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Report: Russian regulator prepares self-regulatory scheme for banking sector

Dec 28, 2018 - SNL European Financials Daily

The Central Bank of the Russian Federation is developing a self-regulatory concept for the local banking market in order to protect local customers from unfair banking practices, Russian newspaper Izvestia reported Dec. 14.

If the concept is approved and implemented, one or several self-regulatory organizations would appear on the market, and banks would be required to join them.

The SROs would be responsible for developing mandatory standards that their members would have to adhere ...