CBR to disclose details of changes to architecture of financial sector regulation and oversight no later than Nov

MOSCOW. May 25 (Interfax) - The Central Bank of Russia (CBR) plans to disclose details of changes in the architecture of regulation and oversight of the financial sector no later than November, said First Deputy Governor of the Bank of Russia Dmitry Tulin.

"Something more detailed and that perhaps answers your questions, we have set a goal for ourselves in terms of what we will be able to do this in the area of regulation and supervision no later than November, so that at least a month is left until the end of the year to prepare," Tulin said at the annual meeting of lenders with the Central Bank leadership, organized by the Association of Russian Banks.

"Manual controls" in the financial sector still play a big role, the CBR official said. "At the same time, literally starting on February 28, February 24 we have begun to engage in such planning and strategic planning, to think about what the architecture of the financial sector will look like," he said.

This work is ongoing inside the regulator, and no final consensus has yet been reached, so the regulator cannot disclose the details of this new financial sector architecture, Tulin said.