Bank of Russia to get new forex oversight structure

Chief regulator Serguey Shvetsov is very likely to get a new deputy very soon

The Russian central bank has announced its first new appointments within a new regulatory structure that was unveiled last year. The current body responsible for financial markets regulation will be liquidated on the 3rd of March. The man behind the wheel of forex regulation and oversight of financial markets Serguey Shvetsov, will get at least one deputy according to sources cited by Russian financial news agency Prime.

In place of the current regulator the Bank of Russia will create nine new structural divisions that will get responsible for different aspects of the financial markets. The ones that might directly correlate to the forex markets regulations in the country are The Department for Access to Financial Markets, The Head Agency against Corrupt Practices in Financial Markets and the Bank of Russia Office created specifically to defend the rights of financial services customers.

Sources close to Russian financial news agency Prime have stated that the new Bank of Russia Office responsible for defending the rights of financial services customers will be headed by Alexey Guznov, who currently serves as vice-chairman of the legal department at the central bank. Makes all the sense in the world to have an experienced legal professional to run this Office.

The main reason for this structural reshuffling is increasing the efficiency of supervision as the current Central Bank framework is already overburdened by excess responsibilities across multiple departments. As Julius Caesar and Napoleon would say – divide and conquer! Not to worry, regulation is still sometime away as Mr Shvetsov has stated himself in December.

For the latest news surrounding Russian regulation of the forex market stay tuned to LeapRate.

For the full article in Russian by financial news agency Prime, visit their website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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