Reference
The Russian Ministry of Finance has drafted this document to implement the instructions of the President of the Russian Federation on improving the system of regulation, supervision and control of the financial market.
The document was formulated to implement the provisions of the Federal Law On Introducing Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Delegation of the Authority to Regulate, Control and Supervise Financial Markets to the Central Bank of Russian.
The Resolution aims at clarifying the functions of government agencies as a result of granting the Federal Financial Markets Service’s legal authority to regulate, control and supervise financial markets to the Bank of Russia (without the right to submit draft federal laws and draft regulatory legislative acts of the President of the Russian Federation and the Government of the Russian Federation to the Government).
The Resolution stipulates:
- Approval of the Statute on the authorized government agency for the regulation, control and supervision in the creation and investment of pension savings (hereinafter – the draft statute);
- Introduction of amendments to certain legislative acts of the Russian Federation;
- Repeal of certain acts of the Government of the Russian Federation;
Securing the functions of regulation and supervision of participants in all sectors of the financial market under a single regulatory body that would enhance the stability of the financial market (including by reducing regulatory arbitrage and providing a more qualitative analysis of system risks), improving the quality and effectiveness of regulation and supervision of market entities and reducing the administrative burden on them;
Implementing this resolution does not require the allocation of additional funds from the federal budget.
The signed document was approved on August 21, 2013 at a meeting of the Government of the Russian Federation.