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September 21, 2012 14:25
Possibility of mega-regulator at CBR may lead to conflict of interests - minister
SOCHI. Sept 21 (Interfax) - The possibility of a mega-regulator being established on the basis of the Central Bank of Russia could lead to a conflict of interests inside the bank, Economic Development Minister Andrei Belousov told the press on the sidelines of the International investment forum Sochi-2012.
"In my opinion, moving to a completely different model of governance now could cause a conflict of interests inside the Central Bank. It does worry me somewhat."
When a mega-regulator was established on the basis of the Federal Financial Markets Service "it was the sole exclusion of administrative reform," Belousov said. "A body was created that included regulatory-creating and monitoring-supervisory functions. There was a certain sense to that," he added.
"Now I am concerned about the transfer of these functions to the Central Bank," he said.
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(Our editorial staff can be reached at eng.editors@interfax.ru)
/Interfax/
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