FAS: ADDITIONAL MONITORING OF TRANSACTIONS OF LARGE FINANCIAL ORGANIZATIONS IS NEEDED

It was announced by Olga Sergeeva, Head of the Department for Control over Financial Markets, at the round table "Leveling competition in the banking sector –basis for successful transformation of the economy"

FAS Russia regularly analyzes the current regulatory framework for the presence of provisions in it that create unjustified competitive advantages of some market participants over others, as well as the search for optimal solutions to prevent such situations.

Besides, as part of the implementation of the National Competition Development Plan for 2021-2025, FAS Russia together with the Ministry of Finance and the Bank of Russia, will begin preparing a draft federal law aimed at introducing additional control over the transactions of large financial organizations to purchase competitors.

For example, currently banks need to coordinate with the antimonopoly authority the acquisition of another credit institution only if the size of its assets is more than 29 billion rubles.

According to the authority, given the level of concentration in the banking sector, transactions of large financial organizations for the purchase of their competitors should be coordinated with the antimonopoly authority, regardless of the size of the assets of a competitor financial organization.