ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of December 29, 2008 No. 2043-r

Approve the enclosed Development strategy of the financial market of the Russian Federation for the period till 2020.

Approved by the order of the Government of the Russian Federation of December 29, 2008 No. 2043-r

The development strategy of the financial market of the Russian Federation for the period till 2020

I. Introduction

This Strategy determines priority activities of state bodies in the field of regulation of the financial market for the period till 2020. At the same time in this Strategy the questions of development of bank and insurance sectors, and also questions of their regulation, control and supervision are not raised.

The purpose of this Strategy is ensuring the accelerated economic development of the country by means of high-quality increase in competitiveness of the Russian financial market and forming on its basis of the independent financial center capable to concentrate the offer of broad set of financial instruments, demand for financial instruments from internal and external investors and by that to create conditions for pricing on such financial instruments and assets corresponding to them in the Russian Federation.

Development of the financial market, and also activities of the Federal Service for Financial Markets for state regulation of this market is performed since 2006 within the Development strategy of the financial market of the Russian Federation for 2006 - 2008 approved by the order of the Government of the Russian Federation of June 1, 2006 N 793-p in which medium-term tasks of upgrade of institutes and tools of the financial market in the conditions of increase of processes of globalization of world financial system, growth of internationalization of the security markets, cross-border investment transactions and strengthening of the competition of the largest international financial centers were formulated.

Conditions of development of the world financial market are complicated in 2008 by deterioration in its environment and aggravation of the crisis phenomena in world economy. On this background tendencies of expansion of the financial institutions operating within the largest financial centers to the countries with the developing economies clearly are shown. It gradually leads to forming in the world financial market of zones of influence of such financial centers. As a result the probability that the number of the countries where the independent and full-fledged financial markets can remain and continue to function, will be reduced gradually grows. In the next 10 anniversary not numerous national financial markets will either become international financial centers, or to enter zone of influence of already existing global centers. Therefore availability of independent financial center in this or that country will become one of the most important signs of competitiveness of economies of such countries, growth of their influence in the world, the compulsory provision their economic, so, and political sovereignty. In this regard providing long-term competitiveness of the Russian financial market and forming in Russia of independent financial center cannot be considered as especially industry or departmental tasks. The solution of these tasks shall become the most important priority of long-term economic policy.

The task of creation of independent financial center in Russia assumes enhancement of the taxation in the financial market. Without forming of favorable tax climate it is impossible to increase qualitatively liquidity of the market of financial instruments and attractiveness of long-term investments, to expand range of the tools which are traded on the financial market, the list of transactions and the rendered services and also to create conditions for preferential development of the organized market of financial instruments.

Now taking measures, directed to creation of more attractive tax regime in the Russian financial market, than the tax regimes existing in the countries in which the competing financial centers are effective is necessary. Such measures will find reflection in the main directions of tax policy of the Russian Federation for the long-term period.

The current situation in the world financial markets, and also growth of interest of the international financial institutions and stock exchanges in the Russian financial market first of all formulations of additional long-term measures for enhancement of regulation of the financial market in the Russian Federation require not only the fastest completion of provisions of the Development strategy of the financial market of the Russian Federation for 2006 - 2008, but. The separate earlier stated initiatives and offers need to be reviewed conceptually taking into account the new challenges shown by dynamically changing structure of the world financial market.

II. The results and problems connected with strategy implementation of development of the financial market of the Russian Federation for 2006 - 2008

Based on the actions plan on strategy implementation of development of the financial market of the Russian Federation for 2006 - 2008 were accepted:

The Federal Law "About Introduction of Amendments to the Federal Law "About the Security Market" and Some Other Legal Acts of the Russian Federation" directed to increase in number of the financial instruments which are traded on the financial market, simplification of procedures of attraction of investment means in the financial market by the Russian companies and establishment of procedure for issue and the circulation of exchange bonds;

The Federal Law "About introduction of amendments to the Federal law "About Mortgage Securities" directed to enhancement of regulation of issue and the circulation of mortgage securities;

The Federal Law "About introduction of amendments to the Federal law "About the Security Market" directed to creation of regulating basis for release of the Russian depositary receipts;

The Federal Law "About Introduction of Amendments to Article 1062 Parts Two of the Civil Code of the Russian Federation" which served as impulse for the high-quality growth of amounts of transactions with derivative financial instruments and directed to provision of judicial protection on forward transactions;

The Federal Law "About Introduction of Amendments to the Federal Law "About Investment Funds" and Separate Legal Acts of the Russian Federation" directed to enhancement of system of investment with use of mechanisms of mutual investment funds, ensuring broad attraction in economy of strategic investments including by creation of venture funds, introduction of the concept "skilled investor", protection of unskilled investors, increase in transparency of activities of managing companies, specialized depositaries and non-state pension funds, and also strengthening of supervision of their activities from the Federal Service for Financial Markets.

For the purpose of implementation of the specified Federal Laws the regulatory legal acts regulating procedures of issue and the circulation of bonds with mortgage covering and exchange bonds, the processes of absorption and replacement in joint-stock companies which provided expansion of opportunities of joint-stock companies for attraction of investment means in the stock market by primary placement of new releases are developed.

In 2006 - 2008 according to the Development strategy of the financial market of the Russian Federation for 2006 - 2008 the drafts of the Federal Laws mentioning the wide list of problems of development of financial institutions and tools are developed.

For ensuring availability of information on securities and transparency of transactions with them the changes in the Federal Law "About the Security Market" directed to refining of the list of essential facts of activities of the joint-stock companies which are subject to public disclosure are prepared.

For the purpose of creation of conditions for further market development of derivative financial instruments the federal law draft "About Modification of Part the Second Tax Code of the Russian Federation" which assumes enhancement of tax regime of transactions with derivative financial instruments the value added tax, income tax and the income tax of the organizations was developed in 2008.

The federal law draft directed to introduction of the mechanism of liquidating netting is also prepared. Lack of legal definiteness concerning procedure for obligation fulfillment on forward transactions in case of introduction of insolvency proceedings concerning one of her participants is one of the factors constraining market development of derivative financial instruments now.

At the same time as of the end of 2008 there are unrealized separate important tasks determined by the Development strategy of the financial market of the Russian Federation for 2006 - 2008, in particular:

creation of the legal mechanisms directed to prevention of insider trade and manipulation in the financial market;

creation of system of prudential supervision of professional participants of the security market;

creation of conditions for securitization of financial assets;

legal regulation of implementation of payments of compensations to citizens in the security market;

forming of the mass retail investor;

development of derivative financial instruments.

Regarding determination of ways of creation of infrastructure of the financial market number of initiatives requires adjustment of approaches to their realization.

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