The stock fund may change its curator

One of the oldest officials who stood at the origins of regulating the stock market in Russia, Sergei Kharlamov, may leave the Central Bank. Market participants are saddened by this news.

Photo: Valery Levitin, Kommersant / buy photo

The department of the securities market and commodity market being created at the Central Bank, which, according to initial plans, was to be headed by Sergei Kharlamov, will be headed by Larisa Selutina, three sources in the Central Bank told Kommersant. Currently, Ms. Selutina is Deputy Director of the Financial Stability Department and Head of the Market Development and International Cooperation Department of the Bank of Russia. According to one of Kommersant’s interlocutors, Ms. Selyutina’s candidacy for the new post has already been agreed upon, although the order for her appointment has not yet been signed. According to two other sources, Mr. Kharlamov was offered the position of adviser to the first deputy chairman of the Central Bank, Sergei Shvetsov, and the choice of the position of deputy head of the department of financial stability or the securities market. “Sergei Kharlamov refused the position of adviser,” says one of his colleagues. “As for other positions, as they say in our service, he has not yet agreed.” Another Kommersant interlocutor does not rule out that Mr. Kharlamov may leave the Central Bank. Sergei Kharlamov and the press service of the Central Bank declined to comment.

The deadline for personnel decisions on newly created departments and departments of the Central Bank is March 3; by this date, the Financial Markets Service of the Bank of Russia should be abolished, and its functions will be transferred to the newly created divisions.

Mr. Kharlamov is one of the oldest officials involved in regulating the stock market and the collective investment market. From 2000 to 2001, he worked as Deputy General Director at the Stock Registration Company, the largest registrar of that time. And since 2001, he went to work at the Federal Commission for the Securities Market as an adviser to the department for regulating the infrastructure of the stock market. Subsequently he became deputy chief and head of the department. After the formation of the Federal Service for Financial Markets (FSFM), he was appointed its deputy head. After the absorption of the FFMS by the Central Bank, it became clear that the infrastructure regulation department would be divided into two departments and collective investments would be outside its control. And after the New Year, according to Kommersant’s sources, it was decided that Sergei Kharlamov would not supervise the stock markets.

“If Sergei Kharlamov leaves the Central Bank, many will be upset, including us. Because regulation of the stock market is a professional matter, and there are not many professionals in this area in the Central Bank,” says the deputy chairman of the board of directors of the Professional Association of Registrars, transfer agents and depositories Petr Lanskov. “I will be sorry if Kharlamov leaves the market: he is one of the most conscientious officials and competent specialists in our industry,” agrees the head of the National Association of Stock Market Participants, Alexey Timofeev. “In 20 years of work in the market, I have never heard from anyone that Mr. Kharlamov was involved in any corruption story, and this is worth a lot,” says Anatoly Gavrilenko, chairman of the supervisory board of the Alor group of companies. “Sergey Kharlamov is an amazing specialist, I’m sure his professional qualities will be in demand on the market,” says Roman Goryunov, head of NP RTS.

Ksenia Leonova

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