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Financial Market Megaregulator Draft Acts May Be Introduced 15 March

05.02.2013 15:28 / RBC

The Russian Central Bank-based financial market megaregulator draft bills may be introduced to the State Duma on 15 March, said Deputy Finance Minister Alexey Moiseev, in reply to queries from the Duma financial markets committee.

"Deadlines are tight. Our goal is to have the megaregulator up and running by 1 August 2013, so we need to pass the laws in the Spring session”, he said.

According to Moiseev, the bills are in currently in the final stages, with 56 existing laws due for amendment, including the Bank of Russia Act.

Moiseev added that over a thousand functions will be redistributed between the government and the Central Bank. "The federal government and the Bank of Russia have come to an agreement on most of these, however, certain issues remain outstanding and will be fine-tuned in the coming days", he pointed out.

In January 2013, President Putin backed the idea of creating a megaregulator by merging FFMS with the Central Bank at a stock market development session. The head of state replied to First Deputy Prime Minister Igor Shuvalov’s query on possible launch of the megaregulator project in 2013.

Shuvalov said that amendments to the Bank of Russia Act are due in 1H 2013. “We can start the merger de facto beginning at the year-end, with some back-up measures to make sure that regulation does not fall by the wayside in the process of launching the new service”, said Shuvalov.

First Deputy Prime Minister Igor Shuvalov said that, beginning in late 2013 and up to 1 January 2015, FFMS will remain an independent service within the Bank of Russia but not diluted within the CB. From 1 January 2015, a joint all-Russia banking and financial oversight and regulation structure will be fully operational, he said.

All FFMS staff will be requested to transfer to the Central Bank of Russia. The head of this service, First Deputy Chairman of the Central Bank, will have autonomous powers but the final authority will remain with the Chairman of the Bank of Russia, said First Deputy Prime Minister.

By 1 January 2015, the autonomy will gradually have merged with the Bank of Russia operations”, said Igor Shuvalov.

Financial markets megaregulatorProject Group №1Igor Shuvalov