Within the framework of creation of International Financial Center it is planned to establish a financial court. Soon, a specific chapter on jurisdiction of the disputes in the financial market to special financial court will be included in the Arbitration Procedure Code of Russian Federation. This statement was made by Deputy Chief Minister of Economic Development of Russia Anna Popova at the Forum "Banks of Russia - XXI century". According to her the Ministry of Economic Development (MED) has an agreement with the Federal Service for Financial Markets of Russia that the disputes of the stock market participants will be under the jurisdiction of a new structure.
As it was explained by the MED representative a new judicial structure is aimed for Russia "to have more competent judges", law proceedings to be transparent and convenient for all participants and disputes to be considered promptly.
Despite the statement that the establishment of new court will not require any costs, specialists say that yet there will be needed 1 billion RUB to organize a new structure. The Association of Regional Banks believes that the MED initiative is right as it would allow a professional and prompt decision-making because in Russian arbitration courts there are not enough specialists who understand the intricacies of financial instruments.
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