Deputy Finance Minister Alexey Moiseev told RBC daily that Financial Stability Council, based on the current National Banking Council (NBC) and the President`s Financial Market Council, was discussed at a recent government session.

NBC currently approves Central Bank`s annual report, CB`s profit distribution and other business aspects of the Bank of Russia. The President`s Financial Market Council drafts proposals on investor rights protection and stock market development, offers expert legal opinion on draft laws. "These councils could possibly be reformed", noted Deputy Minister.

The new structure could be given authority to control CB and FFMS. If a megaregulator is created, Financial Stability Council will be authorized to control it as well. A collegiate body with officials from economic ministries and several regulators (including FFMS, Deposit Insurance Agency, Central Bank, Federa Antimonopoly Service) is under discussion since Spring. It was initially considered that Financial Stability Council should only give recommendations.

Alexey Moiseev says that Minfin received proposals from several ministries regarding the structure and functions of the Council. "These proposals have been passed to the government, and the final decision on the new body will follow", he said.

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