BRICS Competition Centre Deputy Director Irina Atrokhova stressed the importance of involving experts early in the development of regulatory measures.
On April 1, Irina Atrokhova spoke at the Meeting of the Headquarters for Joint Investigations of Violations of Antimonopoly Legislation of the CIS Member States (CIS+ format), discussing “Pro-competitive rules for cooperation between credit and insurance organizations in borrower risk insurance in Russia, CIS, BRICS, and partner countries.” The session was part of the International Roundеable titled “Development of Competition in the Financial Markets,” held at the Education and Methodics Center of the Federal Antimonopoly Service of Russia in Kazan. The BRICS Competition Centre co-organized the event.
The meeting, moderated by Anton Teslenko, Deputy Head of FAS Russia, focused on challenges and market practices in consumer lending. Olga Sergeeva, Head of the Department for Control over Financial Markets at FAS, emphasized that banks cannot force borrowers to use a specific insurance company.
“This is FAS’s core position: every borrower must have a choice of insurer, regardless of whether they approach a small regional bank or a large federal network — rules should be equal for all,”
she said.
In the photo: Olga Sergeeva, Anton Teslenko © FAS / Bulat Ziganshin
Speakers also shared international experiences, including Mr. Rakymzhan Murat Rgebaiuly, Deputy Director of the Financial Markets Department of the Agency for Protection and Development of Competition of the Republic of Kazakhstan, and Anastasia Fedorova from FAS Russia, who outlined progress on a report regarding borrower choice in insurance.
In the photo: Rakymzhan Murat Rgebaiuly © FAS / Bulat Ziganshin
Irina Atrokhova highlighted the BRICS Competition Centre as a platform for regulator-expert collaboration and practical knowledge exchange. She noted that despite differences between countries, many regulatory challenges are universal, and early expert engagement can help anticipate market reactions to new rules.
“At the same time, it is important to maintain a balance. We do not want to stifle the market, nor do we want increases in the cost of end products to affect consumers as banks and insurance companies begin to factor more risks into pricing and allocate additional resources to circumvent certain regulatory requirements,”
Atrokhova added.
In the photo: Irina Atrokhova © FAS / Bulat Ziganshin
The Deputy Director of the BRICS Competition Centre stated that the Centre is ready to assist in gathering and analyzing international best practices at the request of government agencies and emphasized the importance of involving the expert community at an early stage. According to Irina, involving experts during the development of regulatory measures allows for the early assessment of potential consequences and enhances the soundness of the decisions made.
Anton Teslenko agreed with this approach, emphasizing the importance of expert support and proposing to involve the BRICS Competition Centre in two key areas of work: extending the concept of collective dominance to financial markets and examining the issue of strengthening liability and the warning mechanism. He noted that these tasks require an analysis of international experience and the behavioral specifics of market participants.
“Given that we have fairly long timelines — we are expected to submit reports to the government by 2027–28 — it would be beneficial if the Centre joins this work and helps us study international experience. I believe this will be useful for developing consolidated positions.”
The Headquarters for Joint Investigations of Violations of Antimonopoly Legislation of the CIS Member States operates under the Interstate Council for Antimonopoly Policy (ICAP), established in 1993, serving as a forum for discussion and preparation of antitrust policy initiatives based on international best practices.
