OREANDA-NEWS.  November 19, 2012. The Head of FAS Department for Control over Financial Markets, Olga Sergeeva took part in the XI National Conference on micro-financing: “Finances Available for Everyone: How to Ensure Socially Responsible development of Financial System?” in Kazan, reported the press-centre of FAS Russia.

The Conference was organized by the National Partnership of the Agents of Micro-Financing Market. Attendees included representatives of micro-financing organizations and credit cooperatives, banks, federal and regional authorities, and international institutions for development.

Olga Sergeeva focused her presentation on “Antimonopoly Regulation of Micro-Financing Organizations”. In particular, she discussed the issues of legislative regulation of micro-financing organizations due to the changes introduced by the “third antimonopoly package” to the Federal Law “On Protection of Competition”.

As pointed out by Olga Sergeeva, one of the novelties is that micro-financing organizations are included in financial organizations, which means changing the procedures for establishing the dominant position of a micro-financing organization on the market, introducing more strict requirements for control over micro-financing organizations, and changing the procedures for control over economic concentration on the market of micro-financing.

In particular, changes are made to No.334 Decree of the в Government of the Russian Federation “On Establishing Asset Values of Financial Organizations (Except Credit Organizations) for the purposes of Antimonopoly Control”: the asset value of micro-financing organizations for preliminary approval of transactions and other actions subject to control by the antimonopoly authority at three billion Rubles, and 500 million Rubles for notification of the antimonopoly authority about transactions and other actions subject to control.

Olga Sergeeva also reported that FAS introduced a draft decree to the Government of the Russian Federation which increases the asset value of micro-financing organizations to one billion Rubles for notification of the antimonopoly authority about transactions and other actions subject to control.