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Medvedev Hopes All Market Participants Join MIFC Roadmap Effort

28.11.2013 17:14 / Interfax

Russian Prime Minister Dmitry Medvedev hopes that the Moscow International Financial Center Roadmap, passed by the Government, will become a work plan for all market participants, instead of merely officials.

“I hope that all market participants, not only officials, take this up as their work plan”, said Medvedev at an MIFC development meeting.

He prefaced this by saying that the MIFC Roadmap passed in the summer is geared to boost the competitive edge of the Russian financial market, roll out state-of-the-art banking products, protect investor rights and interests. The action plan was drafted in liaison with the banking and financial communities, and then thoroughly reviewed and discussed by the Government and the Bank of Russia.

Speaking on financial markets regulation, Medvedev mentioned the Bank of Russia based megaregulator, active since 1 September. According to Medvedev, the new system will improve the effectiveness and quality of consolidated oversight across all financial market sectors.

“This is, however, a tall order. Naturally, the Government does not pass on the financial market stability burden to the Bank of Russia alone. We will continue to work on this together, and of course we will keep an eye on the progress and form the statutory base”, said the Prime Minister.

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