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Medvedev specifies issues of Financial Markets control

September 02, 2013, 9:58 UTC+3

Russia's Prime Minister has signed a corresponding resolution

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MOSCOW, September 2 (Itar-Tass) - Russian Prime Minister Dmitry Medvedev signed a resolution on several issues of state regulation, control and supervision in the sphere of the Russian financial market, the Russian governmental press service reported on Monday.

The document was drafted to fulfill the provisions of the law, which introduces the amendments in several Russian legislative acts over passing the powers for regulation and supervision in the sphere of financial markets to the Central Bank of Russia (CBR).

“The resolution is aimed to specify the functions of the federal executive authorities as a result of vesting the Central Bank of Russia with the powers of the Federal Service of Financial Markets over legal regulation (without the right to pass federal draft laws and draft legal acts of the president and the government for debates in the government) and supervision in the sphere of financial markets,” the Russian Cabinet explained.

“The transfer of the functions for the regulation and supervision over the entities of all sectors of the financial market to one regulating agency will promote a higher stability on the financial market, particularly thanks to the reduction of regulatory arbitration and the ensuring of a more qualitative analysis of systemic risks, a higher quality and a higher efficiency of regulation and supervision over market entities and the reduction of the administrative burden on them,” the Russian government hopes.

The governmental resolution and the detailed reference note to it are posted at the official governmental website.

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