FFMS has stopped working

AO UniCredit Bank
Summary: 
Starting from 1 September 2013 the Federal Financial Market Service (FFMS) has been abolished and all financial markets regulatory, controlling and supervisory powers of FFMS have been transferred to the Central Bank of Russia (CBR).
Thu, 05/09/2013

Pursuant to the Decree of President of Russia FFMS has been abolished starting from 1 September 2013. All financial markets regulatory, controlling and supervisory powers of FFMS have been transferred to CBR becoming the mega-regulator of the Russian financial market.

Sergei Shvetsov, the First Deputy Chairman of CBR, has become the Head of the newly created Financial Market Service in CBR. 

 

Impact on investors:

The creation of a single mega-regulator in Russia is an important step towards the further development of the Russian financial market.