Regular Regulation Reforms of Financial Market and its Infrastructure and their Possible Consequences

Abstract

Problems of improvement of investment climate in Russian Federation are often substituted by problems of changes in the governmental system of financial market regulation and centralization of its infrastructure from above. At least so look the efforts taken by the Government of Russian Federation in this direction, including establishment of the Central Securities Depository and the initiative to create the financial market megaregulator on the basis of the Bank of Russia. Self-regulatory organizations of market participants strive for extending their functions at the expense of unnecessary competence of the governmental authorities to soften the administrative pressure on the market as well as future consequences of hasty political decisions.