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Financial markets megaregulator
Financial markets megaregulator
SRO Act Approved by Federation Council
08.07.2015 12:00 / TASS
The law introduces SROs for brokers, dealers, asset managers, depositaties, registrars, specialized depositaries, non-state pension funds (NPFs), share investment funds and their management companies, insurers, mutual insurance societies, insurance brokers, microfinance companies etc.
At the same time, SROs may list members from various segments, subject to their compliance with rules. SRO oversight will be performed by the Bank of Russia, authorized to issue fines, demand replacement of SRO management, grant and revoke SRO status. The Bank of Russia may delegate certain regulation and oversight functions to SROs.