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Dmitry Medvedev signed a list of instructions following meeting on economic issues of March 12, 2012.
The Government of the Russian Federation has been instructed to expedite the consideration of legislative amendments that would give the Central Bank the right to use an informed judgment in exercising supervisory functions.
The Government of the Russian Federation and the Central Bank have been instructed to submit proposals for legislative amendments with regard to:
- establishing the institute of Financial Ombudsman;
- establishing a Financial Stability Council;
- encouraging non-cash payments;
- making changes to investment strategies of pension funds; and
- reducing the state's share in banks with state participation to less than 50%.
March 22, 2012