Financial mega-regulator can appear in Russia already in 2013

A mega-regulator of Russian financial market can start working in the country on the verge of 2013-2014. A new body expected to be founded on the base of the Central Bank of Russia and the Federal Service for financial markets and at that the matter can be either a surrender of powers of the Federal Service to the Central Bank of Russia or granting the power of supervision to the Federal Service for financial markets, the site of Russian Ministry of finances reports. Specialists of the Ministry say the experience of some countries in the crisis period shows that it is much more efficient to combine the functions for regulation and supervision of financial institutions in one agency than in two different ones.

Russian Ministry of finances intends to submit the corresponding documents to the Russian State Duma in spring 2013.