Support The Moscow Times!

Finance Sector Watchdogs to Combine

President Dmitry Medvedev signed a decree combining two major financial watchdogs in a move that is expected to simplify business regulation in Russia.

Creating an internationally competitive financial center with business standards and procedures resembling those of mature markets has been one of the president's objectives on the way to modernizing the country and making it more appealing to investors.

"Today I signed a decree on measures to improve financial regulation ... This will help make our far-from-perfect financial market better," Medvedev said at a meeting on Friday, called to discuss the creation of an international financial center in Russia.

He said the Financial Market Service would become the watchdog of the financial market, excluding banking and auditing. It will also include the Federal Service for Insurance Supervision. The initiative to combine the two federal services was first aired by the finance ministry in the fall of last year, when Financial Minister Alexei Kudrin said such a merger promised to unify regulation tools for the country's security and financial services.

Kudrin also announced on Friday a plan to adopt international standards for financial accounting for Russian companies. "We need to have those guidelines translated into Russian and then adopted to the Russian laws, before we can use the right to follow them," he said, adding that all measures are in place to adopt the standards this year.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more