Baku, Azerbaijan, May 20
By Elena Kosolapova - Trend:
The member-countries of the future Eurasian Economic Union (Russia, Belarus and Kazakhstan) will create a common regulator of its financial markets by 2025, Novosti-Kazakhstan reported on May 20 with the reference to the draft treaty on the Union creation.
"The Member States (of the Eurasian Economic Union) after the completion of the harmonization of legislation in the field of financial markets will decide on the powers and functions of a supranational authority regulating financial markets," the draft treaty reads.
The heads of the national (central) banks of three countries will be presented in this common regulatory body.
The new entity will be located in Kazakh city of Almaty.
Russia, Belarus and Kazakhstan also intend to coordinate regulation of the financial markets and ensure non-discriminatory access to the financial markets of each other.
Russian, Kazakh, and Belarusian presidents will sign the Eurasian Economic Union treaty in Astana on May 29, which should come into force on January 1, 2015.
Edited by C.N.