OREANDA-NEWS.  September 18, 2012. This important subject for antimonopoly policy on the market of financial services was in the focus of a presentation by the Head of FAS Department for Control over Financial Markets, Olga Sergeeva, at the workshop for the heads of FAS regional offices, organized as part of a “Competition Day” international event and an extended FAS Collegium in Kazan, reported the press-centre of FAS Russia. 

In particular, Olga Sergeeva informed that No.433 FAS Order of 28th June 2012 had come into effect on 5th August 2012, approving the Procedures for analyzing the state of competition for the purposes of establishing the dominant position of a credit organization.

The Head of FAS specialized Department emphasized that this document determines specifics of analysis of the state of competition for the purposes of establishing the dominant position of a credit organization when it carries out banking operations.

As pointed out by Olga Sergeeva, if a credit organization exercises other operations (rendering other financial services) the Procedures shall not be applicable and the dominant position of such an organization shall be established in accordance with the Procedures for analyzing the state of competition on goods markets (No.220 FAS Order of 28th April 2010).

Olga Sergeeva also informed the members of staff of regional offices of the Antimonopoly Service that No.548 Order of 24th August 2012 is submitted for state registration. The Order approves the techniques for determining unreasonably high and low prices for the services of credit organizations.

The Head of FAS Department emphasized special importance of approving the Procedures and the Technique not only in terms of the work of the antimonopoly bodies, but also for developing a unified position with the Bank of Russia, with who the documents were agreed, on regulating the banking sector.

In conclusion Olga Sergeeva focused on changes to the edition of a decision of the FAS Presidium on classification of actions of credit and insurance organizations under the contracts of collective life and health insurance of borrowers.

In particular, she clarified that the decision has new added provisions on a possibility to recognize an agreement between a credit and an insurance organization anticompetitive, if an agreement provides for a refusal of a credit organization to reduce credit interest rates to a level, which borrowers can expect in accordance with the announced conditions of reducing credit interest rates when a borrower agrees to be insured under a collective insurance contract. It is possible if a borrower presents an insurance policy signed by an insurance company, selected by the borrower, and which provides for risk insurance, required to reduce the credit interest rates.