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Preparing the company for Russian regulatory compliance

Russian regulatory authorities have developed a number of internal control requirements related to listed companies and all lending institutions operating in the Russian Federation.

The issuer’s Board of Directors should approve the document defining the internal controls over the issuer’s operations, which are supervised by a separate structural division of the issuer that informs the Audit Committee of all identified violations.

Order No. 04-1245/пз-н of the Federal Service on Financial Markets, dated 15 December 2004 on “The approval of the provision regarding trading arrangements on the securities market.”

Приказ  ФСФР от 15 декабря 2004 г. N 04-1245/пз-н «Об утверждении положения о деятельности по организации торговли на рынке ценных бумаг»

 

The best internal control practice recommendations are presented in the Code of Corporate Conduct, compliance with which is recommended for joint-stock companies and is mandatory for listed companies. Compliance with the Code is a demonstration of the company’s transparency and its responsibility to shareholders and other stakeholders. This in turn has a positive impact on company’s reputation and how it is perceived by others.

Our experience in implementing and optimizing the internal control systems of companies based on international best practices is valuable both to ensure regulatory compliance and in order to obtain additional benefits for the shareholders and executive management.

Our specialists provide assistance in the development of the internal regulatory documents which are based on the Russian regulatory requirements and innovative internal control principles recommended by international organizations such as the International Organization of Securities Commissions (IOSCO) and the Basel Committee for Banking Supervision.

In addition to development of such systems, we also provide services related to the independent assessment of existing internal control systems and corporate governance systems. These projects assess the existing systems in place for compliance with the standards established by the regulatory authorities or international principles. Upon completion of the assessment our specialists provide recommendations for improving organizational, procedural and documentation aspects of the existing internal control system.

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