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Central Bank Gets FFMS

26.11.2012 21:34 / vedomosti.ru

FFMS becomes part of the Central Bank, such is the result of Open Government megaregulator debate. On Friday, a meeting took place with Open Government Liaison Minister Mikhail Abyzov to discuss the issue, say sources. A formal decision was not passed, but this was the only option on the agenda.

“There were proposals on how to structure oversight in a new format: for instance, creating a financial market committee similar to the banking oversight committee; revising the functions of Central Bank Board of Directors to include the new scope”, says a source. The transition period should last until 2016. According to the Central Bank plan, stage one, primarily legislation, will take a mere six months (by 1 July 2013). New positions include a First Deputy CB Chairman for Financial Market and an additional Deputy. The audit service must be upgraded in status and authority like in a bank, says another source.

On Monday, Abyzov will report to Vice Prime Minister Igor Shuvalov on the Open Government proposals, say our sources. These proposals will then be forwarded to Prime Minister Dmitry Medvedev, who initiated the Open Government megaregulator debate. On 23 October, Medvedev proposed a month-long debate on the meagregulator. He will present the proposals to the President, according to debate participants.

SROs will receive part of the functions as well, the details are currently debated, said a CB representative. This will balance out the shortcomings of the FFMS-CB merger, says CEO of NAUFOR Alexey Timofeev.

Abyzov was unavailable for comment.

Anastasia Papchenkova, Alexey Rozhkov

Financial markets megaregulatorProject Group №1Mikhail AbyzovAlexey Timofeev