According to him, on 24 October, Finance Minister Anton Siluanov will present an MIFC Roadmap report to Prime Minister Dmitry Medvedev.

Barsukov said that the roadmap had been approved by Alexander Voloshin’s MIFC Taskforce. "We have been given the green light", he said.

He added that the Roadmap includes a number of chapters such as financial markets regulation: "This is an issue driven by the increased role of SROs in the financial markets regulation system".

Barsukov reminded that today self-regulation varies in different financial market segments. "The base law on SROs does not govern the banking and securities markets”, he said.

Barsukov said there are no definite proposals on boosting the role of SROs, including mandatory participation. "I see about five to seven various moot points here”, he said.

According to Barsukov, Minfin financial market proposals include FOREX brokers regulation. "We realize that additional regulation is in order, and now we have several options such as making this a separate license or as some experts say, a separate kind of dealer/broker", he said.

Barsukov mentioned that tough FOREX brokers regulation could lead to “the targeted business avoiding the regulated zone”.

He said that decisions on FOREX brokers regulation will depend on political will in regard to financial markets regulation reform in general.

Barsukov stated that the financial market megaregulator report to President Putin was signed by First Deputy Premier Igor Shuvalov, after which Putin called for professional community debate on the subject.

"We have discussed the idea. Generally, the main concern is further role of SROs, public and professional organizations in liaison with the Central Bank. It is clear to all parties that the role of these organizations must increase”, he said.

"We will present amended proposals to the Government tomorrow, and hope to receive guidelines to begin legislative work”, he said.

Project Group №1