AO UniCredit Bank
Summary:
The State Duma approved a draft law relating to the creation of a financial mega-regulator in Russia on the basis of the CBR.
Tue, 21/05/2013
The State Duma adopted, in its first reading, a draft law relating to the creation of a financial mega-regulator for the Russian financial market on the basis of the Central Bank of Russia (CBR).
The proposed amendments to the legislation on the financial market suggest transferring authority from the Federal Financial Market Service (FFMS) and the Government of Russia to the CBR. The new responsibilities of the CBR will include the supervision of pension savings, compulsory insurance, regulation of stock company activities, etc.
Impact on investors: The draft law approved by the State Duma is another step towards creating a financial mega-regulator in Russia.