The following decisions were made after the October 24, 2012 meeting on establishing an international financial centre in the Russian Federation:
I. On the draft roadmap Establishing the International Financial Centre and Improving the Investment Climate in the Russian Federation.
1. To approve a report by Minister of Finance Anton Siluanov and Alexander Voloshin, Head of a Working Group to Establish an International Financial Centre in the Russian Federation under the Presidential Council for the Financial Market Development, hereinafter referred to as Working Group, on this issue.
2. With due account for the discussion, the Ministry of Finance (Anton Siluanov), in cooperation with the concerned federal executive agencies, the Moscow Government, the Bank of Russia and the Working Group, shall draft a Government directive to approve the roadmap Establishing the International Financial Centre and Improving the Investment Climate in the Russian Federation, and they shall submit it to the Government under the established procedure. They shall prevent the duplication of measures under this roadmap by using measures that are stipulated in other legislation.
3. The Ministry of Economic Development (Andrei Belousov), the Ministry of Finance (Anton Siluanov) and the Federal Financial Markets Service (Dmitry Pankin), in cooperation with the Working Group, shall study the possibility of trading corporate shares at Russian stock exchanges under the privatisation programme. They shall report the results to the Government under the established procedure.
4. The Ministry of Finance (Anton Siluanov), in cooperation with the concerned federal executive agencies and the Working Group, shall submit proposals on expanding the use of International Financial Reporting Standards (IFRS) and expediting specific deadlines for introduction. They shall report within two weeks their proposals for a review at a Government meeting.
5. The Ministry of Finance (Anton Siluanov), the Ministry of Economic Development (Andrei Belousov) and the Federal Financial Markets Service (Dmitry Pankin), in cooperation with the Working Group, shall study proposals to coordinate tax regimes as regards individual income tax, which arise during the investment of their money in financial assets, including securities, provided they have owned these securities for a period of at least three years. They shall report the results to the Government within two weeks and under the established procedure.
6. The Ministry of Justice (Alexander Konovalov), in cooperation with the Supreme Commercial Court of the Russian Federation and the Working Group, shall draft a federal law stipulating the improvement of mechanisms for the recognition and enforcement of acts of international arbitration courts and tribunals as regards financial disputes. The Ministry shall submit the draft law to the Government before May 1, 2013 under the established procedure.
7. The Ministry of Economic Development (Andrei Belousov) and the Ministry of Finance (Anton Siluanov) shall submit proposals to improve the procedure and terms of compensating damages incurred by the action/inaction of officials making decisions on the state registration (or the state registration refusal) of real estate and real estate transactions.
8. The Ministry of Finance (Anton Siluanov), in cooperation with the Moscow Government and Sberbank of Russia, shall organise a meeting on the siting of the main infrastructure of the International Financial Centre on a Rublyovo-Arkhangelskoye land plot. The concerned officials shall visit the proposed site.
II. On improving the regulation and oversight system of financial markets in the Russian Federation
1. To approve the report by First Deputy Prime Minister Igor Shuvalov on this issue.
2. First Deputy Prime Minister Igor Shuvalov shall ensure the review of the following options to improve the regulation and oversight system of financial markets in the Russian Federation at a meetings of the Expert Council under the Government of the Russian Federation, in cooperation with the concerned federal executive agencies, the Bank of Russia, the Working Group and other organisations:
Strengthen the human resources potential of the Federal Financial Markets Service and improve the level of technical equipment; Transfer the authority over the Federal Financial Markets Service to the Bank of Russia. The incipient Bank of Russia division, due to regulate and oversee financial market participants, shall enjoy certain independence;Establish a specialised agency under the Bank of Russia and transfer specific authority of the Federal Financial Markets Service to that agency.
The relevant proposals shall be submitted before November 24, 2012.