MOSCOW, July 5 (RIA Novosti) - The lower house of the Russian parliament on Friday finally passed legislation creating a so-called financial mega-regulator. The law puts all non-bank financial organizations under control of the traditional banking regulator, the Bank of Russia.

Under the new law, the Bank of Russia will be responsible for regulation, oversight and control over financial market participants and implementation of macroeconomic policy.

Finance Minister Anton Siluanov said in mid-December the Russian government had decided to integrate its financial markets regulator with the Central Bank within 18 months to two years.

First Deputy Prime Minister Igor Shuvalov instructed the government’s economic ministries and departments in August to submit proposals for improving regulation of the domestic banking system and financial markets.