MOSCOW, July 25 (RIA Novosti) – Russian President Vladimir Putin on Thursday signed a decree to terminate the Federal Service for Financial Markets and transfer its functions to the Central Bank as of September 1, according to a post on the government’s legal information website.
On Wednesday, Putin signed a decree to turn the Central Bank into what the media has dubbed a mega-regulator, overseeing securities, insurance, microfinance and pension investment, in addition to its traditional oversight of the banking sector.
The Federal Service for Financial Markets had been responsible for monitoring and regulating insurance, credit cooperation and microfinance, commodity markets, exchange intermediaries and brokers, according to a description on the government’s website.
The service was also responsible for pension funds and ensured compliance with Russian legislation to obviate insider trading and market manipulation, the description said. Those functions will now presumably go to the Central Bank.
Tweaks headline, updates with description of the Federal Service for Financial Markets.
