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26.06.2024
12:15–13:45
Russia’s Financial Market: What Does the Future Hold? (A Dialogue Between the Regulator and the Regulated)
Congress Centre, conference hall B4
Broadcast
The Russian financial market has been in the process of adapting to major changes and the transformation that followed since 2022. In this period, the conditions for working with global institutions have changed, as has the way financial institutions operate within the country. The new reality facing the financial market in combination with rapidly changing external conditions has required immediate legal regulation. New legal regulations continue to be formed for financial market participants even today. How has the financial market weathered this period? How are the interests of financial market service users being protected? What features define the current state of financial market architecture? What legal approaches may the new market architecture require to keep developing?
Moderator
Alexey Guznov
Secretary of State – Deputy Chairman, The Central Bank of the Russian Federation (Bank of Russia)
Speakers
Alexey Timofeev
President, Russian National Association of Securities Market Participants (NAUFOR)
Vladimir Chistyukhin
First Deputy Governor, The Central Bank of the Russian Federation (Bank of Russia)
Sergey Shvetsov
Chairman of the Supervisory Board, Moscow Exchange Supervisory Board (online)
Broadcast
Alexey Guznov
Secretary of State – Deputy Chairman, The Central Bank of the Russian Federation (Bank of Russia)
Born on 18 June 1967 in Gorky.
Education
1990: graduated from the Lomonosov Moscow State University.
Candidate of Juridical Sciences (1994); Doctor of Juridical Sciences (2016).
Author of over 80 publications on the theory of law and financial regulation, including tutorials and monographs.
Career
1984–1985: Assembly Mechanic at the Gorky Institute Salyut, Gorky.
1985–1990: student at the the Lomonosov Moscow State University, Moscow.
1990–1991: Legal Advisor (contractor) at the Leisure Centre of the Oktyabrsky District, Moscow.
1991: Legal Team Leader at the International Association of Parliamentarians, Moscow.
1991–1992: Assistant to the Chairman of the Council of the Union of the USSR Supreme Council, Moscow.
1992–1994: Planning Team Leader, Deputy Chief of the Parliamentarianism Section at the Parliamentary Centre of the Russian Federation, Moscow.
1995–1997: Deputy Head of Section, Head of Section in the Banking Legislation Division of the Legal Department at the Bank of Russia, Moscow.
1997–1998: Deputy Head of the Division for Legal Support of Banking Operations of the Bank of Russia’s Legal Department, Moscow.
1998–2002: Deputy Director — Head of the Division for Legal Support of Banking Operations of the Bank of Russia’s Legal Department, Moscow.
2002–2014: Deputy Director of the Bank of Russia’s Legal Department, Moscow.
2014–2022: Director of the Bank of Russia’s Legal Department, Moscow.
Since 2022: State Secretary — Deputy Governor of Bank of Russia.
Member of the Bank of Russia Board of Directors (since 10 October 2018).
He holds the title of Honoured Lawyer of the Russian Federation; the medal of the Order ‘For Merit to the Fatherland’ 2nd class; awards of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation; and awards of Russian ministries. Themis Award winner.
Education
1990: graduated from the Lomonosov Moscow State University.
Candidate of Juridical Sciences (1994); Doctor of Juridical Sciences (2016).
Author of over 80 publications on the theory of law and financial regulation, including tutorials and monographs.
Career
1984–1985: Assembly Mechanic at the Gorky Institute Salyut, Gorky.
1985–1990: student at the the Lomonosov Moscow State University, Moscow.
1990–1991: Legal Advisor (contractor) at the Leisure Centre of the Oktyabrsky District, Moscow.
1991: Legal Team Leader at the International Association of Parliamentarians, Moscow.
1991–1992: Assistant to the Chairman of the Council of the Union of the USSR Supreme Council, Moscow.
1992–1994: Planning Team Leader, Deputy Chief of the Parliamentarianism Section at the Parliamentary Centre of the Russian Federation, Moscow.
1995–1997: Deputy Head of Section, Head of Section in the Banking Legislation Division of the Legal Department at the Bank of Russia, Moscow.
1997–1998: Deputy Head of the Division for Legal Support of Banking Operations of the Bank of Russia’s Legal Department, Moscow.
1998–2002: Deputy Director — Head of the Division for Legal Support of Banking Operations of the Bank of Russia’s Legal Department, Moscow.
2002–2014: Deputy Director of the Bank of Russia’s Legal Department, Moscow.
2014–2022: Director of the Bank of Russia’s Legal Department, Moscow.
Since 2022: State Secretary — Deputy Governor of Bank of Russia.
Member of the Bank of Russia Board of Directors (since 10 October 2018).
He holds the title of Honoured Lawyer of the Russian Federation; the medal of the Order ‘For Merit to the Fatherland’ 2nd class; awards of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation; and awards of Russian ministries. Themis Award winner.
Alexey Timofeev
President, Russian National Association of Securities Market Participants (NAUFOR)
Born in 1972.
President, National Association of Securities Market Participants
Timofeyev was born in 1972 and graduated from Urals State Law Academy. In 1994–1998, he was an expert at the International Institute for Legal Economy Development. In 1998–2005, he was an expert at the Centre for Financial Market Development under the Federal Financial Markets Service.
He is a member of the Public Council under the Ministry of Economic Development, the Council under the National Association of Mutual Investment Funds, the Council under NP RTS, and the Stock Market Council under the Moscow Stock Exchange.
Timofeyev was part of the team that developed and adapted most of Russia’s legislation on stock markets, including the Law on Securities Market, the Law on Joint Stock Companies, the Law on Limited Liability Companies, and the Law on Investment Funds. He was part of the team that promoted preferences for long-term investors on the Russian stock market, including a system of individual investment accounts and long-distance agreements with customers. Since 2005, head of NAUFOR, the largest SRO in the Russian financial market.
President, National Association of Securities Market Participants
Timofeyev was born in 1972 and graduated from Urals State Law Academy. In 1994–1998, he was an expert at the International Institute for Legal Economy Development. In 1998–2005, he was an expert at the Centre for Financial Market Development under the Federal Financial Markets Service.
He is a member of the Public Council under the Ministry of Economic Development, the Council under the National Association of Mutual Investment Funds, the Council under NP RTS, and the Stock Market Council under the Moscow Stock Exchange.
Timofeyev was part of the team that developed and adapted most of Russia’s legislation on stock markets, including the Law on Securities Market, the Law on Joint Stock Companies, the Law on Limited Liability Companies, and the Law on Investment Funds. He was part of the team that promoted preferences for long-term investors on the Russian stock market, including a system of individual investment accounts and long-distance agreements with customers. Since 2005, head of NAUFOR, the largest SRO in the Russian financial market.
Vladimir Chistyukhin
First Deputy Governor, The Central Bank of the Russian Federation (Bank of Russia)
Professional Experience:
1995–1996 – economist of the 2nd category, economist of the 1st category, leading economist with the Foreign Exchange Regulation Division of the Main Division for Foreign Exchange Regulation and Foreign Exchange Control Department of the Bank of Russia.
1996–1997 – leading economist of the Foreign Exchange Regulation Division, chief economist of the Foreign Exchange Control of Capital Operations Division of the Bank of Russia Foreign Exchange Regulation and Foreign Exchange Control Department.
1997–1999 – Deputy Head of the Foreign Exchange Control of Capital Operations Division – Section Head of the Foreign Exchange Regulation and Control Department of the Bank of Russia.
1999–2000 – Head of the Foreign Exchange Operations Analysis Division of the Foreign Exchange Regulation Department of the Bank of Russia.
2000–2002 – Deputy Director of Foreign Exchange Regulation Department of the Bank of Russia
2002–2004 – Deputy Director of Foreign Exchange Regulation and Control Department of the Bank of Russia.
2004–2011 – Deputy Director of Banking Regulation and Supervision Department of the Bank of Russia.
2011–2013 – Director of the Financial Stability Department of the Bank of Russia.
Since September 2013 to 2 March 2014 – First Deputy Head of the Financial Markets Service of the Bank of Russia.
Since 28 February 2014 – Deputy Governor of the Bank of Russia.
Since 17 January 2022: First Deputy Governor of the Bank of Russia.
Member of the Bank of Russia Board of Directors (since 10 October 2018).
Education:
In 1995, graduated from the Department of Law of the Lomonosov Moscow State University, major in law.
1995–1996 – economist of the 2nd category, economist of the 1st category, leading economist with the Foreign Exchange Regulation Division of the Main Division for Foreign Exchange Regulation and Foreign Exchange Control Department of the Bank of Russia.
1996–1997 – leading economist of the Foreign Exchange Regulation Division, chief economist of the Foreign Exchange Control of Capital Operations Division of the Bank of Russia Foreign Exchange Regulation and Foreign Exchange Control Department.
1997–1999 – Deputy Head of the Foreign Exchange Control of Capital Operations Division – Section Head of the Foreign Exchange Regulation and Control Department of the Bank of Russia.
1999–2000 – Head of the Foreign Exchange Operations Analysis Division of the Foreign Exchange Regulation Department of the Bank of Russia.
2000–2002 – Deputy Director of Foreign Exchange Regulation Department of the Bank of Russia
2002–2004 – Deputy Director of Foreign Exchange Regulation and Control Department of the Bank of Russia.
2004–2011 – Deputy Director of Banking Regulation and Supervision Department of the Bank of Russia.
2011–2013 – Director of the Financial Stability Department of the Bank of Russia.
Since September 2013 to 2 March 2014 – First Deputy Head of the Financial Markets Service of the Bank of Russia.
Since 28 February 2014 – Deputy Governor of the Bank of Russia.
Since 17 January 2022: First Deputy Governor of the Bank of Russia.
Member of the Bank of Russia Board of Directors (since 10 October 2018).
Education:
In 1995, graduated from the Department of Law of the Lomonosov Moscow State University, major in law.
Sergey Shvetsov
Chairman of the Supervisory Board, Moscow Exchange Supervisory Board