Russia: Russian President Vladimir Putin signed the Mega-Regulator law

AO UniCredit Bank
Summary: 
The Russian President Vladimir Putin signed the law about the creation of a mega-regulator in Russia.
Thu, 25/07/2013

On 24 July 2013 the Mega-regulator law was signed by the Russian President Vladimir Putin. According to this law, all authorities of the Federal Financial Market Service (FFMS) on normative and legal regulation, control and supervision of the financial market, including its insurance, microfinance segment and others, should be transferred to the Central Bank of Russia (CBR).

Furthermore, the Ministry of Finance (MinFin) of Russia also decided to make CBR responsible for regulation of rating agencies activities and investments of pension savings.

The Mega-regulator law will come into effect the 1 September 2013.

 

Impact on investors: The creation of a single mega-regulator in Russia is an important step towards a further development of the Russian financial market, which will allow increasing its transparency and efficiency.

 

Related Newsflashes: State Duma to Consider the Financial Market Supervision Draft Law