Now it includes 38 of 91 eligible funds inspected by the Bank of Russia. Many funds had to improve the quality of their assets to enter the system. Furthermore, actuarial industry has been launched in compliance with the law; today we have a bit more than 100 actuaries. They are active and it is an important segment of the financial market established last year. We have almost stamped out unscrupulous depositories which provided bogus excerpts on available securities. We implemented our function of a megaregulator which allowed us to make cross-checks and reveal such situations immediately. We took measures under the project “Clean Register”. BIS central bankers’ speeches  3  We have developed and are implementing the road map on electronic communication in the financial market. Electronic communication decreases companies’ costs and ultimately the price of services for consumers, provides adequate financial inclusion to avoid having dependence on actual branches. New digital technologies quickly transform the financial sector. We have established a special technology and innovation task force at the Bank of Russia which is to study technological trends in the field of finance, and to timely reveal the areas requiring regulatory and supervisory changes. We seek to avoid hampering the development of new, more efficient and userfriendly technological solutions, but prevent accumulation of risks capable of mitigating consumer right protection. Last year we established a Centre for Cyber-attack Monitoring and Response in the Financial Sector (FinCERT), which provides, among other things, methodological assistance in ensuring the highest possible cyber-protection to market participants.

We always cooperate with the market in financial technologies and innovations. Thereby, in 2015, we held the first forum on innovative financial technologies; it was in demand with businesses and we are going to hold it again in autumn. We have established an institution of bond programmes. The development of debt instruments is extremely important for our financial market, because it is the best instrument for large companies, while banks should be more focused on lending to small and medium-sized businesses. In 2015, we laid foundations for the development of a national rating industry, and the new legislation allows us to expect that a really respectable and professional rating industry will be built in our country. Now about the national payment system. In 2015, operations and clearing centre of the NPCS was launched. It processes all operations made in Russia through cards of international payment systems. The transfer of payments into Russia was implemented in a very short period due to external risks but its implementation was of high technological quality in line with international standards. In the end of the last year a pilot issue of national payment system cards Mir was implemented. The cards are already issued by banks of the Crimea (and accepted throughout the Crimea) and some other banks. The mass issue of the cards is to start in the second half of the year. Besides, we have improved the system of Bank of Russia financial messaging system, a SWIFT counterpart.