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Putin gives go ahead for regulatory body
January 26, 2013, 5:37 am

Russian President Vladimir Putin. [Getty images]

Russian President Vladimir Putin. [Getty images]

President Vladimir Putin has  approved the creation of a Russian  financial regulatory body.

The agency will be established on the basis of the Central Bank and the Federal Financial Markets Service.

“No doubt, I will support the idea, especially since you have done a great job with the expert society,”  Putin said at a meeting on stock markets.

Putin also highlighted the need to create a governmental body that would allow for transparent competition,and efficient control over nongovernmental pension funds.

The project to create the mega-regulator will be launched this year, and a necessary amendment to the Bank of Russia law will be made in the first half of 2013. Till 2015 the Federal Financial Markets Service will function as an independent structure within the Central Bank, and will overlook all the transactions in the banking and financial sectors.

This is in an effort to make the unit transparent and consistent in its actions.

As of 2015 it will work independently, but under the auspices of the Central Bank.

Source: Agencies

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