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of December 29, 2008 No. 2043-r

Approve the enclosed Development strategy of the financial market of the Russian Federation for the period till 2020.


Prime Minister

Russian Federation V. Putin

Approved by the order of the Government of the Russian Federation of December 29, 2008 No. 2043-r

The development strategy of the financial market of the Russian Federation for the period till 2020

I. Introduction

This Strategy determines priority activities of state bodies in the sphere of regulation of the financial market for the period till 2020. At the same time in this Strategy the questions of development of bank and insurance sectors, and also questions of their regulation, control and supervision are not raised.

The purpose of this Strategy is ensuring the accelerated economic development of the country by means of high-quality increase in competitiveness of the Russian financial market and forming on its basis of the independent financial center capable to concentrate the offer of broad set of financial instruments, demand for financial instruments from internal and external investors and by that to create conditions for pricing on such financial instruments and assets corresponding to them in the Russian Federation.

Development of the financial market, and also activities of the Federal Service for Financial Markets for state regulation of this market is performed since 2006 within the Development strategy of the financial market of the Russian Federation for 2006 - 2008 approved by the order of the Government of the Russian Federation of June 1, 2006 N 793-p in which medium-term tasks of upgrade of institutes and tools of the financial market in the conditions of increase of processes of globalization of world financial system, growth of internationalization of the security markets, cross-border investment transactions and strengthening of the competition of the largest international financial centers were formulated.

Conditions of development of the world financial market are complicated in 2008 by deterioration in its environment and aggravation of the crisis phenomena in world economy. On this background tendencies of expansion of the financial institutions operating within the largest financial centers to the countries with the developing economies are distinctly shown. It gradually leads to forming in the world financial market of zones of influence of such financial centers. As a result the probability that the number of the countries where the independent and full-fledged financial markets can remain and continue to function, will be reduced gradually grows. In the next 10 anniversary not numerous national financial markets will either become international financial centers, or to enter zone of influence of already existing global centers. Therefore availability of independent financial center in this or that country will become one of the most important signs of competitiveness of economies of such countries, growth of their influence in the world, the compulsory provision their economic, so, and political sovereignty. In this regard providing long-term competitiveness of the Russian financial market and forming in Russia of independent financial center cannot be considered as especially industry or departmental tasks. The solution of these tasks shall become the most important priority of long-term economic policy.

The task of creation of independent financial center in Russia assumes enhancement of the taxation in the financial market. Without forming of favorable tax climate it is impossible to increase qualitatively liquidity of the market of financial instruments and appeal of long-term investments, to expand range of the tools which are traded on the financial market, the list of transactions and the rendered services and also to create conditions for preferential development of the organized market of financial instruments.

Now taking measures, directed to creation of more attractive tax regime in the Russian financial market, than the tax regimes existing in the countries in which the competing financial centers are effective is necessary. Such measures will find reflection in the main directions of tax policy of the Russian Federation for the long-term period.

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