Russian Central Bank unveiled changes in the financial market regulation. The current person in charge of forex regulation Serguey Shvetsov will be getting at least one deputy, based on the report of Russian financial news agency Prime.
The plan is to replace the current regulation structure with 9 new divisions, responsible for different fields of financial markets, one of which will take over the forex markets regulations.
According to Prime, new Bank of Russia will appoint Alexey Guznov to be in charge of regulation and authorization of financial services. Mr. Guznov is currently a vice-chairman of legal department of the Central Bank.
The reason behind this update is the need for more efficient supervision and regulation of the financial markets and with the current division, Central Bank has too much going on as it is and requires structural assistance.