Russia’s Federal Antimonopoly Service (FAS) is set to broaden its oversight of the country’s largest financial institutions, a report cited a source close to the government said. The publication, News, notes that new measures are under consideration as part of a broader regulatory push to curb potential market power among key players within the financial sector.
The drafted law, which has received approval from a government commission, would require major market participants, whose asset holdings exceed thresholds determined by the state and the Central Bank, to obtain FAS clearance before engaging in the purchase of shares or assets from any rival, regardless of the rival’s size. This expansion marks a significant tightening of the consent process and aims to ensure closer scrutiny of acquisitions that could reshape the competitive landscape.
Under current rules, FAS pre-approval is triggered only when the entity being acquired has assets above specific benchmarks: banks must meet or surpass 29 billion rubles, leasing firms 8 billion rubles, microfinance companies 3 billion rubles, and insurance organizations 200 million rubles. The proposed framework would shift these thresholds toward a broader, more proactive role for antitrust oversight across various segments of the financial market.
In related enforcement history, the FAS previously imposed a 700 thousand ruble penalty on FC Otkritie Bank for advertising that was deemed inappropriate in context. This illustrates the agency’s willingness to sanction missteps in promotional activities alongside its market-structuring duties.
Additionally, the agency has, in the past, identified criteria for assessing unreasonable price increases. This focus reflects a continued emphasis on maintaining fair pricing dynamics within the sector and preventing practices that could harm consumers or distort competition.