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Russian Finance Ministry expects mega regulator to appear by 2014

September 13, 2012, 5:51 UTC+3
Relevant legislation will be drafted by the end of this year
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MOSCOW, September 13 (Itar-Tass) —— A single regulator in financial markets may become operational in Russia by the end of 2013 or the beginning of 2014, Finance Minister Anton Siluanov said.

Relevant legislation will be drafted by the end of this year so that all regulatory changes could be adopted by the parliament during its next spring session, the minister said on Wednesday, September 12.

“We expect the mega regulator to start working from the end of 2013 or the beginning of 2014,” Siluanov said.

“We think that this is the way to follow,” he added, when asked whether the financial mega regulator would be created on the basis of the Central Bank and the Federal Service for Financial Markets.

 

 

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