Russia: Financial Stability Board publishes peer review report

The Financial Stability Board has published its peer review of Russia: see here (pdf). The review considered the macroprudential policy framework (and tools) as well as the framework for the resolution of banks. The report recommends, amongst other things, that the mandate of the newly formed National Council on Ensuring Financial Stability is clarified; a wider range of resolution tools is also recommended.

Russia: new corporate governance code and listing rules

Earlier this year the Central Bank of Russia approved a new edition of the Russian corporate governance code: see here (pdf). The code was drafted with the assistance of the European Bank for Reconstruction and Development. An English translation of the code has been produced by the EBRD: see here (pdf). The Moscow Exchange has also made changes to its listing rules concerning the governance of listed companies: see here.

Russia: Federal Service for FInancial Markets publishes draft of revised corporate governance code

Earlier this year the Federal Service for Financial Markets published a draft of its revised corporate governance code: see here. A copy of the draft code, in English, was prepared for the OECD's recent technical seminar on corporate governance in Russia and is available here (pdf). Also considered at the seminar was a paper highlighting problems with the corporate governance framework; the paper is available, in English, here (pdf).

BCBS update on Basel III implementation

A few days ago the Basel Committee on Banking Supervision published a short statement concerning Basel III implementation: see here. In its statement the Committee noted that eleven jurisdictions had published final regulations implementing Basel III with effect from 1 January 2013: Australia, Canada, China, Hong Kong SAR, India, Japan, Mexico, Saudi Arabia, Singapore, South Africa and Switzerland. The following seven jurisdictions have published draft regulations and are, according to the BCBS, working on issuing final regulations as quickly as possible: Argentina, Brazil, the European Union, Indonesia, Korea, Russia and the United States. Turkey will be issuing draft regulations in early 2013.

Russia: boards, takeovers and ADR in the securities market

The OECD Russia Corporate Governance Roundtable has met this week. Some of the meeting documents have been published in English, including the following (all in pdf): [1] Board formation: nomination and election in OECD countries and Russia [2] Legal issues with acquisition of major stakes in Russian companies and [3] Alternative dispute resolution mechanisms in the securities market.