"If the megaregulator is an idea that needs to sink in, and bearing in mind that the stock market has not progressed to an advanced stage just yet, I would not rush it. We are about to place a heavy load of extra work on the Central Bank, and I don`t see how that can be reasonable management for these market segments. I would avoid haste. But that is only my opinion", he said at a briefing on Wednesday.

Tosunyan thinks that the Central Bank "is not too willing to assume this function", since its share of regulation and oversight is huge. "Taking all responsibility for the stock market is neither logical nor sensible. Post-Soviet states like Armenia and Kazakhstan can`t serve as examples, their economies and their markets are too different in scale", he said.

At the same time, "if the coming of the megaregulator is unaviodable, it should be based in the Central Bank".

Financial markets megaregulator, Project Group №1