Russian President Vladimir Putin has signed a law designating the Central Bank of Russia (CRB) as a mega-regulator. The law will come into effect on Sept. 1 of this year.
According to this law, previous responsibilities of the former market regulator, the Federal Financial Market Service (FFMS) will now be the remit of the CRB instead. All authorities of the Federal Financial Market Service (FFMS) on normative and legal regulation, control and supervision of the financial market, including its insurance, microfinance segment and others, should be transferred to the CBR.
The CBR will also be responsible for regulation of rating agencies activities and investments of pension savings.
Russian Central Bank Becomes Mega-Regulator
Russian President Vladimir Putin has signed a law designating the Central Bank of Russia (CRB) as a mega-regulator.