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Amendments to legislation following transfer of powers in regulation, control and supervision over financial markets to Central Bank

July 24, 2013

The President signed Federal Law On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Transfer of Powers in Regulation, Control and Supervision of Financial Markets to the Central Bank of the Russian Federation.

The federal law stipulates the creation of a financial market mega-regulator, based on the Central Bank of the Russian Federation (Bank of Russia), in order to increase stability in financial market operation and assure efficient oversight of its subjects, establish a single capital market regulatory body and eliminate the duplication of functions by various agencies.

The federal law introduces corresponding amendments to several federal laws and stipulates transferring multiple powers pertaining to regulatory control of the financial market from the Finance Ministry and the Government to the Bank of Russia.

Due to the expansion of the Central Bank’s functions, the status of the National Banking Council is being upgraded, and it will be renamed the National Financial Council.

The creation of a single mega-regulator is also intended to save federal budget resources currently being spent on maintaining several federal government agencies.

July 24, 2013