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The Federal Financial Markets Service (FFMS) of Russia plans to oblige professional market participants to disclose their real (that is, final) owners to public (in fact, they already do since last year, but only privately – to the regulator itself).

This step will be a step of further convergence of the financial securities market with the banking industry in Russia. Chief of the FFMS Vladimir Milovidov still dreams of the “megaregulator” (the concept of which has long been discussed without going any further). According to Mr. Milovidov, if that really happens, creation of the “megaregulator” will become a purely theoretical issue.

The FFMS’s intention was disclosed yesterday at the Forum “Russia-2010”. Vladimir Milovidov informed that they “were thinking of that” – about disclosure of information to public. The Federal Financial Markets Service has this information in its possession but uses it for its own regulatory purposes.

The Bank of Russia forces banks under its control to present information on their shareholder either on their own websites, or at the CB’s. The first time it asked them for that type of information, it was six years ago as a condition to enter the deposit insurance program, but until this year it was in the CB’s sole possession.

Mr. Milovidov explained that his service intended to harmonize regulation of the financial market with other markets (first of all, the one for banking services). And they are doing ok, he added (for instance, the FFMS has already increased capital requirements and changed methodology of its calculation). Upon completion of harmonization, it will be possible to discuss creation of the “megaregulator” more seriously.

Source: “RBC-Daily”