank, making it the body that is responsible for all financial institutions. Central bank's competence now includes both prudential and business conduct regulation and supervision across all financial market segments.

This reform gives us broad opportunities, including expanding prudential regulation into non-banking sectors of the market, where it is not currently existing.

The first step made by the central bank in its capacity of a megaregulator was to invite the industry for a discussion of regulatory agenda and priorities of the new Authority. This discussion was hosted by the Moscow IFC Working Group, and industry supplied over 200 proposals, vast majority of which were accepted by the Central Bank and included into its new regulatory roadmap. We appreciate it and hope that Central bank will continue to be in touch with the market.

But in fact, the regulatory reform is not over yet. The next step we are waiting for is adoption of a draft legislation that will set new competence for the financial market SROs. This legislation has been developed by Central bank in cooperation with Moscow IFC Working Groupe. Draft of the Law gives SROs in non-banking sector the new functions and introduce mandatory membership in SROs for market participants. All those decisions will enhance the role of SROs as the privateregulators.

Why do we think it is important? First of all, this is a crucially important for Russia to change existing general regulatory approach by moving towards more principles-based regulation.

The draft law says that the Central Bank and SROs will have the same area of responsibility. The Central Bank may focus more on general principles of business conduct, while SROs will be responsible for implementing those principles in practice. But I think SROs may themselves provide the principles-based regulation and enforce it. Moreover I think SROs are only institutions able to do it effectivly.

Of course, SROs should be under permanent supervision of the Central Bank and the Central Bank will approve all proposed SRO. It will give us a balance between the state and SRO's competence and at the same time enhance the ability of our regulatory structure to comply with emerging regulatory goals.

We have done a lot lately for infrastructure development. Today the Moscow Exchange has all tools in place and now it has started using those.

Our main task now is to focus on increasing role of internal investors. The non-state pension funds reform is in process now. It is debutable but after it's finalization we hope to have the funds as more active participants in russian financial market.

Retail investors. That is our main focus at the moment.

We expect that this week Russian Parliament will adopt draft legislation, which we have developed together with Moscow IFC Working Group, that provides two tax incentives to encourage retail securities investment.

First, the Tax Code will be amended, providing for no capital gains tax for the individuals holding the security more than three years.

Secondly, law will recognize new type of broker or portfolio manager account - individual investment account. While developing these solutions, we closely studied tax incentives globally, but spent particular interest on Individual Retirement Accounts and 401(k) plans in the US, and Individual Savings Accounts in the UK. So basically, Individual Investment Account, is a broker or portfolio manager account that must be opened for a minimum of three years and which can be topped up by deposits up to 8,000 pounds annually. Further, there is no tax during the life cycle of the account. Retail customers will be able to choose one of two distinct tax benefit schemes: they will be able to make tax-deductible contributions, or have zero capital gains tax when they close the account. (If the account is closed earlier, deposits will be subject to the regular 13% flat tax used for personal income in the Russian Federation, and any deductions will be reassessed) Once implemented, we expect to see a significant growth in long-term investments by Russian individuals. As Russia continues the process of global integration, these investments are necessary to increase liquidity and make the market more secure from global fluctuations.

Other initiatives that we expect to focus on early next year include compensation scheme for retail customers of brokers, regulation of the activity of investment advisers, which is not regulated business in Russian financial market now, and diversificatin the regulation for the intermediaries to provide more opportunities for small firms.

Thank you.