The draft law related to the creation of the financial mega-regulator in Russia, which is expected to improve the supervision and the control of the Russian securities market, was signed by the Russian Prime Minister Dmitry Medvedev and is now to be reviewed by the State Duma.
The draft legislation also contains amendments to the Code of Administrative Offences related to transferring the authorities (including the determination of administrative penalties) from the Federal Financial Markets Service to the Central Bank of the Russian Federation.
Impact on investors: The financial market supervision draft law is expected to improve the supervision and the control of the Russian securities market and represents another step forward to creating the financial mega-regulator in Russia.