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Duma to Pass Draft Bill on FFMS-CB Megaregulator Functions Transfer

01.04.2013 11:01 / Interfax

The Russian government has introduced to the State Duma a bill transferring Federal Financial Markets Service (FFMS) legislative, control and oversight functions in the financial markets to the Central Bank.

The bill has been registered in the lower house of the Russian Parliament database.

The draft authors expect that concentrating regulative and oversight functions in all financial market sectors (banks, insurance companies, infrastructure organizations, microfinance, licensed stock market participants, private pension funds) in a single authority will promote financial market stability, partly by decreasing regulative arbitration and improving the quality of system risk analysis, regulation and oversight.

It has been reported earlier that the bill provides FFMS functions transfer to the CB.

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