FAS CONTINUES WORKING ON A NEW ROAD MAP FOR DEVELOPING COMPETITION ON FINANCIAL MARKETS

The Federal Antimonopoly Service has already formulated around 30 possible measures in the financial sector

On 10 December 2019, Deputy Head of FAS Andrey Kashevarov took part in the Council of the Russian Banks Association.

According to Deputy Head of FAS, the current block of competition-development measures on the markets of financial service will focus on decreasing the share and impact of the state upon market relations in the financial sector.

For instance, FAS is considering a ban for state support (subsidizing) of financial organizations with the most assets or proceeds simultaneously providing equal access to such support for other, smaller players of the financial sector on non-discriminatory conditions.

Andrey Kashevarov reminded that in the current Road Map on competition development FAS points out that unreasonable requirements to financial organizations are unacceptable to get access to the federal budget, particularly, a requirement for particular size of own funds. Rankings of Russian rating agencies can be taken as alternative and main requirements.

Access to soft financing programmes must be based on applications.

“We are putting a new block of measures for discussion and will be awaiting your reaction on executing and adding them. I’d like to specially emphasize that FAS is open to active cooperation and a dialogue with the markets”, said Andrey Kashevarov. “We also support a proposal to form, together with the Russian Banks Association, a Working Group to develop competition on the market of banking services”.

Head of FAS Department for Control over Financial Markets, Olga Sergeeva also took part in the event.