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Dmitry Medvedev believes that the creation of a mega regulator on the financial market in Russia is a necessary step

October 24, 2012, 15:57 UTC+3
But the decision should be taken in the consolidated way
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GORKI, October 24 (Itar-Tass) — Russian Prime Minister Dmitry Medvedev believes that the creation of a mega regulator on the financial market in Russia is a necessary step, but the decision should be taken in the consolidated way. Medvedev has made a statement to this effect at a meeting over the creation of an International Financial Centre in Moscow on Wednesday.

The prime minister noted that the processes to improve the systems of regulation and supervising were stimulated by the global financial crisis in the European Union, the United States and several other countries. “It does not seem to us that everything was done finally there. Anyway we also began to put these decisions into practice,” Medvedev noted. He recalled that the first stage of the reform of the regulating system passed in 2011. However, “today at least several analysts of the banking community, representatives of the state institutions believe that the division of the supervising powers between the Finance Ministry, the Federal Service for Financial Markets and the Bank of Russia is not optimal,” Medvedev remarked. The prime minister emphasized that essentially particularly amid the consolidation of the companies, financial banking groups do not allow having an integral picture on the financial market and estimating current risks correctly.

“This is an opinion of at least some part of expert community, which believes that the consolidated supervision is needed to function within the structure of a common body,” the premier added. He noted that “this is a possible transfer of relevant powers from the Federal Service for Financial Markets to the Bank of Russia.” “I would like this issue to be also discussed today, because a decision to create this body should be taken only with due account of a full-fledged analysis of pluses and minuses of this idea,” Medvedev pointed out. “The most important thing is the improvement of domestic financial markets and the strengthening of the institutes, which operate on the markets now, and the improvement of the general situation in our country,” Medvedev underlined.

 

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