Oleg Vyugin, head of the Federal Service for Financial Markets (FSFM), has stepped down, according to RZB.
Vyugin’s appointment as head of FSFM in March 2004 was widely supported by local market participants and the international business and investment community. He is held in high regard for his successful track record in both the public and private sectors.
Prime Minister Mikhail Fradkov has appointed Vladimir Milovanov, assistant prime minister, as the new head of the Russian major market regulator. Before joining the prime minister’s office in 2000, Milovanov was deputy head of the Federal Securities Commission, the predecessor of FSFM.