The Bank of Russia has announced plans to introduce new requirements for calculating the capital adequacy ratio (CAR) by professional securities market participants, effective from October 1, 2025. These changes aim to refine the assessment of credit risk associated with brokerage clients' positions.
Previously, CAR was calculated only for investors with a special risk level. The updated rules will extend this calculation to clients with initial, standard, or elevated risk levels. This modification is expected to enable market participants to assess their clients' risks more accurately.
Additionally, the Bank of Russia will implement further requirements concerning credit risk calculations. Specifically, it will prohibit using a debtor's securities and assets of persons related to the debtor as collateral for obligations. Moreover, the new regulations will establish limits on using increased credit ratings.
The proposed changes also include classifying digital rights as a separate asset in the CAR calculation process. To alleviate operational burdens on professional market participants, there will be simplified rules for setting credit risk rates concerning counterparties and brokerage clients.