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Sergey Shvetsov Heads Bank of Russia Financial Markets Service

21.08.2013 12:32 / Interfax

Sergey Shvetsov has been appointed First Deputy Chairman of the Central Bank in charge of the Bank of Russia Financial Markets Service, starting from 1 September, the CB Press Office announced Wednesday.

The news came as no surprise in the wake of media reports on current Federal Financial Markets Service (FFMS) Head Dmitry Pankin’s decision not to join the Central Bank.

On 9 August, the Bank of Russia Board of Directors passed a decision to establish a Financial Markets Service as part of the Central Bank Head Office.

The new division will come into play on 1 September, when FFMS is dissolved and the megaregulator assumes its functions. Accordingly, the Bank of Russia is vested with financial market regulation, control and supervision powers and functions.

“My number one priority today is to preserve the FFMS human resources potential. This is the objective for the next couple of weeks, we must ensure smooth transfer of staff and continuity of all processes. This is what I will be primarily devoting my time to in the near future”, Shvetsov said in an ITAR TASS interview.

The Service aims to develop the financial market, maintain stability, including crisis identification and resolution; analyze the status and potential of the non-banking sector; regulate, control and supervise non-banks.

The new structure will also protect the rights and interests of shareholders and investors on the financial markets, insurers, policy holders and beneficiaries, as well as non-state pension fund clients. The service also controls the enforcement of insider information and market manipulation laws.

Sergey Shvetsov’s career began at the Central Bank in 1993 and continued at Ost-West Handelsbank three years later, where he became Head of Representative Office. Today, he supervises Central Bank operations in the financial markets.

In 2011, he oversaw the process of MICEX-RTS integration and chaired the Moscow Exchange Advisory Board. He is due to leave this position by the end of the year, according to an exchange source.

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