OREANDA-NEWS. The Bank of Russia included information on the first legal entity in the register of credit rating agencies. The legal entity should have its data included in the Bank of Russia’s register in order to be able to act as a rating agency in the Russian Federation upon the expiry of the transition period ending on 13 January 2017 for Russian legal entities and on 13 July 2017 for foreign companies.

Credit rating agencies make a highly important element of financial market infrastructure allowing investors and financial service consumers to cut their spending on investment risk assessment.

In July 2015, a law regulating the activity of credit rating agencies was passed. It stipulates the procedure for vesting rights to carry out rating activity in the Russian Federation, requirements for founders, management bodies, internal controls, internal documents (including methodology), and operations of credit rating agencies, including information disclosure.

‘Credit rating agencies shall meet strict legislative requirements to be included in the register. But that is exactly the idea behind the industry rebooting - qualitative changes to boost consumers’ confidence,’ said Elena Tchaikovskaya, Director of the Bank of Russia Financial Market Development Department.

At the moment, the Bank of Russia is considering applications for inclusion in the register from other potential participants of the rating market.