OREANDA-NEWS. December 31, 2010. In December 2010, the Federal Antimonopoly Service (FAS Russia) and the Central Bank of the Russian Federation (the Bank of Russia) approved the Procedures for interaction between the Bank of Russia and FAS Russia when providing information in an electronic form.

The document outlines the procedures for exchanging information about concentration of capital on the market of banking services.

Enforcement of the Federal Law “On Protection of Competition” requires analysis and assessment of the competitive environment on the market of banking services.

To exercise these functions, the Federal Antimonopoly Service and its regional offices collect and analyze the necessary information, the main source of which until now have been credit organizations.

Exchanging information between the Federal Antimonopoly Service and the Central Bank of the Russian Federation on a regular basis will enable, in particular, to decrease administrative workload upon credit organizations cause caused by the need to prepare responses to the requests of the antimonopoly bodies.

“The Federal Antimonopoly Service is of high opinion about the arrangements with the bank of Russia and consider them as an example of the most effective cooperation between regulators within the framework of the Agreement on Cooperation between the Central Bank of the Russian Federation and the Federal Antimonopoly Service, signed on 23rd August 2005”, emphasized Deputy Head of FAS Russia Andrey Kashevarov.

It is expected that cooperation with the Bank of Russia under the new procedures will start at the beginning of 2010. In the near future FAS is planning to instruct its regional offices to abolish regular monitoring of the concentration indicators based on the data obtained from credit organizations.