Monday, September 2, 2013

Russia Creates "Mega-Regulator"

Russia’s Central Bank (Bank of Russia), which will now carry out functions of the former Federal Financial Markets Service /FSFR/, begins from September 1 to work as a mega regulator. To fulfil the functions of FSFR, the Central Bank has organised a Service on Financial Markets, which Head will be Sergei Shvetsov. In this position, he will also be the Central Bank’s Deputy Chairperson. Under the new provisions, the Bank of Russia offers and implements policies to develop and provide stability of the Russian financial market. The Bank will regulate, control and supervise corporate relations of joint stock companies and activities of non-credit financial organisations - including insurance, clearing, micro-financial, pension funds, mutual funds, etc. The Central Bank will protect rights and legal interests of the insured, insurers, depositors and members of non-state pension funds, shareholders and investors in financial markets.

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