OREANDA-NEWS. December 30, 2010. At a meeting on creating an international financial centre in Russia, Dmitry Medvedev stated that improving Russia’s investment climate requires a systemic approach. Challenges to improve the climate are being resolved at various levels, including Presidential, Governmental and local levels.

The President noted than in 2010 significant progress was made in resolving issues concerning the creation of an International Financial Centre. In particular, a working group was created within the framework of the Council for Financial Market Development, and a law was passed on counteracting the unlawful use of insider information and market manipulation. Furthermore, the President announced the establishment of an advisory board on developing the International Financial Centre.

In Mr Medvedev’s opinion, it is essential to continue working on amending the Civil Code, revising the legislation on stock markets and the organisation of trading, clearing activities, and the central depository.

The meeting took place at the Customer Operations Support Centre at Sberbank of Russia, where Dmitry Medvedev had a look at the cutting-edge banking technologies.

The President saw a demonstration of Europe’s largest data processing centre project, which will begin operations in 2012 and will centralise information resources of all regional Sberbank branches throughout Russia.