Bank representatives have failed to persuade the Federal Service for Financial Markets (FSFM) that the service should not regulate General Bank Management Funds (OFBU). FSFM officials said at a meeting that the service qualifies OFBU as collection of individual agreements managed according to mutual investment funds’ principles, while Sergei Matyushin, ZENIT top official, opposes the statement. However, bankers plan to continue bypassing FSFM statements and instigate court proceedings against the service.
Source: VEDOMOSTI, October 1, 2007
