28.01.2016, 00:24
Bank of Russia and FAS Agree on Measures to Counter Advertising
OREANDA-NEWS. Representatives of the management of the Federal Antimonopoly Service (FAS) of Russia and the Bank of Russia discussed the measures to counter the distribution of advertising from dishonest financial structures offering the population consumer loans and/or deposit funds at a high interest. A case is quite common when in advertising such companies call themselves microfinance organisations, however they are not registered by the Central Bank.
By Bank of Russia initiative, the prohibition of advertising of services of the so-called 'black creditors' was legalised as early as in 2015, but in some cases such ads are still being published. Moreover, fact-finding that an advertiser belongs to the microfinance community and enjoys the right to place ads of corresponding services can be effected by checking whether or not such an advertiser is listed in the register of microfinance organisations. This will not take much time, as the state register is posted on the Bank of Russia website (www.cbr.ru).
Indecent advertising of forex-dealers was yet another topic under discussion. Pursuant to the Law on Advertising, starting 1 January 2016, the companies not licensed as forex-dealers which also didn't join a self-regulatory organisation cannot advertise relevant services. Besides, from 1 October 2015, foreign legal entities in Russia cannot advertise their services provided in forex-markets either.
The Bank of Russia, FAS of Russia agreed to strengthen mutual interaction to identify dishonest advertising of financial services both on the federal and regional level to prevent proliferation of advertising which actually violates advertising legislation.
The FAS of Russia was represented by Andrey Kashevarov, Deputy Head of the Service, Liliya Belyayeva, Deputy Head of Department for Control over Financial Markets, Tatyana Nikitina, Deputy Head of Department for Control over Advertising and Unfair Competition, while the Bank of Russia contingent included Mikhail Mamyta, in charge of the Main Office of Microfinance Market and Financial Inclusion Methodology, Larisa Selyutina, Director of the Securities Market and Commodity Market Department, Valery Lyakh, Head of the Main Office for Countering Malpractice in the Open Market, as well as representatives of the Service for Protection of Financial Services Consumers and Minority Shareholders.
By Bank of Russia initiative, the prohibition of advertising of services of the so-called 'black creditors' was legalised as early as in 2015, but in some cases such ads are still being published. Moreover, fact-finding that an advertiser belongs to the microfinance community and enjoys the right to place ads of corresponding services can be effected by checking whether or not such an advertiser is listed in the register of microfinance organisations. This will not take much time, as the state register is posted on the Bank of Russia website (www.cbr.ru).
Indecent advertising of forex-dealers was yet another topic under discussion. Pursuant to the Law on Advertising, starting 1 January 2016, the companies not licensed as forex-dealers which also didn't join a self-regulatory organisation cannot advertise relevant services. Besides, from 1 October 2015, foreign legal entities in Russia cannot advertise their services provided in forex-markets either.
The Bank of Russia, FAS of Russia agreed to strengthen mutual interaction to identify dishonest advertising of financial services both on the federal and regional level to prevent proliferation of advertising which actually violates advertising legislation.
The FAS of Russia was represented by Andrey Kashevarov, Deputy Head of the Service, Liliya Belyayeva, Deputy Head of Department for Control over Financial Markets, Tatyana Nikitina, Deputy Head of Department for Control over Advertising and Unfair Competition, while the Bank of Russia contingent included Mikhail Mamyta, in charge of the Main Office of Microfinance Market and Financial Inclusion Methodology, Larisa Selyutina, Director of the Securities Market and Commodity Market Department, Valery Lyakh, Head of the Main Office for Countering Malpractice in the Open Market, as well as representatives of the Service for Protection of Financial Services Consumers and Minority Shareholders.
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