OREANDA-NEWS. July 29, 2015. Bank of Russia held a meeting with a wide range of financial market participants to discuss perspectives of the rating industry in Russia and the need for a new credit rating agency.

The Federal Law ‘On the Activity of Credit Rating Agencies in the Russian Federation, On Amending Article 76.1 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’ and Recognising Null and Void Certain Provisions of Legislative Acts of the Russian Federation’ which came into effect on 13 July 2015, has drastically revised requirements to the rating activity which necessitates reloading of this sector of financial market.

It was pointed out at the meeting that credit rating agencies are regarded a principal element of the financial market infrastructure which activity should withstand geopolitical risks among others.

Participants to the meeting expressed their opinion that the Russian market needs a strong credit rating agency with a high level of corporate management and expertise to meet the interests of economy and enjoy credibility both with Russian and foreign investors. In this connection the meeting upheld the idea of launching a project to set up a new credit rating agency with Ekaterina V. Trofimova, First Vice-President, member of Gazprombank (JSC) Management Board at the head.

The agency capital is thought to be 3 billion ruble worth with equal distribution of shares among investors (banks, insurance and management companies, as well as issuers) up to 5 percent with preliminary subscription for shares to take place before the end of August 2015.

The new rating agency is scheduled to start functioning in Q4 2015.