OREANDA-NEWS. This move is envisaged by Federal Law No. 231-FZ (effective from 9 February 2016), which establishes a unified procedure for bilateral electronic communication with the Bank of Russia for all categories of regulated non-bank financial institutions (NFIs).

Previously, edocuments were submitted electronically only unidirectionally: NFIs submitted their mandatory statements using their personal account on the Bank of Russia website.

Starting 10 May 2016, the Bank of Russia will be able to send inquiries and instructions electronically to NFIs' accounts, and financial market participants will have to check them on a daily basis. This will shut out communication problems which may arise when sending hard copies by regular mail. Market participants also will be able to respond to the Bank of Russia's inquiries and instructions using their private accounts.

'Such a legally significant electronic communication will enable regulated entities to cut costs and the mega-regulator to improve operational efficiency and effectiveness of supervision', said Olga Goncharova, Director of the BoR Non-bank Financial Institutions' Statements Collection and Processing Department.

Legally significant electronic document workflow is ensured first of all by the use of an advanced qualified electronic signature by both the market participant and the Bank of Russia, and a record of the document's placement in the private account in the event log.

'Technically, the electronic communication will be fully protected from an unauthorised access and will not require reequipment of market participants' workbench', explains Vadim Kalukhov, First Deputy Director of the BoR Information Technology Department.

The new form of communication between market participants and the regulator will also result in a shorter consideration of citizens' complaints, which require additional information from the market participant. According to Olga Goncharova, current mailing delays may take up to one month.