Reference
The document was drafted by the Ministry of Finance in accordance with Sub-clause B of Clause 2 of the List of Presidential Instructions issued following a meeting on economic issues on March 12, 2012.
The resolution sets out the creation of the National Financial Stability Board as a permanent advisory body to ensure the coordinated actions of government institutions as part of their efforts to preserve a stable financial system, expose systemic risks and develop proposals on measures to reduce such risks.
The document approves the Board Regulations setting out the main tasks, rights and functions of the Board as well as defining the procedure for organising its activities. The Board Regulations were drafted taking into account the operation of the inter-state Financial Stability Board, which was established at the G20 Summit in London, and the European Systemic Risk Board.
The Ministry of Finance will provide organisational, technical and information support for the Board’s activities.
The establishment of the Board will make it possible to ensure prompt and effective cooperation between federal executive agencies and the financial markets regulator for the purpose of analysing the overall state of the global economy and the results of monitoring its state, assessing the level of systemic risks and drafting proposals on measures to restore financial stability.
The document was examined and approved at the June 27, 2013 Government meeting.