\begin{itemize}
\item Enhancing the CBR’s systemic risk analysis so that it becomes more policy-oriented and can support decision-making for macroprudential purposes.
\item Amending the CBR Law to provide an adequate legal foundation for the development and use of a comprehensive macroprudential toolkit on an \emph{ex-ante} basis.
\end{itemize}

A number of steps have also been undertaken to upgrade the bank resolution framework. Several of these steps were under development during the period of the peer review (reflecting developments until September 2014) and were adopted after the discussions with the authorities took place. Banking licenses for a large number of small banks were revoked in recent years without major adverse confidence effects, while the temporary resolution regime that was created in 2008 has enabled the CBR and the Deposit Insurance Agency (DIA) to deal effectively with problems affecting systemic banks. The authorities have encouraged the largest Russian banks to develop recovery plans and, following the peer review discussions, have revised the legislative framework to include a statutory provision for recovery and resolution planning for systemic banks and to enable the CBR to share information in recovery plans with foreign resolution authorities.

A new law was adopted at end-2014 that makes notable improvements in some areas, such as: a broader role for the DIA in evaluating failing institutions; a framework for more timely exchange of information between the DIA and the CBR for failing banks; the mandatory imposition of losses on the shareholders of a failing institution prior to the use of public funds in rehabilitation; and greater powers to sanction the managers of that institution.

Notwithstanding these accomplishments, the peer review noted the need for further work to enhance the bank resolution framework in Russia -- in particular, by:

\begin{itemize}
\item Extending the options available under the current resolution regime to incorporate additional features of the FSB’s \emph{Key Attributes for Effective Resolution Regimes for Financial Institutions}.
\item Revising the triggers to enable the timely adoption of resolution measures for non-systemic banks before the firm is balance sheet insolvent.
\item Reviewing and potentially revising the rehabilitation process for failing systemic banks by: writing down the bank’s assets to fair value at the point of intervention; providing more information upfront to prospective investors on that bank; and expanding the incentives for those investors to work out the impaired assets.
\end{itemize}

\section*{Notes to editors}

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with 65 other jurisdictions through its six regional consultative groups.

The peer review of Russia is the thirteenth country peer review conducted by the FSB and the second using the revised objectives and guidelines for the conduct of peer reviews set forth in the January 2014 \emph{Handbook for FSB Peer Reviews}. FSB member jurisdictions have committed to undergo an FSAP assessment every five years and, to complement that cycle,