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Megaregulator Must Report to Duma Only

27.06.2013 11:45 / Finmarket

The financial market megaregulator should function as an independent state authority and report to the parliament only, said Deputy Chairman of the Duma Financial Markets Committee, President of the Regional Bank Association of Russia Anatoly Aksakov.

Yesterday the committee debated amendments transferring financial market regulation, control and supervision to the Central Bank, due for the second reading. The amendments package totals 500 pages and significantly expands the Central Bank’s scope of authority, including financial market development and stability, identifying and prevention of shareholder-investor conflict of interests.

According to proposed amendments, National Banking Council will become National Financial Council, with the same number of sears. The megaregulator Board of Directors will expand to 15 members.

Committee members approved free-of-charge online tax reports, longer office terms for Head of Megaregulator and Board members – 4 to 5 years, simplified cash transactions for private entrepreneurs and small businesses.

The Committee has set aside moot points such as the megaregulator’s right to initiate new legislation and protect consumer rights. These points will be discussed at the 27 June Committee session. The Megaregulator Act is expected to pass the State Duma by the end of the spring session.

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