Financial mega-regulator will hardly appear in Russia in the nearest future

Alfia Sharafutdinova

Mega-regulator of financial market will hardly appear in Russia in the nearest future since either the Central Bank of Russia or the Federal Service for financial markets, on the base of which a new financial body expected to be established, aren’t too interested in such body. This is the opinion of the president of the Russian Banks Association Anatoly Aksakov: “I give 70% that it won’t happen” – he said to journalists in Ufa.

According to M–r Aksakov if the Federal Service for financial markets is removed from the system of executive power bodies, it won’t depend upon decisions of Russian Government, thus becoming more flexible in its work with the financial market and this is a plus. From the other side if the Federal Service is found under control of the Central Bank of Russia, this conservative regulator can press more “dynamic” and “creative” equity market.

As the news agency “Bashinform” reported earlier, the mega-regulator of financial market can appear in the country by 2014 and it is expected that will be established on the base of the Central Bank of Russia and the Federal Service for financial markets and at that the matter can be both a transfer of powers of the last one to the Central Bank of Russia or granting of the power of attorney to the Federal Service. The Russian Ministry of finances intends to submit corresponding documents to State Duma already in spring 2013.

#finances

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