The Bank of Russia formulates requirements for interaction between professional players and their customers

Professional players in the securities market — brokers, managers, depositories and registrars — will have to inform financial consumers about securities market-related risks. Interaction rules for professional players and their customers shall be part of the Basic Standard for Financial Consumer Protection, which is to be developed by self-regulatory organisations (SROs) in the financial market for their members in compliance with the regulator’s requirements.

Specifically, basic standards for brokers and managers shall incorporate provisions eliminating conflicts of interest and, should they arise, setting a procedure to notify customers about their nature and causes.

The basic standards require that financial consumers be informed that monetary funds credited to broker accounts or transferred under trust management agreements are not included in the deposit insurance system.

At servicing points, financial consumers may freely take pictures and make audio and video recordings of their interaction with financial organisations.

Additionally, the Bank of Russia formulates a number of general requirements to be applied to the basic standards of professional securities market participants. These requirements, among other things, concern the minimum information received by customers and the means of its provision, requirements for staff of financial organisations, customer application handling procedures and minimum service standards.