On 21 August 2013 Sergei Shvetsov, the First Deputy Chairman of the Bank of Russia, was named as the Head of the Russian Mega-Regulator.
The Mega-regulator law was signed by the Russian President, Vladimir Putin, on July 2013.
Starting from 1 September 2013, the Federal Financial Market Service (FFMS) will be abolished. All the authority of the FFMS on normative and legal regulation, control and supervision of the financial market, including its insurance, microfinance segment and others, should be transmitted to the Central Bank of Russia (CBR), which has received the status of Mega-Regulator in Russia.
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, which will allow increasing its transparency and efficiency.