The State Duma adopted a law allowing any Russian and foreign legal entities to connect to the Russian counterpart of SWIFT, the Bank of Russia’s “Financial Report Transfer System”.
The Central Bank has the right to provide services for the transfer of financial messages to legal entities that are clients of credit institutions, as well as non-residents, including foreign credit organizations, international organizations, foreign central (national) banks.
The law abolishes the need for legal entities to be clients of credit institutions in order to be able to use the Bank of Russia messaging services.
The law expands the possibilities for the Central Bank to provide financial messaging services for foreign and Russian legal entities. The procedure for providing such services is determined by the regulations of the Central Bank, and for foreign legal entities and international organizations – by the agreements concluded.
The Bank of Russia develops and approves the forms of federal statistical observation and the procedure for the compilation and provision by the respondents of the primary statistical data on these forms.
The Central Bank has been given the authority to establish a procedure for selecting auditing organizations and actuaries, which can be audited by order of the Central Bank of Directors.
The law will help develop the Bank of Russia’s Financial Reporting System (FFS), the Russian equivalent of the international interbank system for transmitting information and making SWIFT payments, maintaining the stability of the national payment system and protecting it against systemic risk.