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Legislative Committee Approves FFMS-CB Megaregulator Functions Transition

26.03.2013 09:27 / Interfax

The Government Legislative Committee has passed the draft bill on transferring FFMS financial markets legislative, control and supervisory functions to the Bank of Russia, according to the Cabinet of Ministers press office.

This includes insurance, credit cooperation and microfinance, exchanges and brokerages, pension savings accumulation and investment. Functions are transferred to the Central Bank without the right to introduce legislative initiatives.

“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 is designed to promote financial market stability, partly by decreasing regulative arbitration and improving the quality of system risk analysis, regulation and oversight, including consolidated, simultaneously relieving administrative pressure on market participants”, says the release.

The draft bill will be discussed at a Government session.

The law is scheduled to be enforced in June 2013.

Financial markets megaregulatorProject Group №1