The creation of a single regulator of the stock market has been discussed in Russia for more than 10 years. On 14 December 2012, the Russian Government decided to integrate the Federal Service for Financial Markets (the “FSFM”) into the structure of the Russian Central Bank (the “CBR”).

Such a model will concentrate the regulatory and supervisory functions regarding the activities of financial institutions into one body. In 1.5 to 2 years the FSFM will become a subdivision of the CBR in charge of regulating capital markets.

Although the structure of financial market regulation is going to change, there are no reasons to believe that its professional participants will meet any additional difficulties.

[More information on this issue can be found on the official website of the President of Russia – link]