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Russia to develop a system of rights protection in cross-border transactions

The document highlighted the need to streamline admission of foreign providers of financial services to the market

MOSCOW, September 13. /TASS/. The government and the Bank of Russia intend to contribute to the formation of an effective system for protecting the rights of consumers and investors in the provision of cross-border financial services, according to the strategy for the development of the Russian financial market until 2030.

"Currently, there are no unified international approaches to protecting the rights of consumers and investors in the provision of cross-border financial services," the document said.

"In this regard, it is preferable to develop and widely implement international principles for protecting the rights of consumers of cross-border financial services, as well as a system for monitoring the implementation of these principles at the level of associations of national financial market regulators," the document noted.

It also highlighted the need to streamline admission of foreign providers of financial services to the market.

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