Russian President Vladimir Putin has signed a law regulating the activity of ratings agencies in Russia, as discontent over ‘politicized’ actions of the Western Big Three – S&P, Moody’s and Fitch – is growing. The document sets a basic definition of rating activity, and its terms in Russia define the procedure for accreditation of rating agencies, RIA Novosti reported on Tuesday. Under the new law "legal entities established in the legal form of business entity have the right to exercise the rating activity on the territory of the Russian Federation," after the Russian Central Bank puts information about them in the register of credit rating agencies. It also establishes the minimum amount of equity for rating agency at $880,000 (50 million rubles). The Central Bank of Russia will carry out the accreditation of rating agencies. It will maintain the rating agencies register, carry out inspections, direct orders along with other enforcement actions.
INC News, 14/07/2015 - via RT
No comments:
Post a Comment