FBK ELS Expert Discussing Draft Law on Rating Agency Activities in Russia

Segey Pyatenko, FBK Economic and Law School General Director, spoke at the round table discussion of the draft Federal law “On the activities of credit rating agencies in the Russian Federation” conducted under the auspices of the State Duma Committee for financial market.

During the session the invited experts, among whom there were representatives of the Working Group for independent Russian financial ratings, of the “Russia” Association of regional banks, the Association of rating compilers (OSR) and several other expert organizations, discussed the basic provisions of the bill intended to establish the regulations for the operation of rating agencies in Russia; and shared their suggestions on its improvement.

In his speech Sergey Pyatenko, noted, in particular, that the regulation of activities of the rating agencies has several common points with the regulation of audit activities. According to the expert, some of the solutions and approaches the legislator used in Federal Law “On the audit activities (audit)” No.307-FZ can be helpful in the improvement of the draft law “On the activities of credit rating agencies in the Russian Federation”.

“Participation of the experts in the preliminary stage of the discussion allows preparing a more balanced and effective bill. Moreover, I was very pleased with the businesslike and interested atmosphere at the discussion. The more constructive discussions, the better the result”, noted the FBK ELS General Director.

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