The Central Bank of the Russian Federation recently published its action plan to implement financial stability board principles meant to reduce reliance on credit rating agency ratings.
The plan was published in accordance with the Financial Board Roadmap for Reducing Reliance on Credit Rating Agency Ratings tat was welcomed at the G20 Finance Ministers and Central Bank Governors Meeting in Mexico City in Nov.
The action plan lists three areas of work - a refinancing policy for the Bank of Russia, prudential regulation and supervision of banks, and regulation and supervision of non-bank financial companies.
The refinancing policy calls for the bank to improve its internal assessment methodology, interact with the Federal State Statistics Service to create a common database on companies and develop proposals concerning disclosures by issuers between 2013 and 2015.
The prudential regulation and supervision of banks actions include preparing the implementation of the IRB approach through 2014 and using the approach beginning in 2015. The bank will also improve complex analysis of non-financial companies for prudential purposes through 2015.
The action plan also calls for the development of proposals concerning reducing reliance on ratings in regulation through 2014.
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