Bank of Russia up to systematise information on rating agencies activity

The Bank of Russia developed and discussed with the market participants a draft ordinance which establishes the procedure for submitting by credit rating agencies to the Bank of Russia information on the rating activity, the content of this information, as well as its format and deadline. ‘This regulation is supposed to be sent shortly to the Justice Ministry of the Russian Federation for registration,’ – Viktoria Stepanenko, Bank of Russia Deputy Director of the Financial Market Development Department, told a meeting of the Expect Council for rating agencies activity.

Provisions of the said regulation pave the way for the establishment of the rating repository institute in Russia operating in the public ratings domain. It will collect information on the rating activity of credit rating agencies starting 1 January 2000. In its turn, the regulator is planning to disclose data from the rating repository in the amount not to exceed the amount of information disclosed to the public by credit rating agencies.

Currently, the Bank of Russia is completing the study of technical issues of the rating repository activity including tests of corresponding databases.