MEDIA: Central Bank intends to prevent fraud with investment banking groups of the NPF

The central bank[/t:[t:tag slug=bank]bank intends to stop the violation of investme[t:tag slug=investiciya]investment of pension savings from non-public funds in banks and associated companies in which the NPF invest 30-60% instead of the allowed assets 15-25%.
According to the newspaper “Izvestia”, citing a source close to the regulator, several state pension funds investments in parent banks account for 30%. A two NPF, according to the newspaper, and did help affiliated credit institutions amount exceeding 40 and 60% of its assets, respectively. The share of investments in securities of one legal entity or group of legal entities under long-term positions should not exceed 15%, and in the case of inclusion of short tools can be increased to 25%.

As recognized in the CBA, the limitations inherent in the situation, you can work around by investing in not formally affiliated entities. NPF actively do so through legal persons who are not related, explained the newspaper formally with banks or companies.

“In order to combat the phenomenon of the Bank of Russia needed the authority to determine a group of related persons”, - quotes the representative of the Central Bank.

To address this issue as early as next year, the Central Bank plans to move to the regulation of the banking groups and bank holding companies and other associations of legal entities with the participation of financial institutions.

8 July 2016

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