should move from the fourfold maximum to the twofold on the legislative level. as for illegal lenders, this problem needs a legislative solution, among other things. the accountability of illegal lenders is currently not very serious, so to say. moreover, ironically enough, the illegal lender can recover the debt in court. we believe it to be important to deprive agreements with illegal lenders of relief at law. non - governmental pension funds. we have established a system of pension savings guarantees. 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 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

responsive plans. this is a first step for thailand. given the borderless cyber world, collaboration on cyber security among asean countries needs to be enhanced. asean banks have to step up efforts and join hands in setting up processes and tools for sharing cybersecurity incidents, exchange of information and knowledge, conducting cyber attack exercises, and developing cyber security experts. secondly, there has to be sufficient immunity against the boom and bust of financial cycle. we have seen many financial crises over the years. the global financial crisis, whose total magnitude of economic costs are still being tallied is the latest example. as the financial cycle is one of the main drivers of financial instability, taking action to counteract pro - cyclical behaviours and reduce potential systemic risk build - up is necessary. the basel iii framework of pro - cyclical capital buffer and systemically important financial institutions ( sifis ) capital surcharge are among the first initiatives by a global standard setter. having good buffers in place will provide the financial system with an immunity against the large swing of financial cycle and financial volatility, as going forward, the potential of policy normalization in advanced economies and yield snapback could trigger capital reversal and foreign exchange liquidity squeeze in many emerging countries. changes in regulations and a greater emphasis on financial stability by policy makers, however, is only half of the solution. equally important are the roles of commercial bankers who contribute directly to the stability of the financial system. banks need to remain vigilant and look through the cycle while assessing credit risk and building up buffers. buffers such as provisions and capital have to be built - up during good times to absorb any losses during rough times. in short, decisions need to be based more on long - term views rather than short term views. basing decisions on long - term views is an important factor for commercial banks ’ practices. during periods of low growth and low yield, banks should refrain from unsound search - for - yield behaviours or facilitating aggressive search - for - yield behaviours that could build - up systemic risk and cause financial instability. thirdly, behaviour and culture within financial institutions must gear towards good governance, soundness, and sustainability to pre - empt unwarranted risks. during the last asian and global financial crisis, excessive risk - taking behaviour was one key driver. short - sighted views on risk were embedded in the practice of management and employees. this was defined and reflected in the structure on rewards,