FRSGlobal : Risk Analysis and Regulatory Reporting

Regulators in Russia

The financial regulators in Russia are:

• Bank of Russia or the Central Bank of the Russian Federation (CBR)
• The Federal Financial Markets Service (FFMS)

FRSGlobal in Russia

Following a deep recession, the Russian economy has improved, but its recovery remains fragile.

The banking system is still under strain and credit is likely to recover gradually. In a recent consultation from the IMF it is recommended that loan risk assessment should be strengthened and provisioning to be made more forward-looking. The IMF also recommends that the Bank of Russia be given greater supervisory powers, in particular regarding consolidated supervision and connected lending.

Regulatory Environment — Russia

Statutory

Financial reporting
The Central Bank of the Russian Federation (CBR) collects returns on financial information from credit institutions on solo and consolidated basis. These reports cover information on assets and liabilities position (409101), cash turnover and profit and loss (409102) to be submitted on monthly basis. Consolidated financial returns are required to be submitted on quarterly basis.

Prudential

Capital adequacy reporting
Capital adequacy reporting in Russia is centred around risk reporting. This type of reporting includes information on capital requirements along with calculation of credit risk, market risk and operational risk. To collect information on minimum capital requirement or capital adequacy position the CBR collects monthly reports on ownership funds (0409134) from credit institutions. The CBR also collects information on credit risk- obligatory normative solo (409135), obligatory normative consolidated (409805), and market risk consolidated (409153) on monthly basis.

Interbank deposit reporting
All credit institutions are required to submit information on interbank credits and deposits to the Central Bank on monthly basis. In addition, the CBR also collects monthly reports on large credits (0409119) and major creditors. These reports are collected to monitor and track large credits and deposit amounts along with information on the largest depositors.

Statistical

Interest rate statistics
This includes monthly reports on average-weighted interest rates on the credits granted by the credit institution and average-weighted interest rates on the deposits, investments and credits attracted by the credit institution. In addition banks are also required to submit interest rate statistics on inter-bank credits.

Transactional

Balance of Payment reporting
BoP reporting is concerned with reporting of all transactions between Russian residents and non residents. It includes information on the settlements for transactions with securities and investments made between residents and non-residents to be submitted on monthly basis.

Cross border reporting
This type of reporting includes information on cross border currency (0409601) and foreign exchange (0409401) transactions to be submitted on monthly basis. In addition banks are required to submit a quarterly report on the import and export of the currency of the Russian Federation (0409608).