The Bank of Russia has outlined key principles aimed at fostering good conduct in the financial market. These principles are designed to promote business and ethical standards, build trust, and protect consumer interests.
The document consists of a set of rules for market participants to follow, based on a previously developed draft Code of Good Conduct. The updated version of the Code is built on eight pillars: good faith, justice, transparency, care, security, professionalism, responsibility, and integrity.
These principles are advisory and can be integrated into the standards and codes of self-regulatory organizations and professional associations either fully or partially. They may also form the basis for corporate culture within financial institutions. Market participants have the option to declare their adherence to these principles on their websites or other platforms.
According to the Bank of Russia’s methodological recommendations, these guidelines will support further development of internal control systems and aid in detecting and preventing misconduct or illegal activities within the financial market.
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