The Bank of Russia is introducing new support measures for financial market participants – non-state pension funds, management companies, financial intermediaries and accounting infrastructure, the regulator said in a statement.
The corresponding letter was sent by the Central Bank to market participants. Regulatory requirements are being adapted to new economic conditions, and the deadlines for fulfilling orders are increasing, the Central Bank notes.
In addition, actions against market participants for certain violations of regulations are canceled if they are related to current market conditions.
“As part of taking measures to reduce the regulatory and supervisory burden on professional participants in the securities market, management companies, specialized depositories and non-state pension funds (except for cases requiring urgent supervisory response), due to the current crisis situation in the financial market, the Bank of Russia plans to increase deadline for the execution of orders and requests of a supervisory nature, ”the document says.
Against the background of the consequences of anti-Russian sanctions after the military operation that began in Ukraine, the government has developed a number of measures to support business. In particular, a moratorium on inspections has been introduced for small and medium-sized enterprises, the program for reimbursement of expenses for the use of the Faster Payments System and the payroll 3.0 concessional lending program has been extended, and a new stage of capital amnesty has been launched.
To support the economy and citizens, the government has developed a package of changes to legislation that allows the Cabinet to quickly redistribute budgetary funds both at the federal and government levels. The Ministry of Finance, thanks to the changes, will be able to invest the funds of the National Welfare Fund in Russian government securities and shares of state-owned companies. On March 5, the Central Bank decided to allocate an additional 500 billion rubles. banks for soft loans to small businesses.