The head of FAS considers threshold for transactions for large financial organizations irrelevant, advocates approval of all transactions

MOSCOW. Oct 5 (Interfax) - The Federal Antimonopoly Service (FAS) of Russia stands for the approval of all the transactions of large financial organizations, without taking into account the asset value threshold of 29 billion rubles, which is now actually no longer relevant, the head of the service, Maxim Shaskolsky, told reporters.

In his opinion, the transition to approval of all transactions will not lead to a significant increase in the number of requests to the service.

"This doesn't happen that often, so it's better to look at all the deals. These deals are all large anyway, so this threshold is not as relevant now," Shaskolsky said.

Currently, banks must agree with FAS on the acquisition of another bank only if its assets are equal to more than 29 billion rubles.

Last week, the head of the FAS financial markets control department, Olga Sergeyeva, said that the agency, together with the Ministry of Finance and the Central Bank, is initiating the preparation of a draft federal law aimed at introducing additional control over the execution of transactions by large financial organizations to purchase their competitors, specifically through the approval of all transactions independently on the value of the assets of the acquired organization.