Enhanced protection of investor rights through a new government body. By Yuliya Shibukova, Relationship Manager, GSS Russia
The Government of Belarus announced on establishment of Financial Stability Council, new governing body responsible for implementing such measures that will ensure the stability of the domestic financial market and for coordinating the activities of the remaining participating authorised state bodies. One of its main goals is to ensure that banks and non-bank financial institutions, other financial intermediaries, the financial market itself and the payment system continue to operate normally in times of crises, as well as to put in place mechanisms for resolving crises in the financial market.
The Financial Stability Council has already established a working committee consisting of employees of the National Bank, the Ministry of Finance and the Ministry of Economy, which will be primarily engaged with the following:
- financial stability assessment and development of measures for its maintenance
- development of mechanisms for the resolution of financial market crises
- coordination of approaches to regulation and supervision