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MOSCOW, January 16. /ITAR-TASS/. VTB CEO Andrei Kostin said Russian banks could adopt the international regulatory framework for banks known as Basel III.
At a meeting with President Vladimir Putin on Thursday, January 16, Kostin said this work had been underway since January 1, 2014. “I think the work has been going successfully. And I think it is already obvious that this is a solvable task for the Russian banking sector,” Kostin said.
He also noted that the decision to create a financial mega regulator in Russia would have “a tremendous positive effect not only for improving regulation in the banking sector and the financial and insurance markets, but for all financial operations.”
“This is a very important element. We think that further development of the mega regulator would help improve the situation in the banking sector,” Kostin said.
The mega regulator was created in July 2013 on the basis of the Central Bank, which has assumed the functions of the Federal Service for Financial Markets.
As a result, the Central Bank incorporatee the Federal Service for Financial Markets and assumed such of its functions as legal regulation, supervision of financial markets, including insurance operations, credit cooperation and micro financial activities, operation of commodity exchanges, exchange mediators and brokers, formation and investment of pension savings.
More than 55 countries have financial mega regulators, including on the basis of the central banks in 13 of them. The consolidation of functions within one body will allow it to better oversee investment, banking and financial groups, timely detect and respond to risks in the financial sector, optimise the management system and regulatory expenses.