A bill aimed at allowing the electronic transfer of client data from one broker to another has been introduced in the State Duma. Today, information can only be transmitted manually and on paper.

A draft law on the electronic exchange of client information between brokers was submitted to the State Duma

The authors of the project believe that the innovation will reduce costs for both brokers and investors. If adopted, the document will oblige financial institutions to transfer information about clients and their costs associated with the purchase and storage of securities to other professional market participants within 30 days of receiving such a client request.

To reduce costs and increase the speed of data processing, parliamentarians decided to allow electronic document management

The exact composition of the transmitted information must be determined by the Federal Tax Service.

The explanatory note to the bill notes that today the legislation does not provide for any mechanism for transferring information about an individual from one market participant to another. And using paper document management requires a lot of resources for each party.


Natalia Gormaleva

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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