"If I am not mistaken, the Prime Minister will hold a meeting on this 24 October", he said. It is likely to be a presentation of sorts, since a roadmap could not possibly be drafted prior to the meeting.

Pankin stated that the government plans to discuss the details, not the general idea of the megaregulator: "the hows, the whats, the powers, the structure, legislative amendments". "As always, the devil is in the details", he said. Pankin stressed that as of today, the idea of the megaregulator has not been greenlighted.

It has been reported that according to a NAUFOR statement, Russia should have "twin peaks" financial market regulation, with two closely cooperating regulators. NAUFOR proposed to retain FFMS and assign only prudential regulation of key financial institutions to the Central Bank.

"I don`t see how prudential oversight can be made a separate function, all oversight must remain unified", said Pankin.

He also stated that the regulator must have an understanding of all the risks taken on by a financial institution.

Financial markets megaregulator, Project Group №1, Dmitry Pankin