FAS proposed strengthening control over transactions in the financial market – Kommersant
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The Federal Antimonopoly Service (FAS) has prepared a bill introducing an additional mechanism for monitoring transactions of large financial organizations. They will have to coordinate the purchase of assets with the FAS, regardless of the size of the transaction. Relevant document posted on the portal of legal acts.
Amendments are proposed to be made to the Law “On Protection of Competition”. According to the document, the innovation will affect all financial organizations that want to buy shares in companies of the “same type.” The explanatory note states that the adoption of the bill will increase the effectiveness of antimonopoly control measures, as well as “protect the rights and interests of other participants in the financial market.”
Currently, by law, banks are required to approve transactions to purchase competitors with the FAS if the assets of the acquired company exceed 29 billion rubles. In September 2023, the head of the department for control of financial markets of the FAS Olga Sergeeva reported, that the service is working on a bill to strengthen control over transactions involving the purchase of their competitors by large banks. They planned to involve the Central Bank and the Ministry of Finance in the development of the document.
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