Mega financial regulator has been created in Russia | Russia Beyond The Headlines

Mega financial regulator has been created in Russia | Russia Beyond The Headlines:

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First deputy chairman Sergei Shvetsov was appointed to head a new Russian financial market
mega regulator. Source: ITAR-TASS

On Sept. 1, the Central Bank of the Russian Federation became the entire country’s financial market regulator, due to the transfer of a number of functions previously performed by the Federal Financial Markets Service (FFMS).
In addition to its supervision of commercial banks, the function of a single regulator includes monitoring non-bank financial institutions such as insurance companies, asset management companies, pension funds, brokers and exchange intermediaries, as well as microfinance institutions.
The new agency is headed by First Deputy Chairman Sergei Shvetsov — the ideologist behind the creation of a dual currency basket floating corridor, which was launched in 2009. According to him, the changes that accompany the transfer of the Central Bank’s functions will not be dramatic and will be quite slow. The main thing is the synergy effect from the merger of the two structures."

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