OREANDA-NEWS. The Bank of Russia has published information on the progress made with the implementation of initiatives launched by the community of professionals to streamline regulation in the securities market (233 KPIs).

Initially, the list of initiatives included 233 items. Starting 2013, financial market participants have been provided to the regulator on an annual basis their suggestions to solve the issues they believed were the most urgent in terms of market regulation and development.

All the suggestions are subdivided by directions: insurance market, pension provision market, investment funds, professional securities market participants, commodities market, infrastructure and instruments, issue and listing, reinforcement of corporate governance principles, activities of microfinance organisations, actuary activities, and development of national rating agencies. Besides, initiatives are classified into categories depending on their priority assessment.

By the end of 2015, the list of initiatives totalled 199 items. Based on the results of the annual strategic session, 7 new initiatives were added to the portfolio of initiatives, but 11 initiatives which turned out to be obsolete were excluded from it. The fulfillment of 57 initiatives will go on within the implementation of road maps on Guidelines for the Development of Russian Financial Market in 2016-2018. It needs to be mentioned that suggestions with the highest priority will also be included in the said Bank of Russia road maps, still remaining in the portfolio of initiatives.

So, the portfolio of initiatives to develop the financial market currently totals 138 KPIs.

However, it is important for the Bank of Russia not only to implement the initiatives but to get the feedback from market participants to identify possible obstacles on their way in order to fully implement such initiatives and offer measures to remove the obstacles.

The assessment of efficiency in the implementation of initiatives to develop the insurance market was made in 2016. Its results paved the way for further arrangements which are thought to be successful in getting expected results in full.