The bill introduces amendments to the Tax and Civil Codes along with 46 federal laws, transferring FFMS functions to the Bank of Russia legislative regulation, financial markets control and oversight, including insurance, microfinance, commodity exchanges, brokers, rating agencies, pension savings investment etc.

The Bank of Russia, however, is not authorized to present draft federal bills to the Government.

The bill expands Central Bank Board of Directors membership from 13 to 15 seats, prolonging Head of CB and Board members office terms from 4 to 5 years.

The new Financial Supervision Committee will consolidate executives from CB oversight departments to perform financial markets supervision.

The bill is due for enactment 1 September 2013 with the exception of a few clauses. The State Duma Financial Market committee memorandums state that the bill includes temporary provisions to ensure continuity of regulation, oversight and control in all financial market segments.

Financial markets megaregulator, Project Group №1