Bank of Russia overhauls organisation as it prepares for expanded remit

Bank of Russia

The Bank of Russia's board of directors yesterday formally signed off on a regulatory overhaul that will see the powers to "control and supervise" the country's financial system shifted from the government to the central bank on September 1.

According to a statement, the board approved the structure and regulation of the Financial Markets Service (FMS), a new body replacing the current financial regulator – the Federal Financial Markets Service (FFMS) – which is operating under the auspices of t

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